This is to inform you that the Board of Directors of the Company, at their Meeting held on 24.04.2024 (which commenced at 11:00 AM and concluded at 11:50 AM), granted their approval for entering into a joint venture with Aisin Asia (Thailand) Company Limited, Thailand ('AA-T') and AISIN Automotive Haryana Private Limited, India, ('AHL') (AA-T and AHL collectively 'AISIN Group Companies'), for marketing and selling of the Independent After Market ('IAM') parts for passenger cars, through a joint venture company ('JV Co.'), which will be incorporated after execution of Joint Venture Agreement ('JVA').