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Press Release Wednesday, August 13, 2008

Parsvnath Developers Ltd. announces appointment of Independent Directors for its SEZ arm

From correspondents in Delhi, India, 08:54 PM IST

Parsvnath SEZ Limited (PSL) a subsidiary of Parsvnath Developers Limited (PDL), India’s leading company in real estate and infrastructure development has announced the appointment of Mr. R. J Kamath, Mr. D.N. Davar and Mr. B.K. Goswami as Independent Directors.

Mr. Kamath, an eminent professional and former Chairman of the Andhra Bank and Canara Bank, with vast experience and expertise in finance, banking, legal and corporate management has been associated with Parsvnath Developers Limited as an Independent Director. Having substantial experience in the industry he brings with him industry perspective and a great deal of practical knowledge to Parsvnath SEZ Limited. Mr. D N Davar, having done his Master’s Degree in Economics is a Certified Associate of the Indian Institute of Bankers and is a fellow of the Economic Development Institute of the World Bank. The former Chairman of IFCI Limited, Mr.Davar is presently on the Boards of various reputed companies across the Country.

Mr. Goswami having rich experience in the hospitality industry brings along with him a great deal of practical knowledge to Parsvnath SEZ Limited. Prior his joining Parsvnath SEZ Limited he has worked at apex levels with the Government of India, State Governments and several other Government Undertakings.

“We are pleased to welcome Mr. R.J.Kamath, Mr. D.N.Davar and Mr. B.K.Goswami to the Parsvnath team. Their broad experience and expertise in infrastructure space will be invaluable as we continue to develop and grow the Company. This appointment means that we are continuously scouting to develop our core team to help achieve the objectives of our company. Having rich experience at various levels, they will be valuable contributors in accelerating the activities of Parsvnath SEZ Limited,” said Mr. Pradeep Jain, Chairman of Parsvnath Developers Ltd.

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