Jaiprakash Associates clarifies on news item regarding Taj corridor

With reference to the news item appearing in leading financial daily, titled "Taj Corridor; Clean Chit for Mayawati", Jaiprakash Associates Ltd has clarified that erstwhile Jaiprakash Industries Ltd (JIL), which was merged with the Company w.e.f. March 11, 2004, was awarded the Taj Expressway Project consisting of construction of 160 KM six lane, access controlled Expressway between Noida and Agra on the left bank of River Yamuna alongwith. Development of 25 million square meters of land along the Expressway at various locations by the Taj Expressway Industrial Development Authority (TEA), a Government of Uttar Pradesh Undertaking on Build, Own, Operate and Transfer basis as per the Concession Agreement executed between JIL and TEA on February 07, 2003.

The fact of award of the said Project was duly reported to the Stock Exchange by JIL through Un-audited Financial Results for the Quarter ended March 31, 2003, as published in the newspapers and uploaded on the websites of the Company, EDIFAR.

This being one of the major projects, is being continuously covered in the Directors Report of the Company, after amalgamation of JIL with the Company.

As widely reported in the press, the cabinet of Government of Uttar Pradesh has in its meeting held on October 27, 2006 accepted the Report of the Enquiry Commission on giving clean chit to the award of the Project.

As regards the observation of jump in the volumes in the Company’s share, this is a market phenomena and the Company has no comments to offer.

The Company’s September quarter results were duly published in all news papers which have shown 15% jump in net sales and 26% jump in profit before tax. The other contents of the Press report, except those which are based on facts, are perception of the reporter.

Source : Equity Bulls

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