Graphite India's wholly owned subsidiary in the Netherlands, Graphite International BV, has signed an agreement for investment of up to US $18.595 million in multiple tranches in cash in General Graphene Corporation which would constitute approximately 46% stake in the Company.

General Graphene is involved in the development of Graphene sheets for commercial applications. The investment will be made in multiple tranches based on achievement of agreed milestones in the process of development and establishing manufacturing capabilities for the commercial production of Graphene sheets.

The investment in General Graphene is being done with the objective of entering a high technology business with excellent prospects, subject to successful commercial development.

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