1.

L&T Cement is now UltraTech Cement

21 October 2004
Mumbai

"Excellent product quality and customer care to remain the hallmark of UltraTech"
- Mr. Kumar Mangalam Birla

Launching UltraTech Cement, the new name of L&T Cement, in Mumbai today, Mr. Kumar Mangalam
Birla, Chairman, UltraTech Cement Ltd, stated that "nothing has changed except the name. So
essentially what was earlier L&T cement, now transforms into UltraTech Cement".

Mr. Birla added that "In the cement sector, the erstwhile L&T Cement brand was indeed a much
admired brand. I am confident this transition to UltraTech Cement will only help strengthen it further.
Fundamentally, the quality, the technology, the plants and the people will remain unmatchable."

UltraTech Cement will continue to be manufactured in state-of-the-art plants at Kovaya and

Jaffarabad in Gujarat, Awarpur in Maharashtra, Hirmi in Chattisgarh and Tadipatri in Andhra Pradesh.
Likewise, they will continue to be supported by the grinding units at Durgapur, Jharsaguda,
Aarkonam, Magadalla and Ratnagiri, and the packing terminals at Mangalore, Mumbai and Sri Lanka.
"Excellent product quality and customer care will remain the hallmark of UltraTech," averred Mr. Birla.

Briefing the media on the brand transition, Mr. Birla remarked that the name UltraTech was the
outcome of an indepth research across the country. "We wanted to mirror the DNA of L&T Cement in
the new brand name. Our research study indicated that in the customers' mind, L&T stood for quality,
technology and expertise. The name UltraTech with the tag line "The Engineer's Choice" aptly
captures these features," commented Mr. Birla. The brand transition is expected to be completed in
India by the end of December 2004.

UltraTech's distribution network is very widely spread out in the country with over 5,500 dealers and
30,000 retailers. UltraTech enjoys a leadership position in all of the markets that it serves. Mr. Birla
took great pride in the UltraTech team, who he said "are committed to preserving the brand's premium
and its market share". The Company has enlisted the support of all of its business associates. This
includes dealers, stockists, retailers, builders and engineers among others.

"Our thrust is on enhancing our markets through augmenting our capacities and bringing in higher
volumes, adding 2.5 million tonnes largely through debottlenecking. We have plans to maximise
operational efficiencies and to sweat the assets. To do so, we have earmarked an immediate
investment of Rs. 200 crore for the current financial year. We wish to grow aggressively," stated Mr.
Birla.

Mr. Birla added that cement was clearly a focus area for the Group and that the UltraTech acquisition
signalled its commitment to take this business even further. UltraTech's plants and markets
complement those of Grasim. There is no conflict of interest here, he confirmed.

Between UltraTech and Grasim, the Aditya Birla Group's cement capacity is in excess of 31 million
tpa, of which 17 million tpa capacity comes from UltraTech. This makes the Aditya Birla Group the
eighth largest cement player in the world.
The Group now has 11 composite plants, seven split grinding units, four bulk terminals (inclusive of
one in Sri Lanka), and eight ready mix concrete plants. This accords the Group a strong national
presence in the cement sector, with a leadership position in several states.

"We at UltraTech will leverage synergies and further strengthen our ability to compete in the Indian
and the overseas markets. We expect UltraTech to grow faster than the market and to improve
market shares. At the same time, developing beachheads overseas through a profitable exports
business is a priority for us," remarked Mr. Birla.

In his view, the cement business is a great business to be in. Giving an overview of the sector, Mr.
Birla commented that India has enormous potential for growth, given the lower per capita
consumption of only 110 kilos against the global average of 260 kilos at present. The per capita
consumption of cement in India is perhaps the lowest in South East Asia. In Thailand it is 293 kilos,
China - 429 kilos, Malaysia - 529 kilos, and in South Korea - 951 kilos. India thus offers a tremendous
growth opportunity given its lower per capita consumption.

The rise in per capita consumption would be fuelled by the strong growth in the housing sector and
the government's thrust on infrastructure development. This will propel a robust volume growth.

Said Mr. Birla,"I believe that UltraTech is uniquely positioned to capitalise on these developments,
given its unique brand values and customer orientation. I see a great future ahead."

2. Formal change of guard at CemCo

7 July 2004

UltraTech CemCo, the new cement company within the AV Birla Group fold, will launch a new
national cement brand once the Larsen & Toubro (L&T) brand is phased out. The work on the brand
will start after the monsoon and it would become operational once the L&T brand is phased out by
March next year.

Grasim will continue with its two major brands — Birla Super and Birla Plus — and some of its
regional brands.

