The Comnpany has informed that the Company has executed a term sheet today (January 07, 2005) with JCT Ltd (JCT) for acquiring JCT's Steel Division located at Hoshiarpur, Punjab. JCT's Steel Division is engaged in the business of manufacture and sale of steel wire rope and wire products. The acquisition is subject to the approvals of the Board of both the Companies, shareholders, lenders and other authorities as may be required and is subject to satisfactory due diligence and mutually agreed documentation. The consideration for the transfer is estimated at Rs 210 million for fixed assets and net current assets which will be subject to actuals as on date of completion and as ascertained during the due diligence. The parties intend to complete the transaction by March 31, 2005.