| To : Business Editor | For immediate release |
JARDINES AND TATA GROUP JOIN IN BUSINESS DEVELOPMENT
3rd April 1996 -- Jardine Strategic Holdings Limited announced today that, subject to final approval from the Indian Government, the Company has agreed to acquire a 20% interest in Tata Industries Limited.
Tata Industries is the principal investment vehicle of the Tata Group of India for new ventures, with interests in telecommunications, financial services, autocomponents, airport development and other industries.
Jardine Strategic's investment in Tata Industries will be some US$35 million for 20% of the enlarged share capital. In addition to this investment, it is the intention of Jardine Matheson Group companies to join Tata Industries in other ventures in India.
The Chairman of Tata Industries, Mr Ratan Tata, said, "We are pleased the Jardine Matheson Group is joining with Tata. In addition to their investment, they will bring additional management skills and experience in a number of areas in which Tata Industries is involved."
Managing Director of Jardine Strategic, Mr Alasdair Morrison said, "The association of Jardines with India's leading business group provides exciting opportunities for the future. The Tata Group and the Jardine Matheson Group's complementary strengths will create a strong partnership, which will make a positive contribution to India's ongoing economic development."
For further information, please contact:
| Jardine Matheson Limited A G Morrison |
Tel: (852) 2843 8246 (office) |
| Ludgate Asia Limited Martin Spurrier |
Tel: (852) 2543 5413 (office) |
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