IFGL Refractories Ltd Enters Joint Venture Agreement with Marvels International Group Co Ltd and Marvel Refractories (Anshan) Company Limited
IFGL Refractories Ltd has entered into a Joint Venture Agreement with Marvels International Group Co Ltd of Seychelles and Marvel Refractories (Anshan) Company Limited of P R China to establish a Joint Venture Company in India. The Joint Venture Company will set up a green field facility for manufacture of Basic Fired Magnesite Spinel Bricks, Basic Fired Magnesite Bricks and Fired Magnesia Chrome Bricks in India. The project cost is about Rs. 300 crores with trial and commercial production to commence no later than March, 2026. The Joint Venture Entity will have a debt-to-equity ratio of not exceeding 1:1. The Board of Directors of JV Entity will comprise of five Directors with three Directors to be nominated by the Company and two Directors to be nominated by MIG. The Company and MIG will infuse capital in proportion to their shareholding.
Key Highlights
- IFGL Refractories Ltd has entered into a Joint Venture Agreement with Marvels International Group Co Ltd of Seychelles and Marvel Refractories (Anshan) Company Limited of P R China.
- The Joint Venture Company will set up a green field facility for manufacture of Basic Fired Magnesite Spinel Bricks, Basic Fired Magnesite Bricks and Fired Magnesia Chrome Bricks in India.
- The project cost is about Rs. 300 crores with trial and commercial production to commence no later than March, 2026.
- The Joint Venture Entity will have a debt-to-equity ratio of not exceeding 1:1.
- The Board of Directors of JV Entity will comprise of five Directors with three Directors to be nominated by the Company and two Directors to be nominated by MIG.