Kemrock to acquire Top Glass SpA

Mumbai, February 13, 2008: Kemrock Industries and Exports Limited (Kemrock), India's leading composites manufacturer, has reached an in principle understanding to acquire the majority holding of Top Glass SpA, Italy. The deal was signed by Mr. Kalpesh Patel, Chairman and Managing Director of Kemrock, and Mr. Alfonso Branca, Managing Director of Top Glass, at International Conference & Exhibition on Reinforced Plastics (ICERP) 2008.

The acquisition, which is subject to customary due diligence, documentation and compliances with the applicable regulations/approvals, will strengthen Kemrock's growing reputation as Asia's leading composites manufacturer, employing all the major process technologies. During the resultant period of close association between the two companies, Kemrock will integrate Top Glass' world renowned technical capabilities in the field of pultrusion (a process for manufacturing composite materials).

Mr. Kalpesh Patel, Chairman and Managing Director of Kemrock, said, "The prospect of acquiring a majority stake in Top Glass is a significant development for Kemrock as it signals a major step forward in the technical competence of pultruded products now available to the Indian and Asian composites market. We now have the capability of serving our basic industries in the manner that European and North American users have enjoyed over the past few years."

Mr. Alfonso Branca, Managing Director of Top Glass, who will continue as Partner and Managing Director, meantime foresees "significant advantage for the Top Glass activity in Europe." He adds, "Top Glass will remain an autonomous entity and with the backing of Kemrock, our specialist team will grow to enable us to offer a more complete composites solution to our customers worldwide. This will be a unique service we will provide."

Kemrock had partnered with Top Glass for the production of centrifugally cast composites lighting poles for the Indian market during the summer of 2006. It began production in 2007, and partnered with Bajaj Electricals Engineering and Business Unit, an undisputed leader and pioneer in the field of high mast lighting poles, to market the poles in the Indian market.

About Kemrock

Kemrock has created possibly the world's most comprehensive and integrated FRP composite manufacturing facilities. With Composites being well accepted as the new age material, the growth of the composites industry globally has been exponential. Kemrock, with its global scale facilities is well established in the global markets. At Kemrock's 250 acres Vadodara campus, a Global Composite Village™ has been created that offers users and specifiers a complete composites solution. Utilising Kemrock's in-house manufactured unsaturated polyester, vinyl ester, epoxy and phenolic resins, manufactured in collaboration with Georgia-Pacific, USA reinforced with Kemrock's own multiaxial technical fabrics, composite products are manufactured using the key composites production technologies.

Kemrock is unique in the range of composites products and services it provides to its customers in over 50 countries worldwide from its campus 30km east of Vadodara. Its modern manufacturing facilities are spread over 10,00,000 sq feet (1,00,000 sq mtrs) on a 85,00,000 square feet (8,50,000 sq mtrs) estate. It has strategic, technical and manufacturing alliances with world leaders in composite industry; more such alliances in the pipeline. It has a comprehensive product range comprising FRP/GRP Composites and Resins (FRP/GRP Cable Trays, FRP/GRP Cable Trays Accessories, Moulded Gratings, Pultruded Gratings, Pultruded Profiles, FRP/GRP Electric Poles, GRP/FRP HandRail Systems, FRP/GRP Pallets, SMC Products India, FRP/GRP WTG Components, GRP/FRP ladder System, GRP/FRP Pultruded Profile, US Coast guard approved Gratings, GRP/FRP Product Exporter, FRP Cable Management Systems, Cable Tray Manufacturer, Cable Tray System India). It owns modern technology centre with well integrated design facility to provide comprehensive composite solution. The centre covers prototyping testing, product development and enhancement facilities. It has won the PLEXCONCIL - Export Award, first position (FRP / GRP products) for two consecutive years (2004-2005 and 2005-2006).

About Top Glass

Top Glass is based some 20 km north east of Milano, Italy, in a modern, state of the art pultrusion facility, and is renowned for the market leading technical expertise they exhibit. Starting from an insightful hunch and a precise choice of a virtually infinite technological and industrial field of application, it has now become one of the major and most highly qualified producers of Pultruded Composite Profiles. Its superior quality products are the result of decades of experience driven by the team's unflagging enthusiasm for developing innovative products and technologies. With its own unique design and production capacities, it is able to furnish on a daily basis a large number of profiles in all sections, dimensions, and composition for a broad range of applications in all parts of the world.