Summary of Key Information:
Reporting Period (Quarter/Year): Not Applicable
Nature of Filing / Announcement: Outcome of Board Meeting under Regulation 30 of SEBI LODR
Audit Opinion:
Not Specified
Key Financial Highlights:
Not Specified
Corporate Actions:
Joint Venture Formation:
- Approved formation of Joint Venture Company ("JV Company") with AI Fabrik, Inc, USA
- JV Company proposed name: "Aastra AI India Private Limited" (subject to name availability)
- Purpose: Exploring business opportunities for creation of sovereign AI infrastructure and services platform in India
- Target sectors: Indian government services, citizen services, companies, cybersecurity, and defence use cases
- Proposed shareholding: Ceinsys Tech Limited (50%), AI Fabrik Inc, USA (50%)
- JV company to be established in India
Investment Approval:
- Approved initial investment in JV Company in phased manner
- Initial approval for amount aggregating up to ₹25.00 Crores
- Funding source: Proceeds of preferential issue of Equity Shares and Share Warrants approved by shareholders on April 29, 2024
- Investment subject to modification through ongoing Postal Ballot process
- JV incorporation timeline: Within 90 days
- Management to present further investment proposal after 90-day exploration period
Other Significant Information:
- The JV Company is yet to be incorporated
- Transaction subject to necessary statutory, governmental, or regulatory approvals as required
- Information available on company website: https://cstech.ai/