We expect that our capital expenditures for the financial years 2022 and 2023 will be up to 2 1,250.00 million
and @ 1,500.00 million, respectively.

Contingent Liabilities

The following table sets out our contingent liabilities as of August 31, 2021:

 

 

 

 

 

 

 

 

 

 

 

 

4 As of August 31, 2021

Parlcnars Amount eo in millions)
Claims against us not acknowledged as debts 18.57

Matters in dispute under appeal:

Sales Tax 100.83
Excise Duty 5.77
Custom Duty 3.03
Duty Entitlement Pass Book 0.43
Goods and Service Tax 0.78
Other tax matters 56.56
Total 185.97

 

 

 

For details, see “Financial Statements — Annexure VI — Notes to the Restated Consolidated Financial
Information, Note 39 — Contingent Liabilities, Commitments and Others”, in accordance with the provisions of
Indian Accounting Standard - 37 — “Provisions, Contingent Liabilities and Contingent Assets”, on page 284.

Auditor’s Qualifications and Adverse Remarks

There have been no qualifications requiring adjustments and adverse remarks by our statutory auditors for the
five months ended August 31, 2021 and the financial years 2021, 2020 and 2019. Qualifications in the
Companies (Auditor’s Report) Order, 2016 which do not require any corrective adjustments to the Restated
Consolidated Financial Information have been disclosed in Annexure VII to the Restated Consolidated Financial
Information, see “Financial Statements - Annexure VII” on page 300.

Related Party Transactions

We have in the past engaged, and in the future may engage, in transactions with related parties, including with
our affiliates. In the past, such transactions have been for, among other things, the purchase or sale of goods and
services, loans granted and provision of professional services.

For additional details of our related party transactions, see the section “Other Financial Information - Related
Party Transactions” on page 313. While we believe that all such transactions during the periods of the financial
information included in this Prospectus have been conducted on an arm’s length basis, see “Risk Factors —
Internal Risk Factors — We have in the past entered into related party transactions and may continue to do so in
the future, which may potentially involve conflicts of interest with the equity shareholders. Any related party
transactions that are not an arm’s length basis may adversely affect our business, results of operation, cash
flows and financial condition” on page 49.

Off-Balance Sheet Commitments and Arrangements

We do not have any off-balance sheet arrangements, derivative instruments, swap transactions or relationships
with affiliates or other unconsolidated entities or financial partnerships that would have been established for the
purpose of facilitating off-balance sheet arrangements.

Quantitative and Qualitative Disclosures about Market Risk

Market risk is the risk that changes in market prices, such as foreign exchange rates and interest rates, will affect
our income or the value of our holdings of financial instruments. The objective of market risk management is to
manage and control market risk exposures within acceptable parameters, while optimising the return. We use

derivatives to manage market risks.

Credit Risk

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