Kothari Industrial Corp signs MoU for ship recycling JV
Kothari Industrial Corporation Limited (KICL) has signed a Memorandum of Understanding (MoU) with Exit Company BV, Netherlands, to explore a joint venture for ship recycling and ship care business in Tamil Nadu, India. This venture aims to establish operations adhering to international environmental and safety standards, marking a first for India. KICL will be responsible for land identification and regulatory facilitation near Tuticorin Port. The MoU outlines the intent to form a Joint Venture company and finalize a Joint Venture Agreement. It is a preliminary understanding and not a binding agreement for financing or transaction completion. Further developments are subject to due diligence, negotiations, and approvals.
Key Highlights
- MoU signed for a proposed ship recycling and ship care joint venture.
- JV to be established in Tamil Nadu, India, adhering to international standards.
- KICL to facilitate land acquisition and regulatory approvals near Tuticorin Port.
- MoU is a preliminary understanding, not a binding agreement.
- Further disclosures will be made as the transaction progresses.
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