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					Welspun India Limited
Your Comfort is Our Commitment




                                 1
                      Welspun India Limited
                      Your Comfort is Our Commitment


Disclaimer

This presentation is being furnished to you solely for your info rmation and for your use and may not be copied, reproduced or
redistributed to any other person in any manner. You agree to keep the contents of this presentation and these materials
confidential.

The information contained in this presentation does not constitute or form any part of any offer or invitation to purchase any
securities and neither the issue of the information nor anything contained herein shall form the basis of, or be relied upon in
connection with, any contract or commitment on the part of any person to proceed with any transaction.

This document contains forward-looking statements. These statements are subject to certain risks and uncertainties
that could cause the performance or achievements of Welspun India Limited. to differ materially from the information set forth
herein, although such information reflects forecasts and projections prepared in good faith based upon methods and data that
are believed to be reasonable and accurate as at the dates thereof and although all reasonable care has been taken to
ensure that the facts stated herein are accurate and that the forward-looking statements, opinions and expectations
contained herein are based on fair and reasonable assumptions. Welspun India Limited. undertakes no obligation to revise
these forward-looking statements to reflect subsequent events or circumstances. Individuals should not place undue reliance
on forward-looking statements and are advised to make their own independent analysis and determination with respect to the
forecasted periods, which reflect Welspun India Limited’s view only as of the date hereof.




                                                                                                                          2
Welspun India Limited
Your Comfort is Our Commitment

               Our Vision




                                 3
                Welspun India Limited
               Your Comfort is Our Commitment

Welspun Group Profile
 Ø Market capitalization - Approx $ 2.5 bio

 ØOne of the fastest emerging Global Groups, $ 1.04 bio Turnover with an asset base
  of over $ 1bio.

 Ø Turnover likely to reach $ 2.5 bio in 2009 based on concrete projects under
   implementation and strong order book

 Ø All Group companies:
     - are separately listed, having independent Board structures &
       shareholdings

 Ø Amongst the Top 3 Pipe Manufactures in the World

 Ø One of the largest capacities of Saw Pipes in Asia (ex Japan)

 Ø Other group companies have interests in:
   Cotton Yarn, Terry Towels, Bed linen, Polyester Yarn, Sponge Iron, TMT
   Bars etc.

 Ø Global Presence- relationship with marquee clients like Exxon Mobil,
   Chevron, Shell, Bechtel, Wal- Mart, Target amongst others.

 Ø Equity Investment by renowned Investors like ICICI venture, Temasek,
   3i (UK)

 Ø Enjoys excellent relationship with Domestic and International Lenders
                                                                                 4
                     Welspun India Limited
                    Your Comfort is Our Commitment


Professionally Managed Group
  Listed at (Stock Exchanges)                    Other Key Investors
   n   Mumbai (BSE &NSE)                     §   Citigroup Global Markets
   n   Luxembourg                            §   HSBC Global Investment Fund
                                             §   ABN AMRO BANK N.V. LONDON
   n   Singapore
                                             §   Merrill Lynch Capital Markets Espana SA
  Key Consultants                            §   Deutsche Bank AG
   n   Ernst and Young                       §   TIAB Securities Mauritius Ltd
   n   KPMG
                                                 International Setup
   n   PWC                                   §   Christy in UK
                                             §   Textile facility in Mexico
  Key Associates
                                             §   Office in Manhattan-NY, Huston-US
   n   Mannesmann ,Germany
                                             §   Pipe Project in US
   n   Voest Alpine, Austria
   n   Capello Tubi, Italy                       Key Markets
   n   Eupec, Germany                        §   80% of the products are exported to
                                                 most developed economies viz US,
                                                 Europe, Middle East etc


                                                                                           5
                     Welspun India Limited
                     Your Comfort is Our Commitment

Welspun India (W.I.L.) - An Overview
Ø   Asia’s largest and the amongst top 4 Terry Towel producer in the world


Ø   Plants at Vapi (Gujarat) and Anjar (Coastal Gujarat) India


Ø   Distribution network in 32 countries


Ø   Exports revenue : 94% of total revenue ( 78% to the U.S.A. market)


