Bajaj Hindusthan Sugar Limited terminates joint venture agreement for Bio CNG Projects
Bajaj Hindusthan Sugar Limited (BHSL) has terminated its Joint Venture Agreement for bio CNG projects due to the partners’ failure to meet project deadlines. Initially, BHSL planned to acquire a 15.5% stake in Unique One RNG Private Limited as part of the venture. However, on October 7, 2024, the termination was confirmed, with no anticipated impact on BHSL’s overall business operations.
Bajaj Hindusthan Sugar Limited (BHSL) has announced the termination of its Joint Venture (JV) Agreement for the development of bio CNG projects. This decision was made due to the JV partners’ failure to adhere to the timelines for establishing the plants.
Earlier, on February 16, BHSL had intimated that the company has agreed to acquire 15.5% shareholding of Unique One RNG Private Limited in accordance with the joint venture agreement with EverEnviro Resource Management Private Limited and Unique One RNG Private Limited (SPV) for development of bio CNG projects. However, the termination notice was issued on October 7, 2024, primarily because the partners did not meet the project deadlines.
As per the filing, BHSL stated, “We have issued a notice terminating the Joint Venture Agreement on October 07, 2024, primarily due to nonadherence to the timelines for setting up the required plants by the counterparties.”
The company says that there will be no impact on the business of the company consequent to the Termination of the Joint Venture Agreement.
Source Link : https://www.chinimandi.com/bajaj-hindusthan-sugar-limited-terminates-joint-venture-agreement-for-bio-cng-projects/
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