Modi Rubber Approves JV Expansion Financial Support

Date: 30.07.2026

The Board of Directors of Modi Rubber Limited approved via circulation resolution the execution of a Letter of Comfort and Undertaking and an Inter Se Agreement for Gujarat Guardian Limited's expansion project
The Board authorized concerned officials of the Company to execute and sign all necessary documents on behalf of the Company

Gujarat Guardian Limited (GGL) is a joint venture company of Modi Rubber Limited and Guardian International LLC USA
GGL has approved an expansion project involving installation of a second float glass production line and other related facilities
The GGL Expansion Project is proposed to be financed partly through GGL's internal accruals and partly through borrowings from banks and financial institutions
Lending banks have required the joint venture partners (Modi Rubber Limited and Guardian International LLC USA) to provide a Letter of Comfort and Undertaking in respect of any cost overrun relating to the GGL Expansion Project
An Inter Se Agreement is proposed to be executed amongst Gujarat Guardian Limited, Guardian International LLC USA and Modi Rubber Limited setting out the rights and obligations of the parties in case of any cost overrun