Promoters of Siemens such as Siemens Aktiengesellschaft, Germany, Siemens International Holding B.V. and Siemens Energy Holding B.V., and also Siemens Energy Aktiengesellschaft, which is the ultimate parent company of Siemens Energy Holding B.V., have each requested the Board of Directors of the Company to consider, evaluate and thereafter start taking exploratory steps towards a potential demerger of the Company's energy business into a separate entity.

The Board took note of the above and authorized the Company's management to commence exploratory steps as may be required to examine a potential demerger of the Company's energy business, which shall be subject to further consideration and deliberation to be carried out by the BoD (including Committee(s) thereof) at the relevant point in time and the procedures to be followed by the Company as per applicable laws.

Further, the Board has approved the immediate incorporation of a wholly owned subsidiary in Mumbai, India (Proposed Subsidiary), on the basis that the Proposed Subsidiary may be required if and when the Board decides to implement the aforesaid demerger.