Background and Previous Disclosures
The disclosure references previous company notices dated:
- 10th October, 2024
- 14th October, 2024
- 24th December, 2024
- 23rd April, 2025
These concerned the company entering into a Joint Venture Agreement on 14th October, 2024 with:
1. Marvels International Group Co Ltd of Seychelles
2. Marvel Refractories (Anshan) Company Ltd of P R China (collectively referred to as Marvels Group)
The joint venture was established for setting up a green field project for manufacturing:
- Basic Fired Magnesite Spinel Bricks
- Basic Fired Magnesite Bricks
- Fired Magnesia Chrome Bricks
Target industries for these products include Cement, Glass, Non-Ferrous, and Gasification Industries.
Current Development
An application for approval pursuant to Press Note 3 of Government of India was made to the appropriate Authority of GOI. The authorities expressed concern specifically with the project location being Bhachau, Gujarat.
Regulatory Outcome
On 5th June, 2026, the appropriate Authority of Government of India communicated to the company that:
- The application has been closed
- The company may submit a fresh application with an alternative location when ready for consideration
Additional Information
This disclosure is hosted on the company's website at https://ifglgroup.com and available specifically at https://ifglgroup.com/investor/announcement