JMG Corporation (JMG) and ARC Challenges (ARC) have entered into a joint development agreement to jointly own, develop, finance, construct, operate, and maintain Municipal Waste-to-Energy Project in the State of Uttar Pradesh (UP). This agreement shall apply to and be enforceable within the territorial jurisdiction of the State of Uttar Pradesh, India, where the Waste-to-Energy Project will be developed and operated.
The parties agree to establish a Special Purpose Vehicle (SPV) as a joint venture entity. The SPV shall be incorporated in accordance with applicable laws, with ARC Challenges holding a 70% equity stake and the company holding a 30% equity stake. This shall progressively change to 75% Equity JMG and 25% Equity ARC at the Financial closure.
JMG Corporation is engaged in the business of manufacturing, processing and dealing in self-adhesive tapes.
