Dear Sir,

This is with reference to the news article that appeared in the Economic Times of today on the above subject.

In this regard we would like to state that the Company, in the normal course of its business, evaluates options and opportunities that may be optimal for managing its financial requirements and lately have been evaluating alternatives to reduce finance cost of the current debt on the Balance Sheet of some of its subsidiaries. In this background, it is respectfully submitted that no event has occurred that has triggered an obligation for the Company to make a disclosure under Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. The Company being very mindful of its obligations and its standards of corporate governance, will make the appropriate disclosures to the stock exchanges at the appropriate time should it become obliged to in accordance with the said Regulations.

This is for your information and records.