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Hyderabad, July 24

The board of directors of NCL Industries Ltd at its meeting held on July 21 has in principle considered the proposal of merger of NCL Energy Ltd with itself. The company has informed the stock exchanges that the proposal was subject to the valuation exercise to be carried out by an independent firm of chartered accountants for arriving at the swap ratio of shares to be issued and obtaining necessary approvals. The board has also approved a proposal to increase the remuneration to its Managing Director, Mr K. Ravi, for the balance period of his current term of appointment effective April 12, 2006, the company said.

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