Ø   Certification:
     •   Quality -ISO 9002/14001 and Social Accountability -SA 8000:2001 by M/S BVQI


Ø   Only Indian company to license a life-style brand in Home Textiles:
     •   Licensed Umbra worldwide
     •   Nautica for towels and Bed Linen in the U.S.A. and Canada


                                                                                       6
Welspun India Limited
Your Comfort is Our Commitment




                          Home Textiles
                                 Statistics



                                              7
                       Welspun India Limited
                       Your Comfort is Our Commitment


Textile and Clothing Trade

Ø   Global Textiles and Clothing Trade: Estimated at U.S. $ 395 Billion
                                                                  Share of world cotton made-ups exports, in
•   Textiles: U.S. $ 169 Billion                                                  percentage
•   Clothing: U.S. $ 226 Billion
                                                                      Others
                                                                       21%                      China
                                                                                                27%
Ø   EU and U.S.A. account for:
•   39% of the Total Trade in Textiles
                                                                US
•   64% Trade in Clothing                                       4%
                                                               Mexo
                                                                5%
Quota abolition on 1st Jan’ 06, could led to an increase of:
                                                                  EU
•   U.S. $ 856 billion in Textiles and Clothing                   6%                             India
                                                                                                 16%
                                                                      Turkey
                                                                       7%
                                                                                Pakistan    100%= US$ 8.6 bn
                                                                                 14%



                   Textiles Trade Will Be Dominated by China, India, Pakistan

     Source : McKenzie Report 2005-06
                                                                                                               8
                 Welspun India Limited
                Your Comfort is Our Commitment
                                                        %ge Imports/ Consumption (value)

Import Dependency An Irreversible Reality
                                                 90%
                                                 80%
 • Rising       overheads     in                 70%
                                                 60%
                                                 50%
  operating a Retail Supply                      40%
                                                 30%
                                                 20%
  Chain                                          10%
                                                  0%
                                                         1998   1999       2000   2001   2002   2003     2004     2005

                                                                       $ Sheets                        $ Towels

 • Scarce        Options      of                    %ge Imports/ Consumption (volume)

  Sustainable            Vendor                  100%

  Partnerships within USA                        80%

                                                 60%

                                                 40%

 • Increasing     options   with                 20%


  captive resources outside                       0%
                                                         1998   1999       2000   2001   2002   2003       2004   2005
                                                                Units Sheets                       Units Towels
  USA
                                      Source: FTI Consulting Textiles Report – 2005 & Industry Estimates
                                                                                                    9
                              Welspun India Limited
                              Your Comfort is Our Commitment

USA Home Textile Imports - Significant Growth Post Quota
                                                                  CAGR Pre & Post Quota


35%
                        31%
30%
                                                                                                                                      26%
                                                    24%
25%                 22%
                                                                        19%
20%
              17%
                                              14%                                                                        14%
 15%    13%
                                 13%13%                                                                                        12%
                                                          11%
                                                                                                      9%      9%
 10%                                                                                                                                              8%
                                                                              5%
 5%
                                                                  2%

 0%
                                                                                    -2%                            -3%
 -5%
                                                                                          -7%                                                          -7%
                                                                                                -9%
-10%

-15%                                                                                                                                      -15%

-20%
        World       China        India      Pakistan      Italy        Turkey      Portugal     Mexico     Bangladesh    Brazil      Thailand    Others

                                                                           Countries



                                                                  CAGR -0400                     CAGR - 0704
 Combined four segements of Towels, Sheets, Top-Of-The Bed and Basic Beddings Source - OTEXA

                              India Witnesses growth in CAGR post-Quota
                                                                                                                                                             10
                        Welspun India Limited
                        Your Comfort is Our Commitment

    Asian Home Textile – The New Centre of Gravity
•     India, China & Pakistan are dominant participants in the Home Textile imports
      into USA –
       • Account for 63% share in Towels                                        Source: Otexa
       • Account for 80% share in Sheets
       • Account for 80% share in Comforters %
                                          Category

       • Account for 83% share in Pillows/ Pads/Other Bed Products
      100%

      90%

      80%

      70%

      60%

      50%

      40%

      30%

      20%

       10%

       0%




               Towels             Bed Sheets           Top-Of-The Bed       Basic Bedding   Total
                                                        Categories



