IFGL Refractories540774JV deal update
Joint venture agreement terminated by mutual discussions; JV entity's entire shareholding stays with the Company
The Joint Venture Agreement dated October 14, 2024 with Marvels International Group Company Limited (Seychelles) and Marvel Refractories (Anshan) Company Limited has been terminated by mutual discussions, effective October 14, 2026.
By ScoutQuest · · 2 min read
49%Envisaged shareholding of Marvels International Group Company Limited (Seychelles) in the JV entity
- JVA Termination Effective Date
- October 14, 2026
- Envisaged JV Shareholding
- 51% with the Company and 49% with Marvels International (Seychelles)
- Representation Agreement Termination Date
- November 9, 2026
What the company informed the exchanges
- The Joint Venture Agreement (JVA) dated October 14, 2024, entered into by the Company with Marvels International Group Company Limited (Seychelles) and Marvel Refractories (Anshan) Company Limited (People's Republic of China), is being terminated pursuant to mutual discussions between the parties.
- The JVA stands terminated on October 14, 2026.
- A Representation Agreement (RA) dated December 19, 2023 with Marvel Refractories (Anshan) Company Limited will terminate on November 9, 2026, on expiry of the notice period provided for in the RA.
What the joint venture was meant to do
- Setting up a manufacturing facility in India for (a) Basic Fired Magnesite Spinel Bricks, (b) Basic Fired Magnesite Bricks and (c) Fired Magnesia Chrome Bricks.
- This was to be done through a joint venture public company, IFGL-Marvels Refractories Limited, with an envisaged shareholding of 51% by the Company and 49% by Marvels International Group Company Limited (Seychelles).
- Majority shares of Marvel Refractories (Anshan) Company Limited are held by US Citizen, Mr. Yi Chun Lu.
Why the JV is being wound up and what changes
- Marvel did not contribute towards the shares proposed to have been allotted to it in the JV entity, and accordingly the shareholding in the JV entity remains entirely with the Company.
- Because Marvels International Group Company Limited (Seychelles) did not subscribe to any shares, there is no change in the shareholding of the JV entity owing to the termination of the JVA, and the entire shareholding of the JV entity is held by the Company.
Impact stated by the Company
- No material financial or operational impact on the Company is presently envisaged.
- The Company shall make further disclosures, if required, in accordance with applicable laws and regulations.
How a retail investor can read this
- The proposed joint venture for refractory brick manufacturing in India is not going ahead and the arrangements with the Marvel group parties end, so the plan as originally structured does not proceed.
- At the same time, the overseas partner never took up the shares proposed for it, so ownership of the JV entity continues to sit wholly with the Company and there is no change in that entity's shareholding on account of the termination.
- The termination is by mutual discussions, and the Company's stated position is that no material financial or operational impact is presently envisaged.
More numbers
- Envisaged shareholding of the Company in the JV entity51%
- Envisaged shareholding of Marvels International Group Company Limited (Seychelles) in the JV entity49%
Source: BSE · 14 Oct 2026
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