NCL Industries Ltd said that it has scrapped the previously announced joint venture (JV) agreement with Czech Republic-based Moravia Containers in order to preserve its resources and focus on the existing lines of business.

The Indian building material company announced the joint venture deal in September 2021 with the partnership to manufacture modular containers and systems and other products.

NCL Industries and its affiliates were to own a 74.9% stake in the joint venture company.

The initial equity investment of the Indian building material company towards its equity share was not to exceed INR 10 crores.

NCL Industries said that it did not make any considerable investment in the joint venture company except for INR 74,900 towards the share capital of the initial subscribers of the joint venture firm at the time of incorporation.

  Czech Republic, India, Moravia Containers, NCL Industries