Jagan Lamps Limited announced that the Board of Directors of the Company at its meeting held on April 6, 2024 has approved the Joint Venture Agreement to be entered by Jagan Lamps Limited. A Joint Venture Agreement to be entered between: a) Jagan Lamps Limited, and. b) Top Lamp (UK) Ld., United Kingdom.

Purpose of entering into the agreement: THE HON'ABLE PRIME MINITER OF INDIA has given a Very ambitious target of making India a $5 trillion Economy by Year 2028 and has also set an Exports target of $2 trillion by the year 2030. In response to the Honorable Prime Minister's call for MAKE IN INDIA, Jagan lamps Ltd. and Top Lamp (UK) Ltd. - United Kingdom come into collaboration with intent to Set up a European Distribution Huband a R&D Centerin United Kingdom through a Joint Venture Company (JV) named Gerlux Lighting Limited(Gerlux UK)which is fully controlled by Top Lamps (UK) Ltd. but pursuant to this collaboration it will be equally controlled by both the parties by holding 50:50 shares and appointing equal members on the Board of directors of JV. JV will extend distribution & logistic services to all the JLL products in European market.

The R&D center will help in development of new technologies in Automotive lighting and the Distribution center will distribute Jagan's Products in European Market. Both the Companies are joining hands to combine their core competency to develop a new international brand "Gerlux" for their products. Whereas JLL will provide quality auto lamps and Gerlux UK will use its marketing expertise to sell the products manufactured by JLL along with facility of warehousing and logistic in Europe and other Countries.

shareholding, if any, in the entity with whom the agreement is executed: Both the parties of the Joint Venture Agreement will hold shares equally in Gerlux Lighting Limited. JLL will acquire the shares of the JV at relevant point of time from Top Lamps (UK) Ltd. significant terms of the agreement (in brief) special rights like right to appoint directors, first right to share subscription in case of issuance of shares, right to restrict any change in capital structure etc.:- JLL and Top Lamps (UK) Limited will have right to appoint at least two Directors on the Board of Joint Venture or more in equal proportion. It will be 50:50% Joint Venture.

The parties to Joint Venture shall have right to subscribe further issue of shares made by Joint Venture in proportion to their shareholding. At this movement the transaction volume & price is not finalized. It will be decided in future at relevant point of time.

JLL will acquire the shares (initial shares) of the JV at relevant point of time at a price of £5.00 each. Subsequent issue will be subscribed at a price decided by the JV time to time.