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Australian Environmental Clean Technologies Ends JV with NMDC

Steel News - Published on Thu, 25 Jul 2019

Image Source: Business Standard
Australian Environmental Clean Technologies Limited on June 26th provided an update on the status of its India project regarding the current MOU with India partners NLC India Limited and NMDC Limited. It said “Meetings have been held with our project partners NLCIL, NMDC and the Australian High Commission in Delhi. In the absence of formal advice from NMDC, ECT has formed the reasonable opinion that NMDC will not proceed with the project. ECT has made the subsequent decisions to rescind the previously offered MOU extension, and further to withdraw from the current MOU in its present form in order to pursue & focus on other key projects in India, Australia and other global jurisdictions.”

ECT Chairman, Glenn Fozard, and ECT India CMD, Shri P Selvakumar have, over the past week, travelled to Hyderabad, Neyveli and Delhi, to meet with NMDC, NLCIL and the Australian High Commission respectively. The purpose of these meetings was to seek clarity on this matter and a formal response to both the outcome of the NMDC board meeting and the proposed MOU extension.

Despite not receiving formal advice during this period, based in part on the meetings held in the last week, the Company has formed the reasonable position that NMDC will not be proceeding with the project. On this basis, ECT has made the decision to rescind the offer of any further extension, withdraw from the MOU in its current form, and move forward with its other key projects in India, Australia and other global jurisdictions.

Source :

Posted By : Ratan Singh on Thu, 25 Jul 2019
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