The Company has on 15 April 2008 incorporated IJM Vijayawada (Mauritius) Ltd ("IJMV") in the Republic of Mauritius as a wholly-owned subsidiary of IJM Investments (M) Limited, which in turn is a wholly-owned subsidiary of the Company.  The present paid-up capital of IJMV is USD1 comprising 1 share of USD1.

IJMV will be used as the vehicle to invest up to 50% of the equity capital of Vijayawada Tollway Private Limited, the concessionaire company for the Design, Build, Finance and Operation of the 6 laning of Chilkaluripet-Vijayawada Section of National Highway 5 from km 355 to km 434.15 in the State of Andhra Pradesh, India ("the Project"). 

This announcement is further to our announcement on 25 February 2008 on the award of the Project by the National Highways Authority of India.