We wish to place on record the Press Release issued by M/s AB SKF (the Promoter Shareholder of the company) expressing the decision of its Board to initiate the separation of its automotive business globally. A copy of the Press Release is enclosed (Annexure 1). The Board of Directors of the company, in its meeting dated 17th September 2024 has taken note of the same and has constituted a committee to review & place appropriate proposal(s) to the Board for necessary decision/way forward.