Mumbai, December 30, 2003: L&T’s Board of Directors has decided to divest the Glass Container business of the Company, on a going concern basis, subject to the approval of its shareholders.

As part of the review of its business portfolio, L&T had decided to exit its Glass Container business and accordingly has been exploring various options. Over the last few months, the Company has been in discussions with interested parties and now expects to conclude a final agreement, on completion of the due diligence by the potential buyer. The transaction is likely to be consummated by the end of this fiscal year.

Notice calling an Extraordinary General Meeting will be despatched to the shareholders shortly.