The Board of Directors of PCBL Limited (“Company”), has at the Meeting held on 29 November 2023, in-principleapproved the term sheet for entering into a joint venture with Kinaltek Pty limited (“Kinaltek”). The Company shallown 51% of the shareholding in the joint venture company (“JV Company”), and shall be infusing a consideration ofUSD 16,000,000 in the JV Company and a commitment to infuse funds up to USD 28,000,000 in stages in the JVCompany, for setting up a manufacturing facility (“Proposed Transaction”);
The Company has entered into a term sheet to form a JVCompany with Kinaltek (an Australian company, which has developed nano silicon technology for battery application).The Company shall own 51% shareholding in the JV Company which will have the intellectual property and know-how of
products for battery application and a pilot plant for the same.