KPIT Technologies Limited announced regarding approval of the Board of Directors of the Company for the Joint Venture Investment Agreement (JV Agreement) between KPIT Technologies Limited (KPIT) and ZF Friedrichshafen AG (ZF) to invest into a currently 100% KPIT subsidiary, Qorix GmbH an independent company focused on the creation of worldclass automotive middleware stack. Further on May 15, 2024, company had informed about Incorporation of the wholly owned step-down subsidiary named "QORIX INDIA PRIVATE LIMITED" (Qorix India) by Qorix GmbH post-merger control approvals. As per the terms of the said JV Agreement, companies have completed infusion of EUR 4.5 million towards the equity contribution and transferred relevant Intellectual Property Rights (IP's) to Qorix GmbH.

The Promoter/Promoter Groups/Group Companies do not have any interest in Qorix GmbH. None of the KPIT Directors have any interest in Qorix GmbH. This is a Related Party Transaction at arm's length.

Consideration - whether cash consideration or share swap or any other form and details of the same: Investment in QORIX GmbH (wholly owned subsidiary of Company) by way of Cash contribution & IP transfer aggregating amounting to EUR 14.5 million.