Gujarat Apollo Industries - JV with Johnson Screens

Gujarat Apollo Industries Ltd has informed that the management of the Company has concluded the negotiations for the disinvestment of its 49% holding in Johnson Screens (India) Ltd, a joint venture company with Johnson Screens Inc, USA (A Weatherford Company). A Letter of Intent (LOI) to sell 2,371,600 Equity Shares at INR 109 per share amounting approximately INR 258 millions has been exchanged with the parent company to make it a wholly owned subsidiary of the parent company. This transaction is most likely to be completed before March 31, 2008, subject to regulations of Government of India. The company plans to fully utilize this fund for ongoing expansion plans for the much higher growth in the future.