New Delhi1st November, 2012

Anand, India has recently entered into a Joint Venture partnership with Mando Corporation, Korea, having acquired a stake in Mando Steering Systems India Limited on the 29th October, 2012. The collaboration was finalised between Mr. M W Chung, Chairman, Halla Group and Mrs. Anjali Singh, Chairperson of the Anand Supervisory Board at Seoul, Korea. Mando Steering Systems India Limited has an existing operation in Chennai with a turnover of INR 6000 Million per annum. The company manufactures state-of-the-art Column supported Electric Power Steerings (C-EPS), at its facility in Chennai, Tamil Nadu.

Targeting sales of INR 1 Billion by 2016, with this new Joint Venture, Mando and Anand expect to achieve major synergies in areas of Research & Development and Operations, as well as making substantial inroads into new customer segments, resulting in a larger customer footprint.

Anand also has another Joint Venture with Mando Corporation, Korea, which started in 1997: Mando India Limited manufactures Brakes and Shock Absorbers at its facility in Chennai, India. The new collaboration is expected to further strengthen the partnership between the two groups.

Provider of the widest range of solutions to the Indian Automotive Industry, Anand is among India's leading manufacturers of Automotive Systems and Components making it the country’s leading OEM supplier. Anand has a major presence in the Indian Aftermarket as well, with some of its major brands being Market Leaders, the group supplies to every major vehicle and engine manufacturer in the country. Anand is

Anand signs new Joint Venture with Mando Corporation, Korea

Standing (L to R): Mr J.W Son-Managing Director, Mando India steering systems; Mr. Jaisal Singh - Member, Anand Supervisory Board; Mrs Anjali Singh - Chairperson, Anand Supervisory Board; Mr M W Chung -Chairman, Halla Group; Mr Z Y Byun -Vice chairman, Mando Corporation; Mr Shin - President, Mando CorporationSeated (L to R): Mr. Pravesh Srivastava- Chairman, Mando India Limited and Member, Anand Policy Committee; Mr Frank Chung - Senior Executive Vice President, Mando Corporation

known for its established and successful partnerships with leading global automotive front runners, each one being a global leader in its area of operation.

Mando Corporation, Korea, South Korea's second-largest auto parts manufacturer, was set up in October 1962 for the manufacturing of Brake Systems, Steering Systems, Suspension Systems, DAS / Iron Casting and Electronics / Electrification. An affiliate of South Korea's Halla Group, the company runs 13 overseas plants with its footprint in India, China, Korea, Japan, Malaysia, USA, Brazil and Turkey. Mando Korea’s Steering Sales closed last year at 870 Million USD, slated to cross 1 Billion USD in the current year. Mando, Korea supplies to leading vehicle manufacturers across the globe.

ABOUT ANAND

Provider of the widest range of solutions to the Indian Automotive Industry, Anand is among India's leading manufacturers of Automotive Systems and Components making it the country’s leading OEM supplier. Anand has a major presence in the Indian Aftermarket as well, with some of its major brands being Market Leaders, the group supplies to every major vehicle and engine manufacturer in the country. Anand is known for its established and successful partnerships with leading global automotive front runners, each one being a global leader in its area of operation.

The group has a sales turnover of 5,500 crores, has 15 Joint Ventures and 6 Technical Collaborations with leading companies in the world’s automotive industry. Today, with nineteen companies spread across 49 locations and eleven states of the country, Anand also has a business in the area of Luxury Hotels. Anand has provided a number of technology firsts to the Indian Automotive Industry over the five decades of its existence starting with being the pioneer of Ride Control products in the country.

ABOUT MANDO CORPORATION, KOREA

Mando Corporation, Korea, South Korea's second-largest auto parts manufacturer, was set up in October 1962 for the manufacturing of Brake Systems, Steering Systems, Suspension Systems, DAS / Iron Casting and Electronics / Electrification. An affiliate of South Korea's Halla Group, the company runs 17 overseas plants with its footprint in Brazil, China, Germany, India, Japan, Korea, Malaysia, Poland, Turkey and USA.

Mando has been producing cutting-edge safety systems like ABS, ESP, ECS, and EPS. These systems have amply proven that the level of the Korean automotive industry approximates the world standards.

With an estimated sales turnover of USD 4.7 billion in 2012, the company is amongst the global leaders in its industry. The company employs over 8000 people of which 10% are employed with the Joint Venture in India.