                              China            India             Pakistan         Others


•     Outside these countries Brazil and Turkey are the next significant option –
      mainly in Towels
                                                                                                    11
                      Welspun India Limited
                     Your Comfort is Our Commitment

Indian Textiles- Components Of Sustainable Advantage
•   Cotton Availability               Key Cost    Contribution to                      Remarks
                                       Drivers     Overall Costs
•   Top most market Share in
    Yarn                              Cotton           35 %         • India advantage of ~ 20%
                                                                    • Acreage under improvement
                                                                    • Yields to increase with better seeds
•   Relative Input Advantages –
                                                                      utilization and harvest techniques
    Labor, Power, Dyes &
    Chemicals                         Power            10 %         •   Captive power plant advantage both with
                                                                        lignite and Gas based power plants
•   Chinese Currency                  Dyes and         10%          •   All the global suppliers are present
    Appreciation – a deterrent for    Chemicals                     •   India a strategic components of
    further exposure                                                    Chemical giants specializing in these
                                                                        field
•   Increased Worries on
    Terrorism – India lower on the    Labor            10%          •   Advantage China
                                                                    •   India Richer in Skill Sets – directed
    risk screen
                                                                        towards high-end in terms of finesse,
                                                                        designs, etc.
•   Restrictions on Chinese textile                                 •   Future professional roll-out is favorable
    trade from EU/ USA                                                  towards the sector

•   Law of Land & better              Interest         10%          •   Near the bottom-end of the curve
    Corporate Governance              cost
                                                                    •   TUF benefits (reimbursements for
•   Policy Environment Favoring                                         exports oriented projects – make it
                                                                        internationally the lowest (through a
    Investments in infrastructure,
                                                                        limited window favoring early riders of
    technology and scale
                                                                        the wave)
                                                                                                             12
                             Welspun India Limited
                            Your Comfort is Our Commitment

USA Home Textiles Imports on The Rise
                                                        Import Share of Top 3 in US$ Mn




             $7,000


            $6,000


             $5,000                                                                                                $1,202
                                                                                      $1,290


            $4,000                                                                                                 $1,096
                                                                                      $1,091

            $3,000                                          $681

                                                            $836
            $2,000
                                 $398                                                 $2,685                       $2,925
                                 $521
             $1,000                                         $1,403
                                 $626

               $-
                              2000                       2004                       2006                    2007 (Ytd Nov)
                                                                          Year



   China        India     Pakistan       Italy     Turkey            Portugal    Mexico        Bangladesh        Brazil      Thailand   Others

Combined four segments of Towels, Sheets, Top-Of-The Bed and Basic Beddings
Source - OTEXA



                                                                                                                                            13
                                             Welspun India Limited
                                             Your Comfort is Our Commitment

   Towels Import - US                                                          Towel Imports (Val, Vol, Uvr)


                   $1,400                                                                                                                                                   $2.00
     Millions




                                                                                                                                         $1,153
                                                                                                                                                           $1,185           $1.80
                   $1,200                                                                                               $1,098
                                                                                                                                                                            $1.60
                   $1,000                                                                                                                                                   $1.40
                                                                                                         $872

                                                                                                                                                                            $1.20
                     $800                                                               $721
                                                                                                                                 648              660               662
                                                                     $636                                                                                                   $1.00
                     $600                        $537
                                  $496                                                                           477                                                        $0.80
                                                                                               425
                                                                            396
                     $400                331            356                                                                                                                 $0.60
                                                                                                                                                                            $0.40
                     $200
                                                                                                                                                                            $0.20
                      $-                                                                                                                                                    $-
                                     2000           2001                2002              2003              2004            2005             2006         2007 (Ytd Nov)

                US Import US$     $495,725,649   $537,177,487        $636,168,212      $721,199,378      $871,662,550   $1,098,482,755   $1,153,371,667   $1,184,513,284

                US Import Units   330,858,106    356,381,144         395,705,678       425,358,449       477,136,181     648,464,237     660,476,988       662,142,055

                UVR (US$)            $1.50          $1.51               $1.61             $1.70             $1.83           $1.69            $1.75            $1.79



