Essar Oil EGM Notice

Essar Oil Ltd has informed that an Extra Ordinary General Meeting (EGM) of the members of the Company will be held on December 18, 2007, inter alia, to transact the following business:

1. To appoint Shri. Naresh Kumar Nayyar as a Director of the Company.

2. To appoint Shri. Naresh Kumar Nayyar as Managing Director of the Company for a period of 5 years with effect from October 15, 2007, on remuneration, terms and conditions.

3. To create, offer issue and allot, in one or more tranches, outside India, with or without premium, denominated in any foreign currency, such number of optionally / compulsorily convertible / redeemable Foreign Currency Convertible Bonds (FCCBs) and / or Global Depository Shares (GDRs) and / or American Depository Receipts (ADRs) and / or Fully / Partially Convertible FCCBs / GDRs / Loans and / or any other instruments / securities in the nature of Shares and / or warrants, naked or otherwise, convertible into Shares or otherwise, either in registered or bearer forms, and / or any such security convertible into equity shares with face value of Rs 10/- each or otherwise ('financial instruments') or any combination of the financial instruments and the equity shares to be issued upon conversion / redemption or cancellation of such financial instruments, in the International Market, aggregating to an amount not exceeding US$ 2,000,000,000/- (United States Dollars Two thousand million only) to Essar Energy Holdings Ltd (formerly Prime Finance Company Ltd), Mauritius, the exciting Promoters and / or its associates / nominees / group Companies / persons acting in concert, whether or not they are members of the Company, on preferential offer basis, to the extent and in the manner as may be decided by the Board in this behalf, subject to necessary provision and approvals.