Jio Platforms Ltd

The industry overview section notes that industry and market data is derived from the Analysys Mason Report, which was commissioned by the company. India is positioned as a major economy with a projected nominal GDP growth, and the digital connectivity and services industry is highlighted as a key area of focus. The digital ecosystem has seen significant growth, largely catalyzed by the entry of Jio in 2016, which expanded digital access. This transformation has driven the adoption of various digital services across the country, leading to a large digital economy and the integration of digital connectivity into various sectors.

The text discusses the digital transformation trends across various sectors, noting the importance of digital connectivity for enterprises, especially in the context of Industry 4.0 and AI adoption. It then shifts focus to the Indian mobile connectivity market, highlighting its size and growth potential. The market is characterized by a large customer base, with mobile broadband being a key enabler for digital participation, although penetration still has room to grow. The analysis details the impact of Jio's entry, which significantly reshaped the digital landscape by introducing affordable data and pioneering 4G VoLTE, leading to rapid digital service adoption and establishing India as a major mobile data market. Furthermore, the text forecasts future growth in the market size and ARPU, driven by increasing disposable income and network improvements.

The text discusses several factors driving the growth of India's digital connectivity sector, including advancements in network infrastructure and increased consumer demand. Key growth drivers include the expansion of 4G and 5G networks, which have significantly improved download speeds, and increasing smartphone penetration, which is enabled by affordable devices. The digital economy is fueling this demand, with average monthly data usage projected to grow substantially. Furthermore, a supportive regulatory environment has aided sector investment. The competitive landscape shows Jio as the market leader in the mobile broadband segment, holding a significant market share. The text also covers the acceleration of the fixed broadband market, driven by infrastructure rollouts, and notes that India's fixed broadband penetration lags behind developed markets.

The fixed broadband market in India is projected for significant growth, driven by increasing customer base and wider network coverage. Key growth drivers include expanding affordability due to rising income, a growing necessity for high-capacity connectivity for digital lifestyles, the rapid deployment of Fiber-to-the-Home (FWA) technologies, and proactive government initiatives supporting infrastructure. The competitive landscape includes major players like Jio Platforms, Bharti Airtel, and BSNL. Furthermore, the business connectivity segment is showing high growth potential as enterprises transition from mobile-only solutions to robust fixed broadband.

Jio has established itself as an integrated player in India's digital services landscape, offering a suite of services to both consumers and enterprises through a pan-India reach and a large customer base. The consumer digital services market is expected to evolve rapidly across various sub-segments, with the market showing structural shifts towards integrated digital services in everyday activities. Jio facilitates access to digital services through its digital interfaces and installed base of set-top boxes, positioning itself as a comprehensive digital gateway. The market analysis highlights significant growth opportunities across digital entertainment, personal productivity tools, and smart-home IoT, while also noting the expanding but underpenetrated enterprise digital services market.

Jio offers a comprehensive stack combining connectivity, cloud infrastructure, edge computing, security, data platforms, and managed services to facilitate enterprise migration to cloud environments. This includes JioCloud for accessing various cloud environments and JioCloudXP for hybrid cloud management. The market for enterprise cloud is projected for significant growth, and the enterprise communication segment is also expected to expand substantially. Furthermore, Jio has developed a CPaaS platform, JioCX, to address customer-facing communication needs, and its IoT stack is positioned to support various enterprise use cases by leveraging its nationwide network coverage.

The issuer focuses on deep tech solutions across several areas to support global digital connectivity providers. This includes Fixed Broadband Access (FWA) technology, which involves significant capital expenditure for deployment in markets with low fixed broadband penetration, and 5G technology solutions, which involves substantial capex for sustaining revenue in the mobile market. Additionally, there is an opportunity in the smart featurephone market to facilitate the transition of legacy 2G users to mobile broadband. The issuer, Jio, has developed proprietary stacks for both FWA and 5G, and has demonstrated rapid deployment capabilities in India.

The text discusses the global market opportunity for smart featurephones, noting that the transition from 2G to smart featurephones can boost data revenues by shifting customers from voice-only to data bundles. Monetization avenues for digital connectivity providers include licensing device designs, monetizing embedded media, and leveraging digital services platforms. Leading players in this market include Jio, Lava, Karbonn, itel, Tecno, and other regional OEMs, who operate at varying scales and localization levels to drive demand for affordable, feature-rich devices. The text also outlines various threats and challenges to the digital connectivity sector, such as macroeconomic headwinds, evolving regulations, intensifying competition, and rapid technological changes.

