AARV Infratel Limited had informed that it has entered into a term sheet agreement with Quess Corp Limited for implementation of Optical Fiber laying activities as per Bharath Net Phase II project in the state of Gujarat ("Proposed Transaction"). The term sheet is non-binding and is not an official service agreement.

Further the validity of the term sheet is subject to the parties agreeing upon and executing the definitive agreements which will include detailed terms and conditions in relation to the Proposed Transaction. In the event the discussions between the contracting parties in relation to the Proposed Transactions are successful and definitive agreements are executed.