IFGL Refractories Terminates Joint Venture with Marvels International

IFGL Refractories Limited has announced the termination of its Joint Venture Agreement (JVA) with Marvels International Group Company Limited and Marvel Refractories (Anshan) Company Limited. The JVA, originally dated October 14, 2024, was for establishing a manufacturing facility in India through a joint venture entity, IFGL-Marvels Refractories Limited. The termination is effective October 14, 2026, following mutual discussions. Notably, Marvel did not contribute to the share allotment in the JV entity, leaving the entire shareholding with IFGL Refractories. Additionally, a Representation Agreement (RA) with Marvel Refractories (Anshan) Company Limited, dated December 19, 2023, will terminate on November 9, 2026. The company states that no material financial or operational impact is currently envisaged from this termination.