The company describes itself as a technology platform that utilizes proprietary digital technology and pan-India digital connectivity as its foundational layer to drive digital transformation in India. The company claims to have played a pivotal role in democratizing access to digital connectivity and digital services in India. Jio Platforms' digital connectivity is considered a fundamental pillar of India’s growing digital economy, which is projected to reach $1.4 trillion (₹125.8 trillion) by Fiscal 2031, according to the Analysys Mason Report. The company's subsidiary, Reliance Jio Infocomm Limited (RJIL), served 533.3 million customers in India as of June 30, 2026. The combination of mobile, fixed broadband, and digital services across a unified platform, along with data and customer personalization, positions the company as a comprehensive digital gateway for internet access, digital services, and emerging technologies like artificial intelligence (AI).

The company's business model relies on a proprietary, vertically integrated technology stack spanning network, device engineering, software, and operating systems, which reduces reliance on third-party vendors and provides cost advantages. The company has developed numerous patent applications across various digital technologies, and it is recognized as a leading global technology firm. The platform is structured around five integrated layers: digital products and services, digital connectivity, phygital access at scale, deep customer insights, and proprietary technology. The company has pioneered technology waves in India, including being among the first to roll out 4G and achieving a record rollout for 5G deployment.

The company leverages UBR technology to achieve a strategic advantage in customer acquisition across India and globally. Key capabilities include in-house integrated hardware and software design for devices, exemplified by the JioBharat phone, and the creation of multiple digital applications such as MyJioApp, JioTV+, and JioAICloud. The company also develops AI-led technology systems for network operations, including predictive insights and anomaly detection. The company has established a highly engaged and diversified customer base, with digital connectivity reaching over 99% of India's population. Furthermore, the company is positioned as a preferred "Gateway to Digital India" due to its pan-India reach and multi-layered access ecosystem.

The company offers a wide range of digital connectivity services across various sectors, including mobility, broadband, entertainment, and gaming. Key technological advantages include network slicing capabilities, proprietary UBR technology for faster customer acquisition, and ownership of the end-to-end 5G stack. The company has pioneered several services in India, such as rolling out 4G VoLTE at scale, launching a standalone 5G network, and leading the fixed broadband market. Furthermore, the company has developed in-house hardware and operating systems, and leverages a decentralized operational model with AI to ensure efficient network planning and customer experience management.

The company operates a platform that provides access to multiple services, including shopping, financial services, and media/entertainment. Key offerings include various packages like JioFiber and JioAirFiber, and the MyJio App allows consumers to manage service plans. The company utilizes physical touchpoints like Jio Centres and Jio Points for service distribution and has developed a robust network infrastructure using 4G VoLTE and 5G technologies. The company has demonstrated significant revenue and profitability growth, and it is focused on expanding its market leadership in mobility and fixed broadband segments.

The company offers a comprehensive suite of solutions, including multi-cloud interconnects, digital services like unified communication (CPaaS and chatbots), productivity tools, and industry applications such as fleet and utility management. They provide a highly secure network operation featuring quantum-safe capabilities and zero trust network access. The company aims to expand its customer base by targeting top enterprises in India and the large segment of micro, small, and medium enterprises underserved by digital infrastructure. The platform leverages proprietary digital technology and pan-India digital connectivity to drive digital transformation in India, with plans to expand into overseas markets. The company also utilizes a proprietary AI engine, JioBrain, for autonomous decision-making in network operations and plans to extend these capabilities to other global telecom companies.

The company holds various spectrum across low, mid, and high bands for 4G and 5G services, aligning spectrum purchases with digital connectivity plans to ensure service upgrades without major disruptions. The company has a significant network infrastructure, including access to a pan-India network of 3,60,537 network towers, with a majority being fiberised, which is comparable to benchmarks in developed economies. Furthermore, they possess the largest fibre network among private digital connectivity providers in India, spanning over 1.0 million route kilometres. The company also has established integrated infrastructure combining international subsea cable systems and a domestic Data Centre Interconnect (DCI) network to connect Indian data centres with major international hubs. They have completed collaborations, such as the India Asia Xpress (IAX), to deliver terabit connectivity between India and Asia-Pacific, and have developed multiple cable landing stations to enhance network resilience for emerging data centre infrastructure.

