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’ inability to meet the timelines for establishing the necessary plants.
Previously, on February 16, BHSL had indicated its agreement to acquire a 15.5% shareholding in Unique One RNG Private Limited as part of the joint venture with EverEnviro Resource Management Private Limited and Unique One RNG Private Limited for the bio CNG project. However, the termination notice was issued on October 7, 2024, primarily because the partners failed to adhere to the project deadlines.
In its 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 confirmed that the termination of the Joint Venture Agreement will not affect its ongoing business operations.
