Dear Sirs, This is to inform you that JMG Corporation Limited, the listed entity is entering into Joint Development Agreement for Project Advisory, Project Development Investment and ....
Awaiting price reaction for this filing.
JMG Corporation Ltd is entering into a Joint Development Agreement with Israel's ARC Challenges Limited to set up a Municipal Solid Waste (MSW) to Energy project in Uttar Pradesh. The two companies will form a Special Purpose Vehicle (SPV), with ARC holding 70% and JMG 30% initially, which will shift to 75% JMG and 25% ARC at financial closure. ARC has already signed an MOU with the UP Government for developing waste-to-energy projects in the state. The project will cover waste collection and processing, plant construction, financing, operation and maintenance, and sale of electricity and by-products like compost and biochar. The agreement is domestic, not a related party transaction, and aims to generate revenue from power sales, tipping fees, and carbon credits.
This is a positive development for JMG Corporation as it brings in an international technology partner and a government-backed project pipeline in a high-growth clean energy segment. Shareholders should note that JMG will hold a minority stake initially but will become the majority partner at financial closure, which could meaningfully expand the company's clean energy business over time.