IFGL Refractories Ltd. will set up a joint venture company in India with Marvels International Group Co. of Seychelles and Marvel Refractories Anshan Co. of PR China to enhance brick production capabilities in the country.
According to the company's exchange filing on Monday, IFGL Refractories will hold a 51% share in the JV entity, while 49% stake will be held by the MIG. The company also added that it does not hold shares either in MIG or the Chinese company MRL.
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The JV company in India will be set up to establish a greenfield facility for manufacturing basic fired magnesite spinel bricks, basic fired magnesite bricks, and fired magnesia chrome bricks.
The company has entered into an agreement with Marvels International Group Co. Ltd. of the Seychelles and MRL, whose majority shares are held by US Citizen Yi Chun Lu (MIG, MRL and Yi Chun Lu collectively herein ‘Marvel Group'), the filing said.
According to the agreement, the JV entity will comprise of five directors, three of whom will be nominated by IFGL Refractories, while the other two will be nominated by MIG.
The cost of the project is estimated at about Rs 300 crore. The agreement states that the trial and commercial production should commence no later than March 2026. They aim to keep the debt-to-equity ratio of the JV entity not to exceed 1:1. ï‚·
Under the agreement, both the company and MIG will infuse capital in proportion to their shareholding, according to the filing.
The terms of the agreement state that if either of the companies wishes to sell or transfer all or part of their shareholding in the JV entity, first a written notice should be given to the other party.
If equity shares are issued, it should be at par or price determined by an independent valuer from time to time, whichever shall be higher, the filing said.
Shares of IFGL Refractories closed 1.72% lower to Rs 591.50 apiece, compared to a 0.66% advance in benchmark NSE Nifty 50.
It has risen 20.69% in the last 12 months and fallen 25.97% on a year-to-date basis. The total traded volume in the day stood at 0.01 times its 30-day average. The relative strength index was at 56.42.
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