Acquisition of Artson Engineering Limited, Mumbai (January 2008)

Tata Projects Limited (TPL) acquired a majority stake of 75% in Artson Engineering Limited (AEL), in January 2008. AEL is a Public Limited Company listed on the Bombay Stock Exchange, TPL subscribed to 2,76,90,000 Equity Shares of Re.1/- each as per the Rehabilitation Scheme sanctioned by the Hon’ble Board of BIFR on December 18, 2007.

In compliance with the Order of BIFR, the Face Value of the Equity Share of Rs. 10/- each has been reduced to Re. 1/- each. Consequent to the reduction and the subscription by TPL, AEL’s paid-up share capital now aggregates Rs.3,69,20,000/-. As part of the Sanctioned Scheme, TPL as a Strategic Investor is required to infuse funds in the form of Secured Debt to pay off the Secured Lenders and other creditors pursuant to the Rehabilitation Scheme and to provide for the expansion of AEL’s Business. The Board of Directors of AEL has been reconstituted on January 04, 2008 as follows:

1. Mr. K. P. Singh : Chairman
2. Mr. N. K. Jagasia : Vice Chairman
3. Mr. P. S. Chopde
4. Mr. Shailendra Krishan
5. Mr. H. H. Malgham

AEL has successfully commissioned on turnkey basis, several fuel storage and handling facility systems and emerged as one of the foremost companies in the country which specialize in such systems. Its expertise has gradually expanded beyond the country and AEL have been executing prestigious overseas contracts also.

AEL has also developed its capabilities in multi disciplinary construction fields for the Hydrocarbon Process Industry and successfully executed many prestigious construction contracts such as FCCU, Double Walled Storage Tanks etc. in India & abroad. AEL is now one of the leading Design, Engineering, Procurement and Construction Companies in Petroleum Storage & Handling Systems

The expertise of AEL would enhance the EPC business opportunities of TPL, especially in the Oil, Gas & Hydrocarbon Sector. This synergy is currently being demonstrated in the Project under execution, of a Major Oil Terminal in the UAE.