Milan Jain

My question was around the CAPEX line of the Rs. 120 crore program. Roughly about how much is the genuine growth capacity versus the equipment replacement? Because I am asking from the guidance of the MHCV volumes broadly being flat about Rs. 5 lakh till FY 2030, and the shift of 8x2 to 4x2 key shift is strictly slowing. I want to understand what is the breakup of that CAPEX program.

Also, my second question was around the next CAPEX phase that hinges partly on the export outlook and also the Bharat Forge that has acquired the American Axle’s Indian business. So, I want to understand that how our exports and OEM opportunities are allocated between American Axles and Automotive Axles.

I understand, sir. Thank you. That’s all from my side. I wish you all the very best.