DS Constructions emerges a significant player in the Global Power Sector

DS Constructions emerges a significant player in the Global Power Sector

§ Concludes USD 542 million acquisition of Globeleq’s America package in JV with Israel Corporation

§ DSCL becomes a significant player in the power sector in India with a capacity of over 3400 MW

Mumbai, June 19, 2007: DS Constructions Ltd., the pioneer in PPP infrastructure development and engineering construction in India, today announced that it has successfully acquired Globeleq America’s power assets for USD 542 Million, in 50:50 Joint Venture with Israel Corporation, after adjustments due to accrued interest and withdrawn dividend, as well as exclusion of 2 minority holdings of the acquired company, which are subject to third parties rights. Globeleq Ltd.’s America assets consists of Natural Gas and Hydro Power Plants in Peru and Bolivia, fuel based power assets in El Salvador, Dominican Republic, Guatemala, Nicaragua, Panama and Jamaica totaling a capacity of over 2180 MW. With the conclusion of the deal, these assets of the company have been transferred to the JV partners.

Speaking on the occasion, Mr. M S Narula, Managing Director of DS Constructions said, “With our acquisition of power assets in South America we have emerged as a global power entity with a capacity of over 3400 MW. We have already been awarded 1260 MW power projects in India and with this acquisition, we are moving closer to our goal of becoming a 10,000 MW Company by 2015.”

“The acquisition has been funded through the internal resources. The assets have a total capacity of over 2,180 MW and are engaged in the production and sale of electricity. Some of the power plants that have been acquired as a part of this transaction are hydroelectric and gas based as well. The Joint Venture Company with Israel Corporation plans to be a major player in the Global Power Sector and will be looking at acquiring more power assets in the near future. “ He further added.

The Globeleq Ltd. a Bermuda power investment company, is part of London based CDC Group. The Globeleq Americas is located in Bermuda and holds several companies involved in the production and sale of electricity in Latin America and the Caribbean.

About DS Constructions Ltd. (DSCL): DS Constructions Limited, a pioneer in BOT infrastructure development and engineering construction in India, with over INR 267 billion of projects under execution in the Highways, Expressways, Railways, Hydro Power & SEZ. Accredited with an ISO 9001:2000 certification, D.S. Constructions Ltd. today has become a name synonymous with fast and qualitative construction continually seeking to innovate and improve. With a successful track record, it has developed a capability to provide premier technical, management and related services to develop, manage, engineer, build, and operate installations for its clients.

About IC: Israel Corp. (IC) is one of Israel’s major holding companies, playing a pivotal role in privatization and the development of key industries. IC’s main activities are focused on chemicals, shipping, semiconductor and energy. IC’s shares and the shares of a number of its subsidiaries are listed on the Tel Aviv Stock Exchange and NASDAQ.