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Drone technology company ideaForge Technology Ltd on Friday (October 23) said its wholly owned US subsidiary, ideaForge Technology Inc., has terminated its joint venture agreement with First Breach Inc. of the United States, as the proposed deal did not close before the agreed deadline.
The termination was also based on mutual discussions between the two parties. The joint venture agreement was signed on September 23, 2025, to establish First Forge Technology Inc. and jointly undertake the licensing, sourcing, designing, engineering, manufacturing and distribution of unmanned aerial vehicles (UAVs) in the US.
The termination agreement was executed on October 23, 2026. Under its terms, both parties have irrevocably released and waived all claims against each other. Non-compete and non-solicitation obligations under the original agreement will not survive the termination.
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The company said the proposed joint venture was never implemented because the closing did not occur before the expiry of the long-stop date. Consequently, no shares were issued and no capital contribution was made under the joint venture agreement.
ideaForge said the termination would have no impact on the management or control of the listed company. The transaction does not fall under related-party transactions.
Shares of ideaForge Technology Ltd ended at ₹646.65, down by ₹32.90, or 4.84%, on the BSE.
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