The issuer engages in various contracts for the supply of hardware, software, and electronic equipment for mobile network setup and expansion, with requirements for competitive pricing from active network partners. They also have agreements for the ongoing maintenance of network equipment, involving in-house capabilities and separate agreements with partners. Services contracts cover the design, implementation, integration, delivery, deployment, support, and maintenance of the deployed equipment. The company partners with various service providers for engineering and IT, utilizes open-source software, and collaborates with global cloud providers like Microsoft and Google Cloud. Furthermore, they engage with content providers to integrate subscriptions into tariff plans, and rely on third-party data centers for connectivity. Sales and marketing involve agreements with Reliance Retail Limited for selling prepaid recharge vouchers, and they use Reliance Retail Limited's physical locations for Jio Centres and Jio Points for last-mile operations. The company offers customer care services through an integrated model combining digital self-care and assisted human support, with high self-service rates for routine issues.

The issuer maintains a substantial intellectual property portfolio, including numerous registered trademarks and designs both domestically and internationally, which are utilized by its subsidiary, RJIL. The company actively monitors for trademark infringements and employs various legal mechanisms, such as contracts and copyright laws, to safeguard its core technology. The document also outlines the regulatory framework under the Indian Telecom Act, 2023, which governs telecommunication services, spectrum assignment, and the establishment of network infrastructure.

This section details various regulatory frameworks and guidelines related to telecommunication services in India, including rules from the RoW Rules, the TRAI Act, the DPDP Act, and various guidelines issued by the Department of Telecommunications (DoT). It covers procedures for facility providers, standards for service quality, tariff regulations, data protection obligations, and rules concerning spectrum trading, sharing, and the allotment of various carriers. Furthermore, it mentions guidelines for M2M services, subscriber verification, interconnection requirements, and the National Frequency Allocation Plan.

This section details various legal and regulatory frameworks applicable to the company's operations, covering aspects such as national security directives, information technology laws, telecommunication regulations, and financial market oversight. It outlines requirements for service providers, infrastructure providers, and intermediaries concerning data handling, electronic transactions, and market conduct. Furthermore, it discusses various laws related to intellectual property, foreign investment, taxation, and securities market regulations.

This section details various regulatory frameworks applicable to the company, including SEBI regulations concerning insider trading, listing obligations, fraudulent practices, share acquisitions, buy-backs, and delisting. It also covers consumer protection laws, which address deficiencies in goods or services and unfair trade practices, including penalties for misleading advertisements. Furthermore, the company is subject to numerous other laws and regulations imposed by Central and State Governments for its daily operations.

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Jio Platforms Limited was incorporated on November 15, 2019, in Ahmedabad, Gujarat. The company's Memorandum of Association has undergone several amendments regarding its authorized share capital between December 2019 and March 2020. Key milestones include the launch of various services and products, such as the launch of JioFiber in 2019 and the launch of JioPhone Next in 2021. Significant corporate restructuring involved the divestment of fiber and tower assets of RJIL in 2019 and various transfers of shareholding and liabilities between entities like RJIL, RIL, and various trusts. The company has received numerous awards and recognitions spanning from 2021 to 2026.

The document details various shareholder agreements and the corporate structure of the company as of the date of the Red Herring Prospectus. It outlines agreements with different investor groups, including 'Group A Investors' and 'Group B Investors', which grant certain rights over the company's operations and the issuance of equity shares, with these agreements automatically terminating upon the listing. The document also specifies the corporate structure, identifying the Promoter, RIL, as the holding company. Furthermore, it lists the company's subsidiaries, joint ventures, and details regarding the incorporation and capital structure of specific entities like Accops Systems Private Limited, Indiavidual Learning Limited, and Jio Haptik Technologies Limited.

This section details the capital structure and financial indicators for several entities, including JHTL, Jio Media Limited (JML), Jio Satellite Communications Limited (JSCL), Jio Things Limited (JTL), and Radisys India Limited (Radisys India). It provides information on issued, subscribed, and paid-up capital, shareholding patterns, and various financial metrics such as revenue, EBITDA, profit after tax, total assets, and net worth across different time periods. The text also specifies the incorporation dates and nature of business for each company.

