Modern Insulators Limited announced that the Board of Directors of the Company at their meeting held on August 22, 2023, have approved in principal, a proposal to incorporate a wholly owned subsidiary to manufacture Composite Insulators. The proposed name of subsidiary is Modern Composites Private Limited. The proposed company would be a wholly owned subsidiary (WOS) and hence a related party company, post the incorporation.

The transactions, if any, with the WOS shall be at an arm's length basis. Indicative time period for completion of the acquisition: second quarter of fiscal year 2023-24. 100% Subscription to the share capital is in cash.

The company would infuse up to c INR 50 million in equity share capital in one or more tranches.