Jagatjit Industries Limited had an agreement with M/s Hindustan Unilever Limited (HUL) for manufacturing and supply of malted milk food products viz. Boost and Horlicks at the malted milk food manufacturing unit of the Company situated at Jagatjit Nagar, District Kapurthala, Punjab. The present term of this agreement was to expire on 31st December, 2024, unless renewed for further period as mutually agreed.

However, as per their business decision, HUL has communicated to discontinue the existing arrangement under the aforesaid agreement. Accordingly, the existing agreement has come to an end i.e. on 31st December, 2024 and consequently, The Company will not be further manufacturing the malted milk food products for HUL. However, the Parties shall continue the business relationship for the supply of malt extract from the malt extract plant of the Company.

The Company will also continue to manufacture malted milk food products in the future. The management is confident that it will be able to enter into such agreement(s) with other parties manufacturing malted milk food products also, as the Company has the state of art manufacturing plant and easy availability of milk and malt extract being the main raw materials for production of malted milk food products. The Company's management is also exploring various options and taking necessary steps for utilization of resources including the plant& machinery in the best interest of the Company.

The Company has also started increasing production and sales of Malt Spirit, the demand for which is growing rapidly owing to the exponential growth of the Indian Malt Spirit market. Also, the Company is at advance stage to commence commercial production of Ethanol from its 200 KLPD grain-based Ethanol manufacturing plant in the next quarter which will substantially improve its revenues and profitability. Lastly, the Company is concentrating on the production and sale of its core products i.e. Indian Made Foreign Liquor and Country Liquor and expanding its market horizons in other states of the Country and overseas to maximize its revenues.