“We are looking at aggressive investments in the cement business. Grasim will be a conglomerate
with two major business lines — VSF and cement. Cement will be the main growth engine,” said AV
Birla Group chairman Kumar Mangalam Birla, at a press meet to announce the completion of the
scheme of demerger of L&T’s cement business.

The boards of L&T and CemCo met on Tuesday and Grasim was formally handed over management
control of CemCo.

Mr Birla will chair the CemCo board while Saurabh Misra will be the CEO. DD Rathi, Dr Santrupt
Mishra, Ms Rajashree Birla and KC Birla will be on the board from the Birlas, YM Deosthalee and JP
Nayak from L&T, S Rajagopal and MSK Khare from the financial institutions, while RC Bhargava and
Arun Gandhi will be independent directors on the CemCo board.

With the transfer of the Grasim stake of 14.95 per cent in L&T to the L&T Employees’ Welfare
Foundation, Mr Birla and Mrs Birla have stepped down from the L&T board.

Mr Birla said that there would be Rs 100 crore savings between the two companies on account of
savings in logistics and procurement. “We have paid an aggressive price for the cement business and
we will have to work hard to recover it. It will take two-three years to reach the rate of return,” Mr Birla
added.

Re-iterating that it was a win-win situation for both sides, L&T chairman and managing director AM
Naik said, “L&T will now become a focused engineering company with high-tech manufacturing and
high-end construction. Grasim will prosper through a very competent workforce with operational
skills.”

The L&T board is also being reconstituted with Suresh Talwar of Crawford Bayley and MP Chitale
being proposed to be inducted as independent directors. L&T Infotech CEO VK Magapu will also be
inducted on the board as an executive director.

The shareholding pattern in CemCo currently stands with the Birlas holding 51 per cent, L&T having
11.5 per cent, FIs with 12 per cent and the rest with retail and institutional investors.
 3. L&T completes cement restructuring

6 July 2004
Mumbai

Larsen & Toubro Limited (L&T) and Grasim Industries Limited (Grasim) today announced that the
implementation process of the demerger of the cement division of L&T has been completed, and
Grasim has acquired majority stake in UltraTech CemCo Limited (UltraTech), the demerged cement
business of L&T.
The scheme of arrangement for the demerger of the cement business, sanctioned by the Honorable
High Court of Bombay, became effective from Friday, 14 May, 2004. Accordingly, the cement
business undertaking was transferred to and vested in UltraTech CemCo Limited.

Grasim had made a successful open offer bid for 30 per cent of the equity of UltraTech with a view of
taking management control. Concurrently, Grasim acquired 8.5 per cent equity stake of UltraTech
from L&T, and Grasim and its associates have sold 14.95 per cent of their holding in the demerged
L&T to the L&T Employee Welfare Foundation.

Speaking on the occasion, Mr. A.M. Naik, Chairman & Managing Director, L&T, said " This
transaction, one of the biggest in corporate India, has helped to unlock value for its shareholders and
position the demerged L&T as a more focused engineering and construction co."

Says Mr. Kumar Mangalam Birla, Chairman, The Aditya Birla Group, "This transaction reflects our
commitment to build a leadership position in cement. We believe that it will take about two to three
years for UltraTech to provide a competitive return on the aggressive price offered to its
shareholders."
The transaction is expected to provide UltraTech an opportunity to leverage synergies with Grasim
and strengthen their ability to compete in the Indian and overseas markets.

4. L&T, Grasim complete cement deal

Ramnath Subbu
The Hindu
Mumbai, 6 July 2004

Larsen & Toubro (L&T) and Grasim Industries today announced the completion of the scheme of
demerger of L&T's cement division — UltraTech CemCo (UTCC) — with Grasim having acquired a
majority stake in it.

Addressing the media here today, A. M. Naik, Chairman and Managing Director, L&T, said, "This
transaction has helped to unlock value for shareholders and position the demerged L&T as a focused
engineering, construction and technology company. We have more than 60 businesses in these
areas. In future, we want to concentrate on areas such as nuclear, aerospace and defence. We want
to become an Indian MNC (multi-national company) in engineering." The shareholding pattern of
UTCC is 51 per cent with Grasim, 12 per cent with financial institutions, 11.5 per cent with L&T and
the remaining with institutional and retail shareholders.

