February 23, 2005
PR No. 42/2005

IN THE MATTER OF ACQUISITION OF SHARES & CHANGE IN CONTROL OF BIHAR CAUSTIC & CHEMICALS LTD. THROUGH RIGHTS ISSUE BY HINDALCO INDUSTRIES LTD. AND PILANI INVESTMENT AND INDUSTRIES CORPORATION LTD.

Securities and Exchange Board of India (SEBI) has been passed an order dated February 18, 2005 directing Hindalco Industries Limited and Pilani Investment Corporation Limited ("the Acquirers") to make a public announcement taking June 18, 2002 as the relevant date, as required under chapter III of the Securities and Exchange Board of India (Substantial Acquisition of Shares and Takeovers) Regulations, 1997, with regard to the acquisition of shares, by way of rights issue, of Bihar Caustic and Chemicals Ltd. (Target Company). The acquirer is also directed to make the Public Announcement within a period of 45 days from the date of order. 
 
 
Mumbai
 
February 23, 2005