Jindal Steel & Power and Prince Stone Investments acquire Globeleq Singapore Private Limited from Globeleq Ltd

13 February 2007 - Globeleq Ltd (Globeleq) has sold its entire holding in Globeleq Singapore Pte Limited, the company involved with Lanco Infratech Limited in the bid for the Sasan Ultra Mega Power Project (UMPP), to Prince Stone Investments Limited and Jindal Steel & Power Limited. Prince Stone Investments Limited is the holding company of Lanco Infratech Limited. Globeleq Singapore Private Limited will not retain interests in any Globeleq power businesses or projects.

Globeleq is focused on building and operating medium-sized power generation businesses around the world. The company worked closely with the stakeholders involved with the Sasan UMPP to keep the project moving forward. Given that Globeleq is currently selling its operating power businesses, this is a positive result for the Sasan UMPP and the Indian power sector.