Kumar Mangalam Birla, Chairman, Aditya Birla group, said UTCC would be listed in the next few days
on the Bombay Stock Exchange. Also, UTCC now has in place a new board of directors, includeing
two nominees from the institutions, two from L&T — Mr. Naik and Deosthale, four from Grasim,
namely, Rajashree Birla, Kumaramangalam Birla, S. Mishra (Corporate & HR Director, Grasim) and
D. D. Rathi. There are also two independent directors — R. C. Bhargava (former Managing Direcor,
Maruti Udyog) and Arun Gandhi (Tata Sons). Saurabh Mishra will be the Chief Executive Officer of
UTCC. Both Ms. Rajashree Birla and Mr. Kumarmangalam Birla will step down from the board of L&T.
Mr. Birla said, "The transaction reflects our commitment to build a leadership position in cement. We
believe that it will take about 2-3 years for UltraTech to provide a competitive return on the aggressive
price offered to its shareholders. It is also gratifying because the transaction has created value for
Grasim and L&T stakeholders, the share prices of L&T and Grasim since the June 2003
announcement of the intention of de-merger, have out-performed the BSE Sensex and there has
been an overwhelming response to the open offer."

On plans for branding the cement made by UTCC, Mr. Birla said, "By the end of this financial year, we
hope to phase out the L&T brand and launch a national brand to replace it. We hope to launch the
new brand after the monsoon season and phase it in by March 2005. In the future, we are looking at
having two national brands in cement and two or three regional brands."

Elaborating Grasim's interest in cement, Mr. Birla said, "We are aggressively seeking to achieve our
goal of being the market leader in cement. The overall demand is 117 million tonnes and at 8 per cent
growth; we are looking at a demand of 200 million tonnes by the turn of the decade. We have to move
ahead of the market. Our interest in L&T was because of its intellectual capital in its cement business.
We will look at brownfield, greenfield and inorganic ways to expand."

5. UltraTech unveils a new campaign

What do consumers expect from a leader?

Everyone looks up to a visionary leader to understand the possibilities tomorrow holds. And you have
a greater responsibility to bear when you are India’s largest cement company.

In the present day context, UltraTech is playing an important role in the infrastructural development of
the country. No wonder, UltraTech’s every creation is a window to tomorrow. And an effective
communication was needed to reflect the same.

According to Mr. O.P. Puranmalka, Group Executive President, Cement Business, Aditya Birla Group,
the challenge was to create an emotional connect while retaining the technological superiority. The
communication had to furthermore reinforce UltraTech’s position, cue leadership and take the brand
to the next level.

It was quite a daunting task for Interface Communications, the advertising agency for UltraTech, to get
the right mix of emotions and technological superiority that appeals to everyone right across IHBs to
architects and large commercial establishments.

The agency developed an idea that turned out to be one of the most distinct and clutter-breaking films
the Indian viewer has seen. It is also a logical extension to the expert platform that seamlessly cuts
across segments and takes the communication to the next level through a simple theme – ‘Har
badalte aaj mein, maine kal ko dekha hain.’

According to Puranmalka, “The film provides a great mix of emotions blended with eye-catching
technology through superior graphic work. The communication reinforces UltraTech as an expert in
continuous pursuit to achieve perfection.”

The film has received rave reviews from everyone in the industry and consumers. According to
Rajesh Saathi, Director, Keroscene Films, “It’s the simplicity of the idea that actually made this a piece
of marvel.” Evidently, the campaign is able to cut across the masses and connect with people in cities
as well as villages. That’s the power of an idea. And today along with the leader, every Indian says:
‘Har badalte aaj mein, maine kal ko dekha hain.’

6. Grand re-naming ceremony

AG Krishnamurthy
Business Standard
26 November 2004

There's a magnificently grand L&T (sorry, I should be saying Ultratech)

"name change" commercial on television. I like this TV commercial because it simply and beautifully
articulates two things - the bigness of the company and the change of name.
The Ganesh shlok speaks volumes for the company - its desire for auspicious beginnings, its humility
even though it seems omnipresent. And its Indianness, among others.

Beautifully shot, the TV commercial gives the viewer the impression that the company spans the
length and breadth of the country. By using a very one simple everyday device like painting over the
existing name it reinforces its campaign thought - except for the name, nothing has changed. And its
omnipresence and bigness are heightened by workers changing the name across every conceivable
medium known to the Indian advertiser!

Yes, this TV commercial definitely works. Size, grandeur, change - it ties up all these difficult concepts
so efficiently that even though it looks simple, there is no doubt that masterful craftsmanship is
definitely at work here. Moreover, it has that mesmerising pull that all advertisers yearn for. We have
seen a lot of name changes happening over the past year, but very few of them have managed to get
us to stop and stare. This one will definitely be a benchmark in its category for a long time to come.