We wish to update you that the progress on Consolidation cum Restructuring of overseas business is progressing very well and the Management along with our advisors i.e. JP Morgan India and Ernst & Young India are at final stage of negotiation/discussion with the prospective investor. The management is confident for closure of the transaction including receipt of sale proceeds in this year. The proceeds will be used for Repayment of Debt Capex for Composite Cylinders (LPG/CNG/Hydrogen) and will also be used to benefit the shareholders. Any development in this regard will be promptly disseminated through the stock exchanges.
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