GCL is part of the Gadhvi Group of Industries. The company is into bottling industrial gasses and under changing environment of growing demand has threatened entry of new players. It is exploring collaboration with one of the world's largest industrial gas manufacturers. They have completed primary rounds of discussion with Liquid Gold, but the negotiations are stuck for want of agreement on ownership structure, management control, and activity mix. The case describes the various stages of negotiations already completed; it also narrates the various processes the GCL management has gone through at every stage of negotiation.