Acquisition of Shareholding in Allfleet India Private Limited and PMI Electro Mobility Solutions Private Limited by Panther Asia Holdings II Pte. Ltd. · 27 Mar 2026

1 Summary of the Proposed Transaction [In terms of Regulation 13(2) of the Competition Commission of India (Combinations) Regulations, 2024]

A. Name of the parties to the combination

1. The names of the parties to the combination are: (i) Panther Asia Holdings II Pte. Ltd. (Acquirer); (ii) Allfleet India Private Limited (Allfleet); and (iii) PMI Electro Mobility Solutions Private Limited (PMI). B. Nature and purpose of the combination
2. The proposed transaction pertains to the acquisition of certain shareholding in Allfleet and PMI by the Acquirer (collectively, “Proposed Transaction”). C. The products, services, and business(es) of the parties to the combination
3. Acquirer: The Acquirer is a special purpose vehicle whose principal business activities includes holding ownership of equity and non-equity assets, including shares, debentures, bonds, and other forms of security, real property and other tangible and intangible assets.
4. PMI: PMI is engaged in the manufacture and sale of electric buses.
5. Allfleet: Allfleet, a wholly owned subsidiary of PMI, is indirectly engaged in the business of operating fleets of electric buses (i.e., through its subsidiaries). D. The respective markets in which the Parties to the combination operate
6. There are no (a) horizontal overlaps; and/ or (b) vertical/ complementary links between the activities of the Acquirer vis-à-vis PMI and Allfleet and their respective groups/ affiliates, in India. Accordingly, absent any horizontally overlapping, and/

2 or vertically/ complementary business activities of Acquirer vis-à-vis PMI and Allfleet in India, the relevant market need not be defined and may be left open as the Proposed Transaction will not lead to any adverse effect on competition in India. 7. Therefore, the Proposed Transaction is being filed under the green channel route in terms of Section 6(4) of the Act read with Rule 3 of the Competition (Criteria of Combination) Rules, 2024 and Regulation 5(5) of the Competition Commission of India (Combinations) Regulations, 2024 for the Hon’ble Commission’s deemed approval under Section 6(5) read with Section 31(1) of the Act.

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