Privi Speciality Chemicals received a letter (the PSl Letter) from the Industries, Energy, Labour and Mining Department, Government of Maharashtra, pursuant to which the Maharashtra Government has conferred the status of 'Ultra Mega Project' to the Company's proposed expansion project for manufacture of synthetic aroma chemicals used in flavour and fragrance industries at its manufacturing facility at Maharashtra lndustrial Development Corporation, Mahad, Tal. Mahad, Dist. Raigad in Maharashtra under its Package Scheme of Incentive Policy, 2013 (PSI 2013).

Subject to compliance with the conditions set out in PSI 2013, the PSI Letter received from the Maharashtra Government and other applicable laws, the Proposed Expansion Project is entitled to the following incentives:

(i) electricity duty exemption for a period of 15 years from the date of commencement of production or eligibility certificate.

(ii) exemption from payment of stamp duty under the Government Notification Revenue and Forest Department No. Mundrank 2013/UOR-No.19/ CR-235/ M-l dated 18 July 2018; and

(iii) industrial promotion subsidy (lPS) equivalent to 75% of eligible investments under PSI 2013 made within a period of seven years from the date of start of the investment, i.e., 01 April 2018, after deducting the exclusions set out in the PSI Letter.