This is to inform you that, the Company has, today, entered into a binding term sheet for the setting up of a joint venture in Fujairah, United Arab Emirates (UAE), with Riddhi Siddhi Crusher & Land Transport (Riddhi Siddhi), Fujairah, UAE, Associated Soap Stone Distributing Company Private Limited (ASD), India and others (collectively referred to as ���the Parties���). The proposed joint venture would be set up with 60:40 partnership between the Company and the Parties and would carry out the business of manufacturing and exporting white cement and white cement clinker. Please find attached a Press Release on the subject.