Jai Balaji Sponge - Outcome Of Board Meeting

Jai Balaji Sponge Ltd has informed that the Board of Directors of the Company at its meeting held on July 21, 2007, has given its consent for purchasing the entire share holding of Nilachal Iron & Power Ltd, a Company having its Registered Office at 46/C Chowringhee Road, Kolkata, at a price mutually agreed and have approved the Memorandum of Understanding to be entered between the Nilachal Iron & Power Ltd, its Share holders and the Company for the purchase of shares on terms and conditions as mentioned in the said Memorandum of Understanding.