Gandhar Oil Refinery (India) Limited has informed the Exchange about Rescission/termination(s)
GANDHAR · price
▲ positive · ▼ negative · ● neutral filings · teal = economic event · numbered = multiple that day (click to pick). Times IST.
Gandhar Oil Refinery's board has approved the termination of its 50% joint venture, Texol Oils FZC, based in Sharjah's Hamriyah Free Zone, with partner ESPE Oils FZC. The company will also terminate all existing commercial licenses held by the JV, subject to Registrar approval. The decision comes after both parties mutually agreed that the JV structure was no longer beneficial due to changed circumstances. The agreement's execution date is yet to be finalized. Texol Oils FZC held a commercial license from the Hamriyah Free Zone Authority (License No. 24670).
This wind-up allows Gandhar Oil to exit an underperforming overseas JV and redirect resources, but the financial impact on the company has not been disclosed. For shareholders, this is a strategic cleanup move with limited immediate cash flow implications, pending Registrar approval and final agreement terms.