                                                               US Import US$                   US Import Units             UVR (US$)




                                                 Post-Quota abolishment – imports growth at 15%
____________________
(1) Source:Otexa.ita.doc.gov
                                                                                                                                                                           14
                                   Welspun India Limited
                                   Your Comfort is Our Commitment

Country Wise Towels Import USA 2001 - 2007 ( In US$ mn )
                                               Country Wise Towels Import USA
                     India              Pakistan              China                Brazil             Turkey
                     Thailand           Bangladesh            Portugal             Mexico             Italy
         $350



         $300



                                                                                                                                                          bath
                                                                                                                                                  hare in
         $250

                                                                                                                                       India’ s s rgest in US
                                                                                                                                               is la
         $200
                                                                                                                                      towels         among
                                                                                                                                           import ountries
                                                                                                                                                 ting c
                                                                                                                                        compe         sing ov
                                                                                                                                                             er
         $150


                                                                                                                                         and  increa     s.
                                                                                                                                                        r
         $100                                                                                                                                   the yea

          $50



         $-




                                 %                %                    %                   %                  %                %                 %      2007 (Ytd    %
        Country       2000              2001                 2002                 2003               2004            2005              2006               Nov)
                                Share            Share                Share               Share              Share            Share             Share               Share

Cat 363 - Terry Towels
World                $   496     100% $    537      100% $      636      100% $     721     100% $     872     100% $ 1,098    100% $ 1,153      100% $    1,185     100%
India                $    90      18% $     88       16% $      121      19% $      135     19% $      182     21% $    228     21% $     291     25% $      330      28%
Pakistan             $    69      14% $     85       16% $      74       12% $      88      12% $      123     14% $    166     15% $     205     18% $      206      17%
China                $    55      11% $     59       11% $      69       11% $      67       9% $       71      8% $    176     16% $     210     18% $      239      20%
Brazil               $    68      14% $     80       15% $      112      18% $      120     17% $      112     13% $    151     14% $     106      9% $       98         8%
Turkey               $    30       6% $     43        8% $      60        9% $      81      11% $       97     11% $    127     12% $     107      9% $       87         7%
Thailand             $    27       5% $     29        5% $      34        5% $      39       5% $       56      6% $     47      4% $      44      4% $       50         4%
Bangladesh           $    16       3% $     15        3% $      18        3% $      30       4% $       35      4% $     26      2% $      29      3% $       30         3%
Portugal             $    13       3% $     14        3% $      17        3% $      16       2% $       19      2% $     28      3% $      25      2% $       23         2%
Mexico               $    20       4% $     14        3% $       8        1% $       6       1% $       11      1% $     14      1% $      21      2% $       16         1%
Italy                $     2       0% $      3        1% $       4        1% $       5       1% $       4       0% $      3      0% $       2      0% $        2         0%
Others               $   106      21% $    107       20% $      119      19% $      135     19% $      161     18% $    133     12% $     114     10% $      105         9%

         Source : OTEXA ( The Office of Textile & Apparel )                                                                                                         15
                                     Welspun India Limited
                                    Your Comfort is Our Commitment

Bed Sheet Import - USA
                        $2,000                                                                                                                                    $4.80
             Millions



                        $1,800                                                                                                                                    $4.60
                        $1,600                                                                                                                                    $4.40
                        $1,400
                                                                                                                                                                  $4.20
                        $1,200
                                                                                                                                                                  $4.00
                        $1,000
                                                                                                                                                                  $3.80
                         $800
                                                                                                                                                                  $3.60
                         $600
                         $400                                                                                                                                     $3.40
                         $200                                                                                                                                     $3.20
                          $-                                                                                                                       2007 (Ytd
                                                                                                                                                                  $3.00
                                             2000           2001           2002           2003           2004           2005           2006
                                                                                                                                                     Nov)

                        US Import US$     $389,169,943   $440,535,588   $510,129,401   $641,261,915   $825,858,488 $1,317,708,087 $1,696,462,064 $1,746,016,269
                        US Import Units    82,938,477    101,443,073    123,937,878    152,745,555    176,279,342    318,465,015   449,443,762    483,124,284
                        UVR (US$)            $4.69          $4.34          $4.12          $4.20          $4.68          $4.14         $3.77          $3.61
                                                US Import US$                               US Import Units                              UVR (US$)

