| The
Board of Essar Steel has passed an enabling resolution
to raise USD 500 million through convertible instruments
at its meeting held on December 14, 2004. Commenting
on the resolution, Mr. V G Raghavan, Director Finance,
Essar Steel said " This is an enabling resolution.
We have taken in principle approval from our Board
to acquire Stemcor's holding in Steel Corporation
of Gujarat Limited and Hy Grade Pellets Limited.
He added, "The Acquisition and the issuance
of convertibles is dependent on Essar Steel arriving
at an agreement with Stemcor on the pricing and
related issues and subject to necessary approvals
from the shareholders, lenders and regulatory
authorities"
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CORPORATE