Gujarat Narmada Valley Fertilizers and Chemicals has signed a joint venture agreement with Santosh Agrochem LLP for setting up 345-mtpd purified wet lime project in a phased manner at Bharuch, Gujarat. The total cost of the project is ₹50 crore. GNVFC will hold 10 per cent in the joint venture - Calciwell Chemtech Private Ltd. Initially, GNVFC will invest ₹1 crore in the JV. Shares of GNVFC will remain in focus as analysts will closely monitor the developments.