    Note: Import against Cat 360 and 361 considered


                                               Post-Quota Abolishment Growth in Imports at 32%.
                                                            Prices re-establishing.
____________________
(1) Source:Otexa.ita.doc.gov
                                                                                                                                                                      16
                                         Welspun India Limited
                                        Your Comfort is Our Commitment

Country Wise Bed sheet Import USA 2001 - 2007 (In US$ Million)
                                                         Country Wise Sheets Import USA


              Pakistan        China    India      Portugal       Turkey       Brazil         Italy       Thailand       Mexico           Bangladesh
               $700                                                                                                                                             India Ranked 3 rd in
   Millions




               $600                                                                                                                                                 US import
               $500


               $400


               $300


               $200


               $100


               $-
                         2000          2001            2002           2003             2004               2005            2006           2007 (Ytd Nov)



                           %                            %                  %                    %                      %                    %                     %      2007 (Ytd    %
              Country      2000                2001            2002                2003                   2004                   2005                 2006                 Nov)
                         Share                         Share              Share                Share                  Share                Share                 Share               Share
 Cat 360 / 361 - Bed Sheet
 World                    $     389   100% $     441    100% $     510       100% $    641           100% $   826      100% $ 1,318          100% $ 1,696         100% $    1,746     100%
 Pakistan                 $     44    11% $      54      12% $      58       11% $      72           11% $       95     11% $      353        27% $       517      30% $      468      27%
 China                    $     51    13% $      62      14% $      63       12% $      73           11% $       78      9% $      302        23% $       471      28% $      589      34%
 India                    $     21     5% $      39       9% $      70       14% $     121           19% $    165       20% $      251        19% $       280      17% $      309      18%
 Portugal                 $     116   30% $      118     27% $     113       22% $     100           16% $       98     12% $      77           6% $      76        5% $       60         3%
 Turkey                   $     22     6% $      20       4% $      21        4% $      26            4% $       38      5% $      57           4% $      65        4% $       64         4%
 Brazil                   $      3     1% $       7       2% $      7         1% $       6            1% $       2       0% $      12           1% $      55        3% $       56         3%
 Italy                    $     20     5% $      20       5% $      22        4% $      28            4% $       35      4% $      34           3% $      35        2% $       32         2%
 Thailand                 $      1     0% $       0       0% $      3         1% $      22            3% $       58      7% $      24           2% $      23        1% $       13         1%
 Mexico                   $     22     6% $      13       3% $      18        4% $      17            3% $       18      2% $      30           2% $      19        1% $       12         1%
 Bangladesh               $      3     1% $       3       1% $      10        2% $       7            1% $       3       0% $       1           0% $       2        0% $         3        0%
 Others                   $     87    22% $      104     24% $     124       24% $     169           26% $    236       29% $      176        13% $       152       9% $      139         8%
____________________
(1) Source:Otexa.ita.doc.gov                                                                                                                                                         17
                               Welspun India Limited
                              Your Comfort is Our Commitment

Import - Top-Of-The-Bed Products
            $1,000                                                                                                                      $12.00
 Millions



             $900
             $800                                                                                                                       $10.00
             $700                                                                                                                       $8.00
             $600
               $500                                                                                                                     $6.00
               $400
                                                                                                                                        $4.00
               $300
               $200
                                                                                                                                        $2.00
               $100
               $-                                                                                                          2007 (Ytd
                                                                                                                                        $-
                                 2000         2001         2002         2003         2004          2005         2006
                                                                                                                             Nov)

            US Import US$     $479,663,093 $473,347,103 $522,547,720 $487,867,846 $543,597,480 $748,624,655 $922,609,184 $923,941,802
            US Import Units    48,190,541   53,299,412   59,668,372   58,275,821   62,096,265   80,054,247    94,190,126   85,696,672
            UVR (US$)            $9.95        $8.88        $8.76        $8.37        $8.75        $9.35         $9.80        $10.78
                                   US Import US$                          US Import Units                          UVR (US$)


