The Board of Director of IP Rings Limited at its meeting held on 24th July, 2023 has considered and approved to incorporate of a new wholly owned subsidiary (WOS) in USA in the name of "IPR North America INC" (subject to availability of the name) with 100 % shareholding of IP Rings Limited for getting closer proximity to Existing Customer and an opportunity to meet new customer or any other revenue generating activities. Indicative time period for completion of the Incorporation: Approximately 6 months, subject to statutory approvals.