The MoU signed on 30.09.2026, records the understanding between the parties for exploring the proposed business opportunity and does not, by itself, constitute an agreement for the proposed financing or completion of the proposed transaction, the company said in a stock exchange filing.
The parties propose to undertake necessary steps for formation of a Joint Venture Company in the State of Tamil Nadu, India, for carrying out ship recycling and ship care business.
KICL will facilitate and coordinate the legal, regulatory and administrative requirements for identifying and securing suitable land within or in the vicinity of Tuticorin Port for the proposed activities.
The proposed activities are contemplated to be undertaken in accordance with applicable international regulations, the Hong Kong International Convention for the Safe and Environmentally Sound Recycling of Ships, relevant ILO standards, MARPOL requirements and internationally accepted environmental, health and safety practices, the company said.
The parties intend to undertake necessary steps towards preparation and finalisation of the Joint Venture Agreement in relation to the proposed venture.
