There are various scenarios to consider, and the one I'm referring to involves the Phoenix project, which holds a value of $2 bn USD and requires $1.5 billion for the construction of a plant.
If JV partner commits to investing $1.5 bn in tranches, acquiring a 40% stake, the funds from the JV partner will be utilized for constructing the plant. In this particular situation, both entities would need to pursue IPO.
