We would like to inform you that the Board of Directors ('Board') at its Meeting held today has inter-alia, approved, subject to the approval of the shareholders, Company's lenders and such other necessary statutory / regulatory approvals, to transfer, assign, restructure or convey the whole or substantially the whole of Rail EPC business comprising of Kalindee Rail and Bright Power units i.e. two business undertakings of the Company, by way of slump sale as defined under Section 2(42C) of the Income-tax Act, 1961 as a 'going concern', to two separate wholly owned subsidiaries of the Company, subject to the terms and conditions as may be decided by the Board of the Company.