Empower India Limited Signs Term Sheet for Strategic Cross-Border Acquisition of UAE-Based MABIL

Empower India Limited has announced the signing of a term sheet for a strategic cross-border acquisition of MABIL, a prominent UAE-based entity, on April 30, 2026. The proposed transaction involves acquiring a majority stake through a share swap arrangement, marking a significant international expansion move for the Mumbai-based company.

Transaction Structure and Framework

The acquisition is structured as a strategic cross-border transaction to be executed through an all-equity share swap arrangement. This structure is specifically designed to align the long-term interests of both entities, creating a unified ownership framework upon completion.

Parameter: Details Transaction Type: Strategic Cross-Border Acquisition Structure: Share swap arrangement Stake: Majority stake in MABIL Target Company: UAE-based MABIL Current Status: Term sheet signed

Strategic Rationale and Market Expansion

This acquisition represents a key international development for Empower India Limited, aimed at securing strategic market access in the Middle East. By integrating MABIL, which maintains an established operational presence in the United Arab Emirates, the company intends to leverage the UAE's position as a global commercial hub.

The integration is expected to deliver several strategic benefits:

Enhanced corporate structure through increased geographic presence

Strengthened business connectivity across international markets

Established base within the Middle Eastern commercial ecosystem

Transaction Status and Next Steps

The transaction is currently in its preliminary stages. While the term sheet outlines the broad framework of the deal, the final acquisition remains subject to several key conditions and processes.

Process Stage: Status Term Sheet: Signed Due Diligence: Pending Definitive Agreements: To be negotiated Regulatory Approvals: Required Valuation Negotiation: Ongoing

Both parties will now proceed with detailed due diligence, negotiation and execution of definitive agreements, and fulfillment of regulatory and statutory requirements. The transaction will move forward only upon successful completion of these processes and receipt of necessary approvals from relevant authorities.

Investor Information and Disclosure

Specific details regarding the transaction, including the share swap ratio and the quantum of shares, will be communicated to the stock exchanges in due course as the transaction progresses. The company has made this disclosure pursuant to Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.

Empower India Limited is a publicly traded company listed on both the National Stock Exchange and the Bombay Stock Exchange, currently focused on expanding its international footprint and strengthening its corporate structure through strategic global integrations.

Empower India Limited has informed the stock exchanges about the resignation of its statutory auditor M/s. Rishi Sekhri & Associates, effective April 23, 2026. The resignation was communicated to BSE Limited under Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.

Auditor Details and Tenure

The auditing firm M/s. Rishi Sekhri & Associates, Chartered Accountants (FRN 128216W), was appointed as the company's statutory auditor for a five-year term from FY 2022-23 to FY 2026-27. The appointment was made on September 30, 2022, with the term originally scheduled to expire on March 31, 2027.

Parameter: Details Auditor Name: Rishi Sekhri Firm Name: M/s. Rishi Sekhri & Associates Appointment Date: September 30, 2022 Original Term End: March 31, 2027 Resignation Date: April 23, 2026

Reason for Resignation

CA Rishi Sekhri, proprietor of the auditing firm, cited serious medical conditions as the primary reason for his resignation. In his resignation letter, he stated that the medical conditions require his full attention and significantly restrict his ability to discharge professional duties and responsibilities. Acting upon medical advice, he confirmed his inability to continue performing functions to the standards expected for the role.

Regulatory Compliance and Disclosures

The company has provided comprehensive disclosures as required under applicable regulations. The auditor's last submission was the Limited Review Report for the quarter and half year ended September 30, 2025, which was submitted on November 12, 2025. The resignation disclosure confirms that there were no concerns raised by the auditor prior to resignation, and no information was withheld by the company management.

Disclosure Item: Status Last Report Submitted: Limited Review Report for Q2 FY26 Submission Date: November 12, 2025 Prior Concerns Raised: None Information Withheld: None

Next Steps

Empower India Limited has committed to taking necessary steps to appoint a new statutory auditor to fill the casual vacancy caused by the resignation. The company will inform the stock exchange about the new appointment in due course. CA Rishi Sekhri has offered to extend reasonable cooperation to facilitate a smooth transition, subject to his health condition.

The resignation creates an immediate need for the company to identify and appoint a replacement auditor to ensure continuity of statutory audit functions and compliance with regulatory requirements.

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