Hind Rectifiers Limited considered and approved the proposal for closer of Dehradun plant with immediate effect. After due consideration, it has been determined that it is no longer suited for the future growth plan of the Company. However, it is pertinent to mention that the said closure does not have any material or adverse effect on the operations of the Company.

The Company's manufacturing operations at Dehradun plant accounted for total revenue of INR 667,200,000 for the year ended March 31, 2023 (representing 18.58% share to the Company's total revenue for the financial year ended March 31, 2023). The Company's Dehradun plant shall be closed after the completion of necessary formalities in accordance with the provisions of the Industrial Disputes Act, 1947 and applicable laws for time being in force. The entire workforce that would be affected by this closure will be paid appropriate compensation payable as per Industrial Dispute Act, 1947 along with all other statutory dues.