This section details the capital structure and financial indicators for several entities, including Radisys India, Reliance Jio Infocomm Limited (RJIL), Reverie Language Technologies Limited (Reverie), Saavn Media Limited (Saavn), and Sankhyasutra Labs Limited (SLL). It provides various financial metrics such as revenue, EBITDA, profit after tax, total assets, and net worth across different time periods. The data includes information on issued, subscribed, and paid-up capital, as well as shareholding patterns and contributions to consolidated figures.

The section details the corporate information for several entities, including Surajya Services Limited (SSL), Tesseract Imaging Limited (TIL), Accops Systems FZ-LLC (ASFL), Jio Estonia OÜ (JEO), and Mimosa Networks, Inc. (MNI). SSL was incorporated on May 19, 2015, and TIL was incorporated on March 19, 2015. ASFL was incorporated on April 3, 2023, and JEO was incorporated in Estonia on November 22, 2018. The document provides capital structure details, including shareholding patterns, for each entity.

The document details the corporate structure involving several entities, including Mimosa Networks Bilişim Teknolojileri Limited Şirketi (MNBTLS), Radisys B.V., Radisys Canada Inc. (RCI), and Radisys Corporation. MNBTLS was incorporated in Turkey in 2016 and is engaged in computer consulting. Radisys B.V. was incorporated in the Netherlands in 1995 and acts as a sales agent for Radisys Corporation's solutions. RCI, incorporated in British Columbia in 2008, provides open architecture telecom solutions alongside Radisys Corporation. RCIL is a holding company for investments in Radisys Systems Equipment Trading (Shanghai) Co., Ltd.

The document details the financial and corporate structure of Radisys Corporation, Radisys GmbH, Radisys International LLC, Radisys Cayman Limited, and Radisys Singapore. Radisys Corporation's capital structure shows a 100% holding by itself. Radisys GmbH is a limited liability company incorporated in Germany, and its capital structure shows a 100% holding by Radisys B.V. Radisys International is a holding company for investments in Radisys Technologies (Shenzhen) Co., Ltd. and Radisys Spain S.L.U., and Radisys Cayman Limited was merged into Radisys International effective July 31, 2026. Radisys Singapore is a private limited company that is currently under liquidation.

The provided section details the corporate information for several entities, including Radisys Systems, Radisys Technologies, Radisys UK, Reliance Jio Global Resources, LLC, and Jio Infocomm Pte. It outlines their incorporation dates, nature of business, and capital structures, including ownership patterns. Specific financial indicators such as revenue, EBITDA, profit/loss, assets, and net worth are presented for various reporting periods.

The document details the corporate information for several entities, including Reliance Jio Infocomm UK Limited (RJIUK), Reliance Jio Infocomm USA, Inc. (RJIUI), and a joint venture, Jio Space Technology Limited (JSTL). RJIUK was incorporated in the UK, while RJIUI was incorporated in Texas. JSTL is a public limited company incorporated in India and is a joint venture of the reporting company, holding a 51.00% stake. The text also provides various financial indicators for these entities across different reporting periods and outlines their respective business activities and capital structures.

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This section details the general and corporate information for Jio Platforms Limited, including its registered and corporate offices, as well as the list of directors on the Board of Directors. It also provides contact and grievance information for various parties related to the issue, such as the Company Secretary and Compliance Officer. Furthermore, the text lists the Book Running Lead Managers involved in the issue and outlines their specific responsibilities regarding capital structuring, drafting of prospectuses, and marketing strategies.

The section details various coordination responsibilities related to the issue, including finalizing media, marketing, and public relations strategies, as well as setting up centers for broker conferences. It also covers follow-up on the distribution of issue material and deciding on the quantum of the issue material. Furthermore, it outlines coordination with stock exchanges for book-building software and bidding terminals, and managing the book and pricing in consultation with the company. Post-bidding activities involve managing escrow accounts, coordinating non-institutional allocation, and coordinating with various agencies for post-issue steps like allocation to anchor investors and fund unblocking.

The document outlines several aspects related to the issuance process, including the appraisal of objects, the appointment of a monitoring agency, and various regulatory filings. The company has appointed Crisil Ratings Limited as the monitoring agency for the utilization of gross proceeds. The issue involves equity shares, for which credit rating is not required, and no debenture trustee is necessary. The book-building process details how the price band and minimum bid lot will be determined and published in various newspapers. Furthermore, an underwriting agreement will be entered into with underwriters and the registrar after the issue price is determined but before the prospectus filing.

