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Mumbai High Court approves ALIT Hinduja Finance merger

Mumbai, Friday June 19, 2000 Mumbai : June 29, 2000 The merger of Ashok Leyland Information Technology Limited (ALIT) with Hinduja Finance Corporation Ltd. has been approved by the Hon'ble High Court of Mumbai on 28th June, 2000.

The approval of the Chennai High Court is also expected by the 21st of July, 2000. The merger of ALIT, the software technology company with Hinduja Finance, would be effective from 1st July 1999, on completion of their entire process. The results of Hinduja Finance for the quarter ending June 2000 would hence reflect the performance of ALIT.

ALIT has recently bagged the IT services contract from a US based Fortune 50 company. The contract has a potential of generating revenues of up to US $ 100 million in the next 3 years.

Post merger ALIT would become the technology division of Hinduja Finance but would retain its identity and continue to serve its customers under the ALIT brand. A company spokesperson said that ALIT enjoyed a strong brand equity and the same would be nurtured further.

"With the new contract in hand and the growth in the existing businesses of ALIT we expect the contribution of Information Technology business to exceed the profits from the finance division and Hinduja Finance would thus morph into a technology company during 2000-01" the company spokesperson said.

Hinduja Finance has already appointed Andersen Consulting to validate its convergence strategy and arrive at the potential value of the company.

For further information please contact :

Ms Nina Mamnani VP Corporate Communications.- Hinduja Group(India) 4960707
Mr. Rajesh Chaturvedi Adfactors PR on 2020607/ 2020821