Balkrishna Industries has entered into the following agreements with Pirelli Tyre S.p.A. (Pirelli):

A Framework Agreement setting out the structure, timelines and key terms of the overall transaction between the Company and Pirelli, including inter alia in relation to a joint venture agreement to be entered into between them in future for establishment of a joint venture company in India, to manufacture passenger car radial tyres, in which the Company and Pirelli will each hold 50% of the share capital;

An Offtake Agreement for the manufacture by the Company, at its PCR Plant in Bhuj, Gujarat, of Pirelli branded passenger car radial tyres as per Pirelli's specifications and their sale to Pirelli and/or its affiliates; and 

A Service Agreement under which Pirelli will provide the Company with certain technical support services relating to BKT branded tyre testing, using inter alia Pirelli's proving grounds, simulation systems and equipment.