Mumbai, Sept. 2 -- The joint venture (JV) between the two will have equity participation in the ratio of 74:26, meaning IGL will hold a 74% stake in the JV, while RVUNL will have a 26% shareholding, the firm added.

The JV's board of directors will comprise six directors, including four nominated by IGL and two by RVUNL.

Furthermore, it will have an initial paid-up capital of Rs 5 lakh, divided into 50,000 equity shares of Rs 10 each, the release added.

IGL's board of directors had initially approved the formation of the JV in March.

As part of the agreement, IGL will have the right to nominate four directors to the board of the newly formed joint venture, while RVUNL will be entitled to nominate two directors. This board composition r...