GMM Pfaulder acquires Mavag AG

With reference to the earlier announcement dated December 24, 2007 regarding GMM Mavag AG, the Company's wholly owned subsidiary had entered into a Share Purchase Agreement for 100% shareholding of Mavag, AG, Switzerland, GMM Pfaudler Ltd has informed that the required purchase consideration has been paid to the shareholders of Mavag AG by GMM Mavag AG.

Consequent to this payment, Mavag AG has now become a step down subsidiary of the Company.