Jindal Stainless - Outcome of Board Meeting

Jindal Stainless Ltd has informed that the Board of Directors of the Company at its meeting held on March 13, 2008, inter alia, has transacted follows:

1. In order to reap the benefit of rising infrastructure and utility services sector and to promote the usage of stainless steel in this sector, the Board of directors of the Company has resolved to promote a wholly owned subsidiary in India. The Board has also resolved to invest upto an amount of Rs 500 crore in this proposed subsidiary in next 2-3 years.

2. In order to have a focused approach for the acquisition of the mineral resources globally in countries like, Turkey, Indonesia, Vietnam and including India, the Board of directors has also resolved to form a wholly owned subsidiary Company in Singapore which will be a mining and metal Company and will act as hub for acquisition of all mineral resources available globally as well as in India. The Board has also resolved to invest upto an amount of USD 100 million in the this proposed subsidiary in next 2-3 years.

Asahi Infrastructure - Outcome Of EGM

Asahi Infrastructure & Projects Ltd has informed that the members at the Extra Ordinary General Meeting (EGM) of the Company held on January 28, 2008, inter alia, have accorded the following:

1. Authority to the Board to create, offer, issue and allot Equity Shares / Warrants and or any instrument convertible into Equity shares whether optional or otherwise / Global Depository Receipts (GDRs) / American Depository Receipts (ADRs) / Foreign Currency Convertible Bonds (FCCBs) (Securities) through prospectus and / or offer letter or circular and / or on private preferential from time to time as may be deemed by the Board for an aggregate amount not exceeding USD 15 million or equivalent Indian and / or other currency(ies) to any person or persons, whether or not shareholder of the Company, including but not limiting to one or more of the members, promoters, employees, individuals, firms, companies, bodies corporate, foreign or Indian financial institutions, banks, foreign institutional investors, non resident Indians, strategic investors, and other entities whether through public issue, rights issue, private placement, offer letter or otherwise, in one or more modes or combination thereof at such time in one or more tranches and at such price or in such manner and on such terms and conditions as the Board may in its absolute discretion hereinafter decide, in consultation with the lead managers, underwriters, advisors and such other persons in any market as may be deemed fit, subject to necessary provisions & approvals.