Ganesh Benzoplast Limited has informed the Exchange regarding a press release dated May 20, 2025, titled "Press release".
GANESHBE · price
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Ganesh Benzoplast Limited has informed the stock exchanges that its joint venture partners BW Group and Confidence Petroleum India Limited (CPIL) have decided to discontinue their involvement in the proposed LPG storage terminal project at JNPT, Mumbai. The partners cited global economic uncertainties and rising tariff/trade concerns as reasons for pulling out. The original JV was signed in November 2023 between GBL's wholly-owned subsidiary GBL LPG Private Limited and the two partners. The company has stated it is in discussions with both BW Group and CPIL on next steps. Importantly, Ganesh Benzoplast remains the 100% owner of the leasehold rights to the JNPT land parcel, which it describes as one of its most valuable assets with multiple potential uses.
This is a setback for the previously announced LPG storage JV and may weigh on short-term investor sentiment. However, the company is attempting to reassure markets by emphasizing it retains full control of the strategically-located JNPT land and has alternative monetization options, including LPG or other liquid cargo terminals (carbon black feedstock, base oils, chemicals like styrene and phenol). Long-term impact will depend on what alternative use the company finalizes for the land.