Essar Shipping and Logistics Limited (ESLL), a Cyprus based subsidiary of Essar Global, and the largest shareholder and promoter of Essar Shipping Limited, has sought delisting of Essar Shipping Limited from The Bombay Stock Exchange. ESLL and the promoter group currently holds approximately 76% in Essar Shipping Limited. ESLL has requested the Board of Essar Shipping Limited to obtain consent of the equity shareholders of the Company for the proposed delisting of the shares in accordance with the SEBI (Delisting of Securities) Guidelines, 2003 and include ESLL’s intention to de-list the Company in the notice to be sent out to the shareholders of the Company.

Essar Shipping will convene a Board Meeting on December 2, 2006 to take up the request of ESLL.

The delisting of equity shares of the Company will offer more flexibility in the operations and management of the company, greater efficiencies and at the same time provide an exit opportunity for the shareholders of the Essar Shipping.

ESLL intends to de-list the equity shares of the Company from the Bombay Stock Exchange by following the voluntary delisting method. After obtaining the consent of the shareholders, a public announcement will be made in accordance with the SEBI (Delisting of Securities) Guidelines, 2003 for ascertaining the exit price to be paid to the shareholders of the Company.

About Essar Shipping and Logistics Limited : Leading sea logistics solutions provider involved in sea transportation, ports and terminalling activities.

About Essar Global Limited
Essar Global Limited investments in Infrastructure portfolio comprises of investments in :

Essar Steel Limited : The largest integrated producer of steel in Western India, with a capacity of 4.6 million tonnes per annum, with plans to set up manufacturing facilities in Qatar, Sharjah and Trinidad.

Essar Oil Limited : A leading integrated oil major involved in Exploration & Production, Refining and Retailing of petroleum products.

Essar Power Limited : Power generation capacity close to 1000 MW with plans to increase capacity to 2500 MW and enter transmission and distribution

Essar Shipping and Logistics Limited : Leading sea logistics solutions provider involved in sea transportation, ports and terminalling activities.

Telecommunication & Technology : Investment portfolio comprises of investments in Hutchison Essar which provides cellular services in association with Hutchison Whampoa, Hong Kong.
Aegis Communications is an integrated customer solutions provider in BPO and IT.

Industrial Construction and Engineering : Investment portfolio comprises of investment in Essar Constructions - one of India’s foremost engineering, procurement and construction specialists.