Jamshedpur, October 17, 2006

On October 5 2006, the Company had informed that it was looking at various acquisition opportunities including Corus Group Plc, UK.

The Company would like to further inform that it is in discussions with the Board and Management of Corus Group Plc and it has made an indicative non binding offer to acquire 100% equity in Corus Group Plc through a recommendatory offer route at 455 p. per share in cash amounting to an Enterprise value of approx. USD 10 Billion.

However, there is no certainty that a Final Offer would be made and further announcements would be made as appropriate.

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