As Tirupati pursues a strategy focused on improving earnings growth and consistency, joint ventures are a crucial enabler, creating opportunities to accelerate the Company’s strategic agenda across several different dimensions. When it comes to Competitiveness Tirupati is looking to established a number of joint ventures with upstream partners focused specifically on developing highly competitive, world-scale Steel, Engineering and Commodities facilities with access to cost-advantaged feedstocks and bring technology, operational know-how, global reach and product diversity. Hoping that our partners bring cost-advantaged feedstocks, upstream expertise, local market presence and/or regional perspective.

This combination delivers a significant competitive edge to each joint venture. Optimizing the value of existing Tirupati assets. The Company has strengthened the market position and future growth potential of several of its Steel, Engineering and commodity businesses by placing existing Tirupati assets into newly formed joint ventures. For Tirupati, this carve-out model retains the value of integration, while reducing capital investment and further shifting the Company’s portfolio balance towards the Performance businesses. Additional value is also derived by working with partners that bring specific strengths, such as back integration to feedstocks or an expanded geographic presence, with which we can pursue investment opportunities focused on its Performance businesses and access to geographic regions The Company’s joint venture model will help to build its presence in several important geographic regions, providing access to areas and established supplier relationships. Partnering with local companies, will swiftly develop brand and market presence, while creating market. Technology collaboration in Joint ventures can provide a vital platform for technology development, defining a structure that enables full collaboration between Tirupati and its partners, as well as creating a mechanism for effective commercialization focused on delivering market breakthroughs that neither party could achieve alone.

There are other drivers behind the formation of a joint venture, from creating economies of scale, synergies, to supporting product registrations or sharing risk. In all cases, however, joint ventures are viewed as long-term relationships and are not formed to address a short-term business need.In this regard, partner selection is critical and Tirupati will work only with companies that have compatible business strategies, are financially strong, and share the same perspective on business ethics, and environment, health and safety (“EH&S”) principles. Also important is the Company’s ability to structure legal agreements that enable successful operations. Tirupati also makes a point of contributing best-in-class operational capabilities and standards, and placing strong leaders in joint ventures to ensure their on-going success. Tirupati has gained a tremendous amount of respect in the Market for its know-how, operational excellence, market reach, cultural understanding, product breadth, and market positions/channels. This makes Tirupati an attractive partner to companies that wish to get into the STEEL, ENGINEERING and COMMODITIES arena, allowing the Company to select from a range of solid opportunities.