Statement from Mr. Gautam Thapar - Chairman & CEO, Avantha Group

"The controversy surrounding the Nano Project is very unfortunate.

That India's leading corporate group, Tatas, with its exemplary record in social consciousness and stakeholder care, has been caught up in an unseemingly political pull and push is unfortunate.

The Nano project has put India's manufacturing capabilities on the world map. A pullout by the Tatas at this stage would be very unfortunate, and would severely tarnish India's image as an investment destination. A constructive approach is required, and all efforts must be made to ensure that the project implementation goes forward"

This was stated by Mr. Gautam Thapar, Chairman & CEO, Avantha Group (which includes BILT, India's largest paper company and Crompton Greaves, India's largest Engineering Company).

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About Avantha:

The US$ 3 bn Avantha Group is one of India’s leading business conglomerates. Its successful entities include BILT, Crompton Greaves, The Global Green Company, Avantha Power & Infrastructure, Solaris ChemTech, Salient Business Solutions, and Avantha Technologies. International subsidiaries include Pauwels, SFI, Intergarden, Ganz, Microsol and Sonomatra.

The Group has business interests in diverse areas including power transmission and distribution equipments and services, paper and pulp, energy and infrastructure, food processing, farm forestry, chemicals, IT and ITES. Led by Gautam Thapar, Avantha demonstrates strong leadership globally and emerges as a focused corporate, leveraging its knowledge, leadership and operations, adding lasting value for its stakeholders and investors.

The Group is on an aggressive growth path, with a targeted turnover of US$ 10 bn and a market capitalization of US$ 25 bn by 2013.

Group website – www.avanthagroup.com