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The issue involves raising funds through a fresh issuance of equity shares. The net proceeds from this issue are proposed to be utilized for two main purposes: the prepayment of outstanding borrowings by the Material Subsidiary, RJIL, and for general corporate purposes. The company also anticipates benefiting from the listing of the equity shares on stock exchanges and the creation of a public market for the shares. The objects of the company and related matters are intended to enable the company to carry out its existing business activities, and the main objects allow RJIL to undertake activities funded by the proposed debt prepayment.

The section details the terms for various borrowings, including the name, date, nature, sanctioned amount, principal amount, and outstanding balance as of June 30, 2026, from specific banks. It also outlines conditions for prepayment, such as the ability to prepay without penalty, and minimum prepayment amounts. Furthermore, the company intends to deploy Net Proceeds towards general corporate purposes, which can include strategic initiatives, funding growth, payment of deferred liabilities, marketing, capital expenditure, and working capital. The utilization of funds will be determined by the Board based on business requirements, and any unutilized amount may be carried forward to the next fiscal year.

The document outlines various factors used to determine the price band and issue price for the equity shares, which involves consultation with BRLMs and assessment of market demand. It details qualitative factors related to the company's technology, market transformation, innovation culture, and its position as a digital gateway to India. Furthermore, the text presents quantitative factors such as various earnings per share metrics, P/E ratios compared to industry peers, Return on Average Net Worth, and Net Asset Value per Equity Share.

This section provides various financial and operational Key Performance Indicators (KPIs) that the Company considers relevant for determining the Issue Price. The KPIs are a combination of key financial and operational metrics intended to assess the Company's performance. The document clarifies that these KPIs are supplemental measures and should not be considered in isolation or as a substitute for the Restated Consolidated Financial Information. The KPIs have been approved by the Audit Committee and certified by the Chief Financial Officer.

This section primarily presents various financial and operational metrics for the company across different periods, including customer base, revenue, EBITDA, and profitability. It details performance data for different segments and compares the company's performance against that of peer companies. Furthermore, it includes extensive notes clarifying the sourcing of the data, definitions of various Key Performance Indicators (KPIs), and information regarding past equity issuances and pricing methodologies.

This section details the statement of special tax benefits available to Jio Platforms Limited and its shareholders under various Indian tax laws. These benefits are contingent upon the company and shareholders fulfilling specific conditions prescribed by the relevant laws, which are based on future business imperatives. The statement clarifies that the discussed benefits are not exhaustive and do not cover general tax benefits. It also provides limitations regarding the assurance of these benefits and advises investors to consult with their own tax consultants.

This section discusses the statement of special tax benefits available to Reliance Jio Infocomm Limited (RJIL) under various provisions of the Indian Tax Laws. It details several benefits related to corporate tax rates, employee employment deductions, inter-corporate dividends, and capital expenditure for spectrum rights. The availability of these benefits is contingent upon RJIL fulfilling prescribed conditions based on future business imperatives. The document outlines specific provisions from the Income-tax Act, 2025, and related rules concerning these tax benefits.

This section discusses deductions related to expenditure for obtaining a license to operate telecommunication services, which involves claiming deductions over the life of the license. It also details special tax benefits available to RJIL under various Indirect Tax Laws, including provisions related to imports from FTA countries and concessions on customs duty for imported telecom equipment.

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The Board of Directors comprises ten members, including one Managing Director and five Independent Directors. The board structure details various directors, their designations, directorships in other companies, and tenure periods. Key personnel profiles highlight the diverse expertise of the directors, covering areas from industrial strategy and digital connectivity to legal expertise and corporate governance. Specific directors have extensive backgrounds in various sectors, including finance, law, and industry.

The provided text details various aspects related to the management and directors of the company, including relationships between certain individuals and the terms of appointment and remuneration for key personnel. It outlines specific details regarding the salary, perquisites, and reimbursement terms for the Managing Director, Mr. Akash Mukesh Ambani, and the sitting fees for Non-Executive and Independent Directors. Furthermore, it describes the constitution and powers of the Audit Committee, which is responsible for oversight of financial reporting, auditor appointments, and review of various transactions.

The provided text outlines various responsibilities and reviews mandated for different committees and functions within the company, covering areas such as financial oversight, internal controls, compliance, and governance. Several committees, including the Nomination and Remuneration Committee, Stakeholders’ Relationship Committee, Risk Management Committee, and Corporate Social Responsibility Committee, have been constituted with specific scopes related to director evaluation, shareholder grievances, risk mitigation, and CSR policy formulation. The text also details various reviews concerning financial statements, internal control effectiveness, and adherence to regulatory provisions.

