Ahmedabad, 4 April 2012

Essar Oil today in a statement said that the company has been informed that the Supreme Court of India has disallowed the company’s review petition in relation to deferred sales tax.

The company statement clarified that today’s order has no new impact on the business.

Essar Oil further said, “as already communicated earlier, Essar Oil has already recognized this liability in its quarterly accounts for the quarter ended Dec 31, 2011 and the company Essar is in discussion with Gujarat Government for finalizing the terms of Repayment of Sales Tax liabilities.”

“Simultaneously, the company is also in discussions with banks for meeting the repayment obligations as may be finalised with Gujarat Govt,” the statement said.