New Delhi, April 11, 2001

The Bombay Stock Exchange (BSE) has decided to promote the scrip of Max India, one of India's leading multi-business corporations, to the "A" Category of traded stocks. This decision was prompted on account of the scrip satisfying three essential criteria laid down by the Bombay Stock Exchange viz., high liquidity, large equity base & public holding and a consistently good performance over the year.

"This up-gradation would add value to both Max India as well as to the investor by sending a clear message about the liquidity and potential of the scrip," said Mr. Analjit Singh, Chairman, Max India Limited. "This categorization is a recognition of the company's sincere corporate governance practices and the commitment to increase shareholder profitability."