PPAP Automotive appointed Mrs. Meeta Makhan as an Additional Director (Independent) on June 25, 2026, subject to shareholder approval. The appointment strengthens the company's governance structure with a director holding over 25 years of experience in the banking and financial services sector. Mrs. Makhan will hold office until the conclusion of the Annual General Meeting and subsequently as an Independent Director for a term of two consecutive years until June 24, 2028.

The Board approved the appointment through a circular resolution on June 25, 2026, following the recommendation of the Nomination and Remuneration Committee. Mrs. Makhan, an alumna of the Indian Institute of Management, Lucknow, has held senior leadership positions at global financial institutions such as Citibank, Standard Chartered Bank, Barclays Bank, Bank of America, and IDFC Bank. She currently serves as an Independent Director on the boards of DCM Shriram International Limited, Kanoria Chemicals & Industries Limited, Timex Group India Limited, and SV Creditline Limited. Further, Mrs. Makhan is the Founder of Doundo Services Private Limited, a sustainability-focused enterprise promoting climate-resilient and green initiatives.

Consequent to the appointment, the Board reconstituted its committees to include the new director. Mrs. Makhan has been inducted into the Audit Committee and the Stakeholders Relationship Committee. The revised compositions aim to enhance oversight and governance within the company.

The Audit Committee now comprises Mr. Deepak Kumar Sethi as Chairperson, Mr. Rohit Rajput, Mr. Abhishek Jain, and Mrs. Meeta Makhan as members. The Stakeholders Relationship Committee includes Mrs. Vinay Kumari Jain as Chairperson, Mrs. Meeta Makhan, and Mr. Abhishek Jain as members. The Nomination & Remuneration Committee composition remains unchanged, chaired by Mr. Rohit Rajput.

Mrs. Makhan confirmed she is not debarred from holding the director's office by any SEBI order or other authority and fulfills the independence criteria under the Companies Act, 2013, and the SEBI Listing Regulations. She is not related to any other director on the Board of PPAP Automotive.

Reconstituted Board Committees

PPAP Automotive Limited has entered into a technology partnership agreement with Hutchinson to manufacture advanced body sealing systems in India for the passenger vehicle segment. The collaboration grants PPAP the rights to manufacture, market, and sell products developed using Hutchinson's advanced technologies, licensed know-how, and ongoing technical support. This strategic move aims to address the evolving requirements of global and domestic OEMs operating in India, with production undertaken through PPAP's existing manufacturing facilities across the country.

The agreement marks a significant step in PPAP's journey towards enhancing technology-driven growth and increasing value-added content per vehicle. By combining Hutchinson's global expertise with PPAP's strong manufacturing presence and customer relationships, the partnership seeks to deliver future-ready, innovative, high-quality body-sealing solutions. This initiative is expected to reinforce PPAP's position in the Indian automotive industry and create sustainable long-term growth opportunities across both conventional and next-generation mobility platforms.

Under the terms of the agreement, PPAP shall pay consideration towards the transfer of technical know-how, licensed technology, and related technical support services. Additionally, PPAP shall pay royalty for the use of licensed intellectual property, know-how, designs, and related rights in accordance with the terms and conditions of the agreement. Hutchinson will provide technical know-how, engineering support, design assistance, and process support services to facilitate product development and commercialization in India.

Abhishek Jain, Managing Director & CEO of PPAP Automotive Limited, stated that the collaboration marks a significant step forward in strengthening the company's technology ecosystem. He emphasized that the partnership aims to meet the evolving requirements of automotive OEMs by delivering high-quality solutions. Frédéric Le Du, Senior Vice President Asia of Hutchinson, noted that the collaboration reflects the ambition to bring technologies to one of the world's most dynamic automotive markets, supporting passenger vehicle manufacturers with reliable and competitive solutions.

PPAP Automotive Limited is a leading manufacturer of Automotive Sealing Systems, Interior and Exterior Automotive Parts in India, with core expertise in plastic and rubber extrusion systems, plastic injection moulding, and precision tooling solutions. Established in 1978, the company supplies to leading automotive OEMs including Maruti Suzuki India Limited, Honda Cars India Ltd., Toyota Kirloskar Motor Pvt. Ltd., Tata Motors Limited, Mahindra & Mahindra Limited, Hyundai Motor India Limited, and Kia India Private Limited.

Hutchinson designs and delivers multi-material solutions for demanding industries, including Aerospace, Automotive, and Industrial markets. The group generated revenues of €5.0 billion in 2025 and employs 40,000 people across 26 countries. The partnership is subject to risks and uncertainties, and actual results may differ materially from forward-looking statements.