Essel Propack registers 22% growth in Global Sales for the year ended December 31, 2005

Mumbai, March 14, 2006 : Essel Propack, the global leader in laminated tubes, today announced the audited consolidated global results for the year ended December 31, 2005. The Company reported a substantial increase of 22% in its global revenues for the year 2005. The sales have exceeded Rs. 8 Billion mark (Rs. 8,166 Million) while the net profit touched Rs. 902 Million, aggregating a growth of 11.48% over the same period of 2004. In USD term the growth in sales and net profit is 26% & 15% respectively. The international operations of the Company have contributed 69% (up from 65% in the year 2004) of the consolidated revenue, thus reflecting the trend of increasing overseas growth.

The Board of Directors of Essel Propack which met today, announced two major decisions as a part of increasing the shareholder value.

The Board announced a split in the face value of the share. The Board has recommended to the shareholders a share split from the present Rs. 10/- per share to Rs. 2/- per share and thereby reducing the face value of the share. This will go a long way in enhancing the liquidity of the shares.

Further, considering the cash flow and the continuing robust business performance, announced a special dividend of Rs. 12/- per share. The dividend will be subject to the shareholders? approval during the AGM proposed on May 6, 2006.

While making the announcements in Mumbai, Ashok Goel, Vice Chairman & Managing Director said, ?The low liquidity of our shares was always a concern, which we believe will be resolved with this step.? Regarding special dividend, he added, ?Giving value to our shareholders is of paramount importance to us?.

Essel Propack, the largest speciality packaging company in the world, is promoted by Essel Group. Essel Propack, head quartered in India, manufactures laminated tubes, plastic tubes, speciality laminates and Caps & Closures. The Company provides packaging solutions to toothpaste, pharmaceuticals, cosmetics, food and Industrial sectors all over the world. The Company has state-of-the-art manufacturing facilities in 13 countries with 21 plants across the globe. Essel Propack?s stock is listed on the Bombay Stock Exchange and the National Stock Exchange.

Press contacts : Mumbai : Ramdas Warrier ? 98209 04179; Delhi : Chetan Saxena - 98113 23282

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