Garware Offshore - Open Offer

HSBC Securities and Capital Markets (India) Pvt Ltd ("Manager to the Offer") for and on behalf of IndiaSTAR (Mauritius) Ltd ("Acquirer") has issued this Public Announcement ("PA") to the equity shareholders of Garware Offshore Services Ltd ("Target Company"), pursuant to and in compliance with among others, Regulation 10 of the Securities and Exchange Board of India.

The Offer

The Acquirer is making an open offer (the "Offer" or "Open Offer") to the shareholders of the Target Company to acquire upto 4,707,799 fully paid-up equity shares of Rs 10/- each of the Target Company (the "Shares") representing 20% of the expanded paid-up voting equity share capital at a price of Rs 230/- (Rupees Two Hundred and Thirty only) for each share ("Offer Price") to be paid in cash, in accordance with the provisions of the Regulations and subject to the terms and conditions mentioned in this PA and the terms and conditions that will be set out in the letter of offer in relation to the offer ("Letter of Offer").

Schedule of Activities:

Specified Date - November 30, 2007

Date of Opening of the Offer - January 01, 2008

Date of Closing of the Offer - January 21, 2008