Bajaj Hindusthan Sugar Limited (BHSL) has announced the termination of its Joint Venture (JV) Agreement for the development of bio CNG projects. The decision was made due to non-adherence to the timelines for setting up the required plants by the JV partners.
The agreement, which was initially signed with EverEnviro Resource Management Private Limited and Unique One RNG Private Limited, aimed to develop bio CNG projects. However, the termination notice was issued on October 7, 2024, primarily due to the delays caused by the counterparties in adhering to the set timelines for the project.
The company clarified that this decision will have no impact on its ongoing business operations. The original agreement was intended for the acquisition of a 15.5% shareholding in Unique One RNG Private Limited as part of a JV to promote bio CNG projects.
The move is in accordance with the disclosure requirements under Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, ensuring transparency in the company’s operations and agreements.