This section details the various Key Managerial Personnel (KMP) and Senior Management of the company, including their roles, responsibilities, and relevant experience. Key personnel include the Chief Executive Officer, Chief Financial Officer, Company Secretary, Compliance Officer, Chief Innovation Officer, Chief Strategy Officer, Chief Digital Services Officer, Chief Product Officer, President of International Business, President of Network Solutions, Chief Human Resources Officer, General Counsel, Chief Marketing Officer, President of Autonomous Network Platform, Chief Regulatory Officer, and others. The text outlines their functional responsibilities, such as operational management, technology vision, financial strategy, legal counsel, and marketing strategy, alongside their professional backgrounds and compensation details.

The section details the promoter, Reliance Industries Limited (RIL), and provides information on the company's corporate history and business diversification. RIL was originally incorporated as Mynylon Limited and has since undergone several name changes. The company's business has expanded significantly beyond its initial textile focus into various sectors including hydrocarbon exploration, petroleum refining, petrochemicals, renewables, retail, and digital services. The text also lists the board of directors, including various executive and non-executive directors, and outlines the promoter's interests and guarantees.

The policy regarding the declaration and payment of dividends requires compliance with statutory requirements under applicable laws, including the Companies Act, 2013 and SEBI Listing Regulations. The Board has the discretion to declare dividends based on internal factors such as profits, retained earnings, earnings outlook, capital/liquidity requirements, and material events. External factors considered include changes in the macroeconomic environment, new or changing regulatory requirements, and technological changes that necessitate new investments. Furthermore, the company may retain all future earnings for investments or other purposes as approved by the Board, subject to compliance with the Companies Act, 2013. The document explicitly states that no dividends have been declared or paid in the three fiscal years preceding the DRHP date, nor will any be paid in the period between April 1, 2026, and the DRHP date.

Updated since the DRHP: The Board of Directors comprises 10 members, including one Managing Director and five Independent Directors. The list details the particulars of the directors, including their designations, addresses, occupations, dates of birth, current terms, and periods of directorship. Key individuals include the Chairman and Non-Executive Director, the Managing Director, several Non-Executive Directors, and multiple Independent Directors. Specific details on their tenure and affiliations with other companies are provided. The document details the adoption of various policies by the company and outlines the constitution of several Board committees as required by SEBI Listing Regulations and the Companies Act, 2013. Specifically, it describes the formation and powers of the Audit Committee, which is tasked with overseeing financial reporting, recommending auditors, and reviewing financial statements with the management. The document outlines various functions related to shareholder relations, including monitoring insider trading compliance, grievance redressal, and the receipt of shareholder communications and dividends. It details the composition and scope of the Risk Management Committee, which is tasked with formulating risk management policies, reviewing risk plans, and ensuring the mitigation of identified risks. Furthermore, the Corporate Social Responsibility Committee is responsible for formulating and recommending a CSR policy, monitoring its implementation, and approving annual CSR reports. The document details several Key Managerial Personnel and Senior Management for the company. Key personnel include the Chief Executive Officer, Chief Financial Officer, Company Secretary, Compliance Officer, Chief Innovation Officer, Chief Strategy Officer, Chief Digital Services Officer, Chief Product Officer, President of International Business, President of Network Solutions, Chief Human Resources Officer, General Counsel, and Chief Marketing Officer. Various individuals have extensive experience within the Reliance Group and hold specialized qualifications and professional recognitions. This section details the shareholding pattern of RIL as of June 30, 2026, categorized into Promoter and promoter group, Public, and Non-promoter-non-public segments. The data includes various metrics such as the number of shareholders, the number of fully paid up equity shares held, and the percentage of total voting rights. The data is presented across different shareholding categories, including details on shares underlying Depositary Receipts and shares held by an employee trust. This section lists various entities, which are categorized into Indian and Foreign companies. It also details the Board's policy regarding dividend declaration. The dividend policy states that the Board has discretion in declaring dividends, considering internal factors such as profits, retained earnings, future earnings outlook, capital/liquidity needs, and material events. External factors considered include macroeconomic changes, new regulatory requirements, and technological changes that necessitate new investments. Furthermore, the company may retain future earnings for investments or other purposes as approved by the Board, and there is no guarantee of future dividend payments.

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