Welspun Energy Signs MoU With UP Govt. for 1320 MW Power Project

LUCKNOW, India, January 6, 2011 - Welspun Energy Ltd., part of the diversified Welspun Group, one of the
fastest growing conglomerates in India, today signed a MoU and power purchase
agreement (PPA) with the Government of Uttar Pradesh (UP) to set up a 1320 MW
thermal power plant in Ghazipur district. The power plant is scheduled to be
commissioned by 2015 at a total investment of approximately Rs. 6,600 crore.
This was one of the four MoUs, the UP government signed today for setting up
power plants in the state.

This power project being setup at Ghazipur is expected to create direct
and indirect employment of over 2500 people in the state, contributing to
prosperity in the region. Among other benefits, the project is likely to
provide a major boost to the development of ancillary industries in the
region and develop the region into an investment hub.

Reflecting on the significance of the project, Mr. Vineet Mittal,
Co-founder & Managing Director, Welspun Energy Ltd. said, "I would like to
compliment the state government and its officials for their visionary thought
in setting up such large infrastructure projects which will certainly go a
long way in ensuring energy security of the state." He further commented, "We
are extremely happy to be participating in the development initiatives of
Uttar Pradesh. With significant global reach, deep local knowledge and strong
capabilities to execute large projects, our philosophy is focused on the
holistic development of the State in a socially responsible and
environmentally friendly manner.

Sharing her optimism on the growth prospects of the state, Ms Mayawati,
Chief Minister of UP, said, "We are determined to improve overall
infrastructure of the state and make the state a power surplus one with the
overall aim of ensuring the development of the state and the wellbeing of
each person. I am sure that project partners such as Welspun Energy will
leave no stone unturned in converting our dream to reality." Navneet Sehgal,
Secretary Energy, Chairman, UPPCL further added, "Even though UP is a land
locked area, we have generated significant investment in the power sector due
to our investor friendly policies and our commitment to provide electricity
to each one in the state and make the state the most admired across India."

Welspun Energy plans to set up several thousand MW of thermal power
plants and 500 MW of solar power across India in the next 5 years, with a
focus on sustainability and green technology. The Welspun Group has also
acquired a stake in Leighton India, part of the Australian conglomerate
Leighton Holdings, one of the largest EPC companies in the world with an
order book of $42 billion, which has significantly added to Welspun's own
strengths through international experience and execution capabilities in the
infrastructure sector.

    Yugbodh Singh Garewal - CEO
    Think PR India
    M: +91-9987-604-567
    E: yugbodh@thinkprindia.com

Yugbodh Singh Garewal - CEO, Think PR India, M: +91-9987-604-567, E: yugbodh at thinkprindia.com