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Electronics (India) Private Limited (“IL JIN”), a material subsidiary of the Company, i.e. Stelltek Technologies Private Limited, the joint venture company of IL JIN, and Nexxbase Marketing Private Limited, the joint. As a result of these rights relating to control over the composition of the Board of Directors, Stelltek ceases to be a joint venture.

A joint venture commits capital and management time to an asset the company only part-owns.