Aarvi Encon Limited announced that the Board of Directors at their meeting held on February 07, 2024 has approved for the incorporation of a wholly owned subsidiary in Saudi Arabia. Name: AE Consulting Services KS (hereinafter referred as the Wholly Owne Subsidiary) or any other name depending on the name availability in Saudi Arabia, incorporate as a wholly owned subsidiary of Aarvi Enco Limited (the Company) in Saudi Arabia. On incorporation, it will be a wholly owned subsidiary of the Company, therefore it is a related party to the Company in terms of applicable laws.

The Wholly Owned Subsidiary will be engaged in the business of providing higher management Consulting Services, Management of Construction Projects and Project Management Activities related to energy efficiency.