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Nicholas Piramal + ARKRAY, Inc. Japan

December 19, 2007

Nicholas Piramal India and Kyoto, Japan based ARKRAY Inc., have entered into a 49:51 joint venture to market diagnostic products, mainly self-monitoring blood glucose system in the Indian market. ARKRAY, Inc. is a market leader in the elf- monitoring blood glucose market in Japan with a dominant market share. Its products are also distributed in over 80 countries around the world.

Under the agreement, the company will transfer all its existing blood glucose monitoring business into the joint venture for a consideration of Rs 40 million. The joint venture will market these products and will also launch other blood glucose-monitoring Systems of ARKRAY, Inc. including new product in India. The blood glucose system market in India is estimated to be more than Rs 1 billion in size and is estimated to be growing around 20% per annum.

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