We would like to inform you that the Investment and Borrowing Committee of the Board of Directors of the Company at its meeting held today (started at 02:15 P.M. and concluded at 02:35 P.M.) considered and approved to acquire 50% stake of Everest Industrial Lanka (Private) Limited (""EIL"") for a consideration of USD 3.75 Million (INR 320.88 Million). EIL, a company in Sri Lanka is engaged in the business of production, manufacturing, distribution and selling of commercial visi-coolers and related accessories.