Sun Pharmaceutical Extends Tender Offer for Taro

MUMBAI - Sun Pharmaceutical Industries Ltd. (Reuters: SUN.BO, Bloomberg: SUNP IN,
NSE: SUN PHARMA, BSE: 524715) today announced its subsidiary, Alkaloida
Chemical Company Exclusive Group Ltd. (Alkaloida), has extended the
Expiration Date of the Tender Offer for the purchase of all outstanding
Ordinary Shares of Taro Pharmaceutical Industries Ltd. (Taro). The Offer will
now expire at 5:00 p.m., New York City time, on Friday, April 3, 2009, unless
further extended or earlier terminated. The Tender Offer was extended to
comply with a continuing order issued by the Supreme Court of Israel
temporarily prohibiting the closing of the Offer until the Supreme Court
issues a decision on the appeal of the litigation commenced against Alkaloida
and its affiliates by Taro and certain of its directors regarding the
applicability of the special tender offer rules under the Israeli Companies
Law to the Offer. The Tel-Aviv District Court had previously ruled in favor
of Sun that a special tender offer was not required.

The mediation process between the parties to the litigation and the
Levitt and Moros families, entered into at the recommendation of the Supreme
Court, is ongoing. If the temporary order remains in effect on April 3, 2009,
Sun expects to extend the Offer while the temporary order remains
outstanding.

The Offer was commenced on June 30, 2008 in order to comply with the
terms of the Option Agreement between Alkaloida and the controlling
shareholders of Taro. Alkaloida exercised its options to acquire shares of
Taro from the controlling shareholders on June 25, 2008. The Option Agreement
required Alkaloida, promptly after exercising the options, to commence a
tender offer at USD 7.75 per Ordinary Share of Taro held by other
shareholders. The Offer had previously been scheduled to expire at 5:00 p.m.,
New York City time, on Friday, March 20, 2009. As of 5:00 p.m., New York City
time, on March 19, 2009, 31,428 Ordinary Shares had been tendered and not
withdrawn from the Offer.

The complete terms and conditions of the Tender Offer are set out in the
Offer to Purchase, which is filed with the U.S. Securities and Exchange
Commission. Taro shareholders may obtain copies of all of the offering
documents, including the Offer to Purchase, free of charge at the SEC’s
website (www.sec.gov) or by directing a request to MacKenzie Partners,
Inc., the Information Agent for the offer, at 105 Madison Avenue, New York,
New York 10016, +1-212-929-5500 (Call Collect) or Call Toll-Free
800-322-2885, Email: tenderoffer@mackenziepartners.com.

Greenhill & Co., LLC is acting as the Dealer Manager for the Tender Offer
and MacKenzie is acting as the Information Agent for the Tender Offer.

About Sun Pharmaceutical Industries Ltd.

Established in 1983, listed since 1994 and headquartered in India, Sun
Pharmaceutical Industries Ltd. (Reuters: SUN.BO, Bloomberg: SUNP IN, NSE:
SUNPHARMA, BSE: 524715) is an international, integrated, speciality
pharmaceutical company. It manufactures and markets a large basket of
pharmaceutical formulations as branded generics as well as generics in India,
U.S. and several other markets across the world. In India, the company is a
leader in niche therapy areas of psychiatry, neurology, cardiology,
diabetology, gastroenterology, and orthopedics. The company has strong skills
in product development, process chemistry, and manufacturing of complex API,
as well as dosage forms. More information about the company can be found at
www.sunpharma.com.

Contacts

Uday Baldota Mira Desai
Tel: +91-22-6645-5645, Xtn 605 Tel: +91-22-6645-5645, Xtn 606
Tel Direct: +91-22-66455605 Tel Direct: +91-22-66455606
Mobile: +91-98670-10529 Mobile: +91-98219-23797
E mail uday.baldota@sunpharma.com E mail mira.desai@sunpharma.com

Brunswick Group for Sun Pharma MacKenzie Partners
Andrea Shores Robert Marese
+1-212-333-3810 +1-212-929-5500

Arad Communications for Sun Pharma Greenhill
Gali Dahan Ashish Contractor
+972-3-7693320 +1-212-389-1537

Source: Sun Pharmaceutical Industries Ltd.

Contacts: Uday Baldota, Tel: +91-22-6645-5645, Xtn 605, Tel Direct: +91-22-66455605, Mobile: +91-98670-10529, E mail uday.baldota at sunpharma.com; Mira Desai, Tel: +91-22-6645-5645, Xtn 606, Tel Direct: +91-22-66455606, Mobile: +91-98219-23797, E mail mira.desai at sunpharma.com; Brunswick Group for Sun Pharma, Andrea Shores, +1-212-333-3810; MacKenzie Partners, Robert Marese, +1-212-929-5500; Arad Communications for Sun Pharma, Gali Dahan, +972-3-7693320; Greenhill, Ashish Contractor, +1-212-389-1537