Mumbai, November 29, 2001

Godrej Industries Ltd (GIL) and its associate companies today announced the signing of a memorandum of understanding (MoU) with the Indian Institute of Technology, Bombay (IITB). This MoU is expected to facilitate collaboration with IITB in a multitude of areas.

Announcing this, Mr Adi B Godrej, chairman, Godrej Industries Ltd said, "IIT Bombay is an institution of international repute in higher education, research and development. The Godrej and IITB campuses are located in close proximity to each other in Mumbai. I am very pleased to announce the beginning of a partnership with this great institution, which I am sure, will bring great benefits to our businesses, while providing practical experience to students. Such technology-oriented initiatives are necessary if India, as a nation, has to successfully compete globally."

Under the MoU, Godrej will:

• Sponsor student projects/fellowships in the dual degree, masters and doctoral programmes at IITB.
• Sponsor eligible Godrej employees for the M Tech/Ph D degrees in IITB.
• Sponsor R&D projects at IITB.

The areas covered under the MoU are chemical technology, information technology, design and packaging.

Professor Ashok Misra, director of IITB, said, "We are delighted to initiate a formal association with a major business house like Godrej Industries. This kind of partnership will enhance much-needed interaction between industry and educational institutions and will help Indian industry to emerge stronger."

This association with IITB will provide Godrej companies great insight into IITB's research and development programmes. It has been brought about by the Godrej Think Tank which was formed a few months ago to advise the Godrej Group on future trends that are likely to impact the group's business.

Godrej Industries Limited is a leading manufacturer of surface-active agents and oleochemicals. The company employs more than 1,500 employees and has two modern manufacturing facilities in Mumbai (Maharashtra) and Valia (Gujarat). Associate companies include Godrej Consumer Products Limited, Godrej Sara Lee Ltd, Godrej Foods Ltd, Godrej Agrovet Ltd and Godrej Properties and Investments Ltd.

For further information, please contact :

Manoj Chandra
Manager - PR

Ph : 5188083
Fax: 5188065
Email: ma.chandra@godrejcp.com