With reference to the earlier announcement dated June 10, 2008, regarding the Board of Directors of the Company had approved the transfer / sale of its Sponge Iron Manufacturing Unit "Vikram Ispat", situated at Village; Salav, District: Raigad, Maharashtra ("Business Undertaking"), to a subsidiary to be formed, by way of "Slump Sale" pursuant to a Scheme of Arrangement to be sanctioned by the Court under Sections 391-394 of the Companies Act, 1956, Grasim Industries Ltd has informed BSE that the Company has incorporated a new subsidiary "Vikram Sponge Iron Ltd" for the said transfer of the Business Undertaking by way of "Slump Sale". Grasim Industries Ltd has informed BSE that the Court Convened Meetings of the Equity Shareholders, Secured Creditors (including Debenture holders) and Unsecured Creditors, held on October 13, 2008, the Equity Shareholders, Secured Creditors (including Debenture holders) and Unsecured Creditors have unanumously approved the Scheme of Arrangement under Sections 391 to 394 of the Companies Act, 1956 between Grasim Industries Ltd and Vikram Sponje Iron Ltd and their respective Shareholders and Creditors. (As per BSE Announcement dated on 15/10/2008) Grasim Industries Ltd has informed BSE that the Hon'ble High Court of Madhya Pradesh Bench at Indore has sanctioned the Scheme of Arrangement u/s 391-394 of the Companies Act, 1956, between the Company and Vikarm Sponge Iron Ltd and their respective Shareholders and Creditors on April 29, 2009 for transfer of Vikram Ispat division of the Company. The said transfer will become effective on completion of various formalities as provided in the Scheme of Arrangement, which are being pursued by the Company. (As Per BSE Announcement Website dated on 30.04.2009) Grasim Industries Ltd has informed BSE that with reference to the Sanction Order dated April 29, 2009 passed by the Hon'ble High Court of Madhya Pradesh, Bench Indore. The Company has further informed that, the Scheme of Arrangement between Grasim Industries Ltd ("Grasim") and Vikram Sponge Iron Ltd ("VSIL") and their respective shareholders and creditors under Sections 391-394 of the Companies Act, 1956 (the "Scheme") has been made effective with effect from the date hereof, pursuant to the satisfaction of the conditions precedent in relation thereto, including finding of an amount equal to the slump sale consideration (i.e. Rs 1,030 Crores), by Welspun Power and Steel Ltd ("Welspun") into VSIL. Pursuant to such effectiveness of the Scheme, with effect from the date hereof, the Vikram Ispat undertaking of Grasim stands transferred to and vested in VSIL, and Welspun has become the owner of almost the entire stake in VSIL. As such, VSIL has ceased to be a subsidiary of Grasim. (As Per BSE Announcement Website dated on 23.05.2009)