a) Acquire further 4,95,824 equity shares having face value of Omani Ria(OMR) 1 each of Deepak Oman Industries FZC LLC (DOIL), equivalent to approx. USD 12,87,853 through acquisition as well as by way of subscription and thereby increasing its shareholding in DOIL from 31.72% to 51% and making it a subsidiary of the Company.

b) Give Corporate Guarantee to DOIL, subsequent to above acquisition, for the purpose of securing the Term Loan, to be obtained by DOIL from Export Import Bank of India, of approx.US S 49 Mn and also to cover interest and other charges thereo.