PRESS RELEASE

Nicholas Piramal India Limited announces
10-year Manufacturing and Supply Agreement

Mumbai, 24 November 2005: Nicholas Piramal India Limited, India, today announced the signing of a long-term Manufacturing and Supply Agreement with a large global hospital products company.

The agreement is for an initial term of ten years, followed by yearly renewals. This agreement represents an exclusive partnering arrangement between the two companies for certain global markets.

NPIL will manufacture and supply select hospital care products to the company. The agreement provides an avenue for addition of further products under the arrangement.

NPIL will manufacture the products at its USFDA-approved facilities at Digwal, Andhra Pradesh.

Revenue from the initial set of products is expected to range between US$12-15 million per year.

For clarifications, please contact:

Vijay Sathye
Vice President - Investor Relations and M&A
Nicholas Piramal India Limited,
Nicholas Piramal Tower,
Ganpatrao Kadam Marg,
Lower Parel, Mumbai - 400 013,
India.
vsathye@nicholaspiramal.co.in
Mobile: +91 9821879774
Phone: +91 22 56637899
Facsmile: +91 22 24936708