UNO Minda Limited — Capital/Financing Update 2023

Sep 28, 2023

Uno Minda Limited

(Formerly known as Minda Industries Ltd.)

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Ref. No. Z-IV/R-39/D-2/NSE/207 & 174 Date : 28/09/2023

National Stock Exchange of India Ltd. BSE Ltd. Listing Deptt., Exchange Plaza, Regd. Office: Floor - 25, Bandra Kurla Complex, Bandra (E), Phiroze Jeejeebhoy Towers, Mumbai - 400 051 Dalal Street, Mumbai-400 001. NSE Scrip: UNOMINDA BSE Scrip: UNOMINDA, 532539

Sub: - Press Release

Dear Sirs,

Enclosed please find Press Release dated 28[th] September, 2023 titled “Uno Minda to increase

stake in its Joint venture with Westport to 76% to accelerate growth in growing CNG and other alternate fuel market.”

The copy of the aforesaid Press Release is also available on the website of the Company www.unominda.com

This is for your information and record please.

Thanking you,

Yours faithfully, For Uno Minda Limited

Tarun Kumar Digitally signed by Tarun Kumar Srivastava Srivastava Date: 2023.09.28 19:05:36 +05'30' Tarun Kumar Srivastava Company Secretary & Compliance Officer

Encl: As above.

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Uno Minda Limited (formerly known as Minda Industries Limited) CIN: L74899DL1992PLC050333, Regd. Office: B-64/1, Wazirpur lndustrial Area, Delhi-110052, (Corporate) Village Nawada Fatehpur, P.O. Sikanderpur Badda, Manesar, Distt. Gurgaon, Haryana - 122004, INDIA

T: +91 124 2290427/28, 2290693/94/96 Fax: +91 124 2290676/95, Email - info@unominda..com, www.unominda.com

Press Release

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Uno Minda to increase stake in its Joint venture with Westport to 76% to accelerate growth in growing CNG and other alternate fuel market

Gurugram – September 28, 2023 – Uno Minda Limited (“Uno Minda”), a leading global manufacturer and supplier of proprietary automotive solutions and systems to OEMs as Tier1, has announced that its Board has approved to increase stake in Minda Westport Technologies Limited (“MWTL”) from 50% to 76% by acquiring additional 26% stake from its joint venture partner Westport Fuel Systems Italia S.r.l. (“Westport”). The purchase consideration for 26% stake is approx. Rs 14.81 Crores. The acquisition of shares is targeted to be completed on or before 31st March 2024. Uno Minda and Westport is also amending its joint venture agreement to include future hydrogen components in addition to CNG/LNG /LPG components and Kits in JV territory of South Asia comprising of India, Bhutan, Sri Lanka and Nepal.

MWTL,is one of the leading manufacturers of Alternate Fuel Systems — CNG and LPG components and kits for OEMs and Aftermarket in India. MWTL has reported revenues of Rs 181.05 Cr in FY23 which has grown 3x in last four years.

Besides the acquisition of additional 26 % stake from Westport, MWTL is also acquiring the assets of Rohan BRC Gas Equipment Pvt. Ltd, a wholly owned subsidiary of Westport. Rohan BRC Gas Equipment is engaged primarily in manufacture and sales of compressed natural gas (CNG) Pressure Reducers to Automotive Equipment Manufacturers and also sells CNG conversion kits to OEMs and to Aftermarket Channels. The synergies shall help MWTL to offer wider CNG/LNG/LPG/Hydrogen products and services to the growing Indian automotive market.

The share of compressed natural gas (CNG)- powered vehicles in India has gone up from about 3.5% of total passenger vehicle (PV) sales in CY 2019 to 11% in CY 2022. With better availability of supplies, new CNG model launches, strengthening of CNG infrastructure, the CNG penetration is further expected to increase to levels of about 18% by CY2027. With increasing penetration levels, CNG is expected to emerge as the second most popular powertrain over the near to medium term.

Mr Vivek Jindal, Director Uno Minda and Managing Director MWTL said, “ The CNG vehicle segment’s demand in India has increased significantly and is further expected to grow exponentially in coming years given its cost effectiveness and feasibility. By integrating Uno Minda manufacturing and engineering expertise with Westport’s technologies and products, this partnership will cement Uno Minda as market leader in alternate fuel systems to tap the ever-growing Indian automotive market. The decade long partnership with Westport has been further strengthened with the proposed consolidation, creating a manufacturing hub to serve the Indian market for passenger cars, commercial vehicles and the large three-wheel vehicle segment .”

Press Release

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Bart van Aerle, Executive Vice President, OEM & IAM of Westport Fuel Systems, said , “Westport has confidence that this restructured arrangement with Uno Minda and Westport will result in a more focused, streamlined approach which will ultimately benefit our customers and the growth and profitability of MWTL.”

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About Uno Minda Limited:

Uno Minda Limited (formerly known as Minda Industries Limited) is a leading global manufacturer and supplier of proprietary automotive solutions and systems to OEMs as Tier-1. Incepted in 1958 , it is one of the leading manufacturers of automotive switching systems, automotive lighting systems, automotive acoustics systems, automotive seating systems and alloy wheels in India. It manufactures and supplies over 20 categories of automotive components and systems to leading Indian and international OEMs based in India, Asia, South and North America and Europe. It has a leadership position in India in almost all the products it manufactures. Technology and innovation are the two strong pillars of the organisation, on the basis of which it has continued to lead the emerging trends in the automotive sector, over the past few decades.

The Group is a global player in the automotive sector with overseas manufacturing facilities in Indonesia, Vietnam, Spain, and Mexico, as well as R&D Centres in India, Germany & Spain. It has over 73 manufacturing plants globally and has JVs/Technical Agreements with world renowned manufacturers from Germany, Korea, Japan etc.

For more information about the Group and its businesses, please visit the website at http://www.unominda.com

About Westport Fuel Systems

At Westport Fuel Systems, we are driving innovation to power a cleaner tomorrow. We are a leading supplier of advanced fuel delivery components and systems for clean, low-carbon fuels such as natural gas, renewable natural gas, propane, and hydrogen to the global transportation industry. Our technology delivers the performance and fuel efficiency required by transportation applications and the environmental benefits that address climate change and urban air quality challenges. Headquartered in Vancouver, Canada, with operations in Europe, Asia, North America, and South America, we serve our customers in more than 70 countries with leading global transportation brands. At Westport Fuel Systems, we think ahead.

For more information, visit www.wfsinc.com.

Press Release

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For further information/Media queries please contact

Ankur Modi Head - Corporate Finance & Communication Uno Minda Limited Email id: amodi@unominda.com

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https://twitter.com/unomindacom https://www.facebook.com/unomindagroup https://www.linkedin.com/company/unom http://youtube.com/c/unomindagroup inda

Safe Harbor : This document may contain forward-looking statements about Uno Minda Ltd & its subsidiaries, which are based on the beliefs, opinions and expectations of the company’s management as of the date of this press release and the companies do not assume any obligation to update their forward looking statements if those beliefs, opinions, expectations, or other circumstances should change, These statements are not the guarantees of future performance and involve risks and uncertainties that are difficult to predict. Consequently, readers should not place any undue reliance on such forward-looking statements. For historical financial performance, please refer Investor Relations section on the Company website www.unominda.com

Tarun Kumar Digitally signed by Tarun Kumar Srivastava Srivastava Date: 2023.09.28 19:06:14 +05'30'