The Board of IFGL Refractories at its meeting has resolved that the Company do enter a Joint Venture Agreement in agreed form with Marvels International Group Co of Seychelles and Marvel Refractories (Anshan) Company of P R China to set up a Joint Venture Company in India with limited liability for setting up green field facility at capital outlay of about Rs 300 crore for manufacture in India of below mentioned products used in Cement, Glass, Non-Ferrous and Gasification Industries.
a) Basic Fired Magnesite Spinel Bricks
b) Basic Fired Magnesite Bricks
c) Fired Magnesia Chrome Bricks

According to the company's exchange filing on 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.

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.

Under the agreement, both the company and MIG will infuse capital in proportion to their shareholding, according to the filing.