Omaxe - Memorandum of Understanding (MOU) for facilitating the Setting up of SEZ

Omaxe Ltd has informed about the following:

1. The Company has, on the occasion of Resurgent Rajasthan Partnership Summit held on November 30, 2007 at Jaipur, has entered into Memorandum of Understanding with State of Rajasthan for facilitating the setting up of "Multi Product Special Economic Zone" at District Alwar Rajasthan.

The proposed SEZ is, over 5000 hectares (12500 acres approx) of land in Dist Alwar, Rajasthan, to be set up over a estimated period of 5 years and is expected to generate direct and indirect employment for approximately 6 Lac people in the State of Rajasthan.

Further it may be noted that the Department of Commerce, Ministry of Commerce and Industry Government of India has accorded 'in Principle approval' to the Company for setting up of the above said Project.

2. Further Company has informed that, the Company has promoted a wholly owned subsidiary by the name of Omaxe Rajasthan SEZ Developers Ltd by making an investment of Rs 5,00,000/-
(Rupees Five Lacs).