The proposed JV shall be operational through incorporation of a new joint venture entity which shall engage in design, develop, manufacture, install, assemble, produce, conceptualize, test, service, distribute, market, promote, offer and sell (either by wholesale or retail) the Shark Fin Antenna -Micro Pole Antenna, LF Antenna & Switch Assembly, GPS Antenna, Advance Antenna (Products) in the Territory, which shall be mutually decided by the parties from time to time.

The ratio of shareholding of the Company in the proposed JV company shall be held 51% by Minda Corporation and 49% shall be held by Infac Elecs co. Ltd, Republic of Korea.