The Board of Directors of SJVN Limited in its meeting held on May 29, 2024 approved signing of Joint Venture Agreement with Indian Oil Corporation Limited for the purpose of formation of Joint Venture Company for development of Green RTC/Renewable Projects and other New Technology based Projects. The formation of the Joint Venture Company is also subject to the approval of Ministry of Power, NITI Aayog, Department of Investment and Public Asset Management (DIPAM, Ministry of Finance) etc. Purpose of entering into the agreement: For the purpose of formation of Joint Venture Company ("JVC") for development of Green RTC/Renewable Projects and other New Technology based Projects.

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.: The entity to be formed will be a 50:50 JV whereby both SJVN and IOCL shall hold 50% stake. Whether the transaction would fall within related party transactions? If yes, whether the same is done at "arm's length": Yes, both the Companies i.e., SJVN and IOCL are promoted by the Government of India.

The transaction will be done at arm's length basis. Any other disclosures related to such agreements, viz., details of nominee on the board of directors of the listed entity, potential conflict of interest arising out of such agreements, etc.: The proposed initial capital shall be as follows: a) Authorized Capital of JVC: INR 2,500 million; b) Paid- up capital of JVC: INR 20 million divided into 2,000,000 shares of 10/-each. The detailed objects of JVC shall be as per Joint Venture cum Shareholders' Agreement /Objects clause of the Memorandum of Association of JVC etc.

and subject to requisite approvals.