FORWARD-LOOKING STATEMENTS

This Prospectus contains certain “forward-looking statements”. These forward-looking statements include
statements which can generally be identified by words or phrases such as “aim”, “anticipate”, “believe”, “expect”,
“estimate”, “intend”, “likely to”, “objective”, “plan”, “propose”, “will continue”, “seek to”, “will pursue” or
other words or phrases of similar import. Statements that describe our strategies are also forward-looking

statements.

  

 

All forward-looking statements are based on our current plans, estimates and expectations and actual results may
differ materially from those suggested by such forward-looking statements. All forward-looking statements are
subject to risks, uncertainties and assumptions about us that could cause actual results to differ materially from
those contemplated by the relevant forward-looking statement. This may be due to risks or uncertainties associated
with our expectations with respect to, but not limited to, regulatory changes pertaining to the industries in India
in which we have our businesses and our ability to respond to them, our ability to successfully implement our
strategy, our growth and expansion, technological changes, our exposure to market risks, general economic and
political conditions in India, which have an impact on our business activities or investments, the monetary and
fiscal policies of India, inflation, deflation, unanticipated turbulence in interest rates, foreign exchange rates,
equity prices or other rates or prices, the performance of the financial markets in India and globally, changes in
domestic laws, regulations and taxes, changes in competition in our industry and incidence of any natural
calamities and/or acts of violence. Important factors that would cause actual results to differ materially include,
but not limited to:

© uncertainty in relation to the continuing effect of the COVID-19 pandemic on our business and operations;
¢ — significant decline in automobile sales prior to COVID-19;

¢ — inability to meet obligations under debt financing arrangements;

¢ — losses incurred/to be incurred by our group companies;

¢ emphases of matter and other remarks on the financial statements;

© competitive business environment;

¢ — loss of any key customers or significant reduction in production and sales of or demand for our production;
¢ — disruption of supply of raw material;

© — uncertainties and risk pertaining to joint ventures and strategic investments; and

¢ enforcement of the security in the event of failure to service debt obligations.

For a further discussion of factors that could cause our actual results to differ, see “Risk Factors’, “Business” and
“Management’s Discussion and Analysis of Financial Condition and Results of Operations” on pages 22, 168
and 288, respectively. By their nature, certain market risk disclosures are only estimates and could be materially
different from what actually occurs in the future. As a result, actual future gains or losses could be materially
different from those that have been estimated. Forward-looking statements reflect our current views as of the date
of this Prospectus and are not a guarantee of future performance. Although we consider that the assumptions on
which such statements are based to be reasonable, any such assumptions as well as the statement based on them
could prove to be inaccurate.

Neither our Company, nor the Directors, nor the Selling Shareholders nor the Syndicate, nor any of their respective
affiliates have any obligation to update or otherwise revise any statements reflecting circumstances arising after
the date hereof or to reflect the occurrence of underlying events, even if the underlying assumptions do not come
to fruition. In accordance with SEBI requirements, our Company and the BRLMs will ensure that investors in
India are informed of material developments until the receipt of final listing and trading approvals for the Equity

Shares pursuant to the Offer.

In accordance with SEBI ICDR Regulations, the Selling Shareholders severally and not jointly will ensure that
Bidders in India are informed of material developments in relation to statements and undertakings specifically

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