DXN Marketing (Brasil), a subsidiary of DXN Holdings (KLSE: DXN), has entered into a reciprocal commitment agreement with the Municipality of Ibia for the proposed development of an industrial plant in Minas Gerais, Brazil, according to a Tuesday filing to the Malaysian stock exchange.

DXN said the municipality of Ibia has agreed to donate a 10-hectare parcel of municipal land within the Business and Industrial Zone 2 in Ibia, Minas Gerais, for the proposed project.

Under the deal, DXN is expected to invest at least 100 million real in the proposed project over five years from the date of registration of the public deed of donation with the Real Estate Registry Office of Ibia.

It is also required to create and maintain between 200 and 250 direct and indirect jobs.