The agreement between BYD Auto Industry Co., Ltd (“BYD”) and the other party extends the Cooperation Agreement for Manufacturing and Maintenance of Electric Buses until December 31, 2030. This extension reflects the mutual recognition of the promising market potential for Electric Buses in India and the desire to enhance competitiveness in meeting market demands. While the consideration details are not specified, it involves the procurement of specific components for Electric Buses as needed.

Both companies have previously entered into a Cooperation Agreement and see value in continuing this collaboration to address evolving market needs more effectively. This extension is not classified as a related party transaction, and it ensures that the cooperation is conducted at arm’s length. The primary rationale behind this extended cooperation lies in leveraging the synergies between the parties to navigate technological advancements and drive innovation in the electric bus sector.

BYD Auto Industry Co., Ltd (“BYD”) has signed an agreement for the term extension of the present Cooperation Agreement for Manufacturing and Maintenance of Electric Buses. This agreement is of international nature, emphasizing collaboration between entities on an international scale. There is no share exchange ratio specified within the agreement.

The scope of business operation outlined in the cooperation involves developing electric buses tailored to meet the specific requirements of customers and the market at large. This collaboration aims to drive innovation and efficiency in the electric bus manufacturing and maintenance sector, contributing to sustainable transportation solutions globally.


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