Midwest Limited has been selected as the Lead Consortium Partner by Kerala Minerals and Metals Ltd. (KMML), a Government of Kerala undertaking, for a strategic technology development and pilot plant project centred on rare earth elements (REEs). The development was disclosed pursuant to Regulation 30 read with Schedule III of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, and was intimated to the stock exchanges on May 06, 2026. This marks one of the first collaborations between the state and the private sector in this domain, supporting India's ambitions of building self-reliance and strengthening capabilities in critical minerals, especially rare earth elements.

Project Scope and Objectives

The pilot project involves the processing of monazite-rich tailings and residue to produce rare earth mixed compounds, followed by the downstream separation of Rare Earth Elements (REEs). The scope of work covers end-to-end execution, including mineral processing to produce high-purity monazite concentrate (≥96%), extraction of rare earth mixed compounds (≥99%), and their separation into individual REEs, along with technology development, pilot plant design, installation, and optimisation, as well as R&D, regulatory compliance, and technical data management. A Memorandum of Understanding (MoU) will be signed with KMML after KMML obtains the necessary statutory and administrative approvals from the Government of India and the Government of Kerala.

As part of the arrangement, Midwest Limited has also been granted the Right of First Refusal for commercial production through a joint venture with KMML, based on the process know-how developed from the pilot project, subject to the successful completion of the pilot phase.

Key Project Details

The following table summarises the key parameters of the contract as disclosed under the regulatory filing:

Regulatory and Structural Considerations

The contract does not fall within the ambit of related party transactions, and the promoter, promoter group, or group companies of Midwest Limited do not hold any interest in KMML, the entity awarding the contract. The broad consideration or size of the order is not quantifiable at this stage, as the project is at the pilot development phase with capital investment to be determined upon execution of the MoU and receipt of approvals. The intimation was signed by Kollareddy Ramachandra, Whole-time Director of Midwest Limited (DIN: 00060086), and submitted to both BSE Limited and the National Stock Exchange of India Ltd. on May 06, 2026.

Management Commentary

Commenting on the development, Mr. Kollareddy Ramachandra, Promoter, Whole-time Director, and CEO of Midwest Limited, said: "We are pleased to be selected as the Lead Consortium Partner by KMML, marking a significant milestone in our strategic journey. This project is a natural progression of our diversification into rare earths, complementing our Heavy Mineral Sands (HMS) activities in Sri Lanka. It reflects our capabilities in advanced mineral processing and aligns with India's focus on self-reliance in critical minerals. Backed by a seasoned leadership team, a diversified mineral reserve base, and a strong focus on operational efficiency, we are progressing toward becoming a world-class integrated materials processing company, with a long-term vision of being among the world's top three producers of Quartz Grit and Powder, South East Asia's largest producer of titanium feedstock, and a leading global producer of Rare Earth Oxides."

About Midwest Limited

Midwest Limited, India's largest producer of Black Galaxy and Absolute Black granite, brings over four decades of expertise in the dimensional natural stone industry. The company has expanded beyond granite into quartz processing through its operational Phase I plant, with a capacity of 3.036 lakh MTPA, catering to the Engineered Stone and Solar Glass segments, while Phase II aims to double the capacity to produce ultra-high-purity quartz. Building on its granite and quartz operations, Midwest is further diversifying into heavy mineral sands exploration (titanium feedstock yielding materials such as rutile and ilmenite) and rare earth element (REE) processing through its subsidiaries in Sri Lanka, securing four exploration licenses for potential development. These initiatives are intended to support industries such as aerospace, chemicals, automotive, electronics, and medical devices.

Midwest Limited has officially announced the resignation of its Company Secretary and Compliance Officer through formal communications to stock exchanges. The resignation represents a significant personnel change in the company's key managerial positions, executed in full compliance with regulatory requirements.

Personnel Change Details

Mr. Rohit Tibrewal has formally tendered his resignation from the position of Company Secretary and Compliance Officer of Midwest Limited, effective from the closing of business hours on April 30, 2026. The resignation was submitted due to personal reasons, as confirmed in the official documentation submitted to regulatory authorities.

Regulatory Compliance Framework

The company has meticulously fulfilled its disclosure obligations under Regulation 30 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. The announcement was formally communicated to both BSE Limited (Scrip Code: 544587) and National Stock Exchange of India Ltd. (Symbol: MIDWESTLTD), ensuring complete adherence to listing requirements.

The disclosure was made pursuant to Regulation 30, read with Para A of Part A of Schedule III of SEBI Listing Regulations, along with the Industry Standards Note on Regulation 30. The company also referenced SEBI Circular No. SEBI/HO/CFD/PoD2/CIR/P/0155 dated November 11, 2024, demonstrating comprehensive regulatory compliance.

Official Documentation Process

The resignation process involved formal documentation submitted to the company's Board of Directors. Mr. Tibrewal's resignation letter was officially accepted on April 30, 2026, with the acceptance formally recorded in company documents. Kollareddy Ramachandra, Wholetime Director & CEO (DIN- 00060086), digitally signed the official communication to stock exchanges at 17:39:29 on April 30, 2026.

Corporate Governance Standards

Midwest Limited, formerly known as Midwest Granite Private Limited (CIN: L14102TG1981PLC003317), maintained transparency throughout the resignation process. The company provided comprehensive details as mandated under the regulatory framework, including specific reasons for the personnel change, exact cessation dates, and formal acceptance procedures. The structured approach ensures adherence to corporate governance standards expected from listed companies, with the company's registered office located at Level 19, Wing A, Sky One, Prestige Skytech Financial District, Nanakramguda, Gachibowli, Serilingampally, Hyderabad, Telangana, India - 500032.