PRESS RELEASE

Nicholas Piramal acquires India rights 
for Dobutrex from Eli Lily & Co.

Mumbai 27 July 2004: Nicholas Piramal India Limited today announced the acquisition of Dobutrex Brand rights for the Indian market from Eli Lily & Company, USA.

Dobutrex (generic: Dobutamine) is an injectible drug in the Cardiovascular (CVS) therapeutic segment, which is a key specialty for Nicholas Piramal. Dobutrex is classified as a Cardiac Stimulant. The Brand was launched by Eli Lily in India in October 1993 and registered Sales of Rs. 63.4 million in 2003.

Dobutrex is a leader in its segment with 37% market share. The Brand enjoys strong equity among Cardiologists, Physicians and major institutions, especially in metros.

The acquisition of Dobutrex is consistent with Nicholas Piramal’s objective of selective and strategic brand acquisitions to reinforce its portfolio in key therapeutic segments.

Dobutrex complements the existing brands in Nicholas Piramal’s CVS Cardio-ICCU portfolio. The Company already has a series of category-leading brands in the CVS segment – ICCU-oriented cardio brands such as Acitrom, LMWX, Stromix/A and Icikinase; and broad-based cardio brands like Sorbitrate, Ismo, Enace/D and Tenormin.

Nicholas Piramal India Limited is one of India’s leading Pharmaceutical Companies with a diverse portfolio of Branded Formulations, Vitamins, APIs and Diagnostics. The Company had FY2004 Net Sales of Rs. 12.7 billion. Nicholas Piramal is ranked fourth in domestic formulations Sales and second in total domestic pharmaceuticals Sales.

For further details, contact

Vijay Sathye
Vice President–Investor Relations and M&A
Mobile: +9324689774