Apar Industries Updates

With reference to the earlier announcement dated December 19, 2007 regarding the approval by the shareholders of the Company in respect of the sale of Polymers Division of the Company located at Village Dungri, T. Valia, Via Ankleshwar, Dist Bharuch, Gujarat to M/s. Eliokem India Pvt Ltd as a going concern on a slump sale basis for a lump sum consideration of Rs 111 crores, Apar Industries Ltd has now informed BSE that the said sale of the said Polymers Division has been completed on February 15, 2008 being the date of closure of the transaction and the ownership of the Polymers Division has been handed over to M/s. Eliokem India Pvt Ltd.

The sale proceeds received are proposed to be utilized for expansion of the business of the Company including that of Uniflex Cables Ltd, the Company which has been proposed for acquisition by the Company as per Public Announcement dated February 13, 2008.