                                             Post-Quota Abolishment import growth at 23%,
                                                            UVR – 7% CAGR
                                                        Focus on value addition
                                                                                                                                             18
                                           Welspun India Limited
                                          Your Comfort is Our Commitment

 Top-Of-The-Bed Products Country-wise Statistics
               China      Pakistan        India        Portugal       Italy        Mexico         Turkey         Bangladesh           Thailand         Brazil
                   $600
        Millions




                   $500                                                                                                                                                     China a Large
                   $400
                                                                                                                                                                             Beneficiary
                   $300


                   $200


                   $100


                   $-
                           2000                2001           2002                2003            2004             2005               2006         2007 (Ytd Nov)
                                         %                   %                     %                      %                     %                   %                      %      2007 (Ytd     %
        Country            2000                   2001               2002                    2003                 2004                  2005                  2006                  Nov)
                                       Share                Share                 Share                  Share                Share                Share                  Share                Share
Cat 362 - Top of the Bed
World                     $   480       100% $        473    100% $     523          100% $      488      100% $    544        100% $        749     100% $         923    100% $      924         100%
China                     $   160        33% $        157     33% $     182              35% $   154       32% $    184         34% $        332      44% $         488     53% $      519         56%
Pakistan                  $       72     15% $        81      17% $      91              17% $   102       21% $    127         23% $        165      22% $         190     21% $      167         18%
India                     $       58     12% $        62      13% $      69              13% $   64        13% $     57         11% $        71       10% $         86       9% $       64          7%
Portugal                  $       61     13% $        46      10% $      45              9% $    39         8% $     39          7% $        45        6% $         37       4% $       34          4%
Italy                     $       12      3% $         9       2% $      11              2% $    14         3% $     17          3% $        19        3% $         25       3% $       21          2%
Mexico                    $       38      8% $        31       6% $      21              4% $    18         4% $     19          4% $        19        3% $         18       2% $       48          5%
Turkey                    $       31      6% $        34       7% $      42              8% $    32         7% $     27          5% $        25        3% $         13       1% $       12          1%
Bangladesh                $       3       1% $         2       1% $           2          0% $     3         1% $          2      0% $         4        0% $          4       0% $         3         0%
Thailand                  $       1       0% $         0       0% $           1          0% $     3         1% $          7      1% $         6        1% $          2       0% $         1         0%
Brazil                    $       0       0% $         0       0% $           1          0% $     1         0% $          2      0% $         3        0% $          0       0% $         0         0%
Others                    $       44      9% $        49      10% $      58              11% $   57        12% $     62         11% $        59        8% $         59       6% $       54          6%

                                                                                                                                                                                              19
                             Welspun India Limited
                          Your Comfort is Our Commitment


Imports Basic bedding and other bed items
                  $3,000                                                                                                                   $6.50
      Millions




                  $2,500                                                                                                                   $6.00
                                                                                                                                           $5.50
                  $2,000
                                                                                                                                           $5.00
                  $1,500
                                                                                                                                           $4.50
                  $1,000
                                                                                                                                           $4.00
                     $500                                                                                                                  $3.50
                     $-                                                                                                                    $3.00
                                                                                                                             2007 (Ytd
                                    2000          2001        2002         2003         2004         2005         2006
                                                                                                                               Nov)

                 US Import US$   $1,395,417,3 $1,460,802,8 $1,798,087,9 $2,089,874,2 $2,303,908,8 $2,502,156,4 $2,763,972,8 $2,759,349,9
                 US Import KGS 221,743,339 238,595,624 306,630,681 370,894,665 401,952,261 419,722,320 466,857,139 442,709,705
                 UVR (US$)          $6.29        $6.12        $5.86        $5.63        $5.73        $5.96        $5.92        $6.23

                                            US Import US$                    US Import KGS                      UVR (US$)




                                        Post-Quota Abolishment import growth
                                                at 9%, UVR – 3% CAGR

                                                                                                                                                   20
                                                   Welspun India Limited
                                               Your Comfort is Our Commitment

 Basic Bedding And Other Items - Country-wise Statistics
              China     India           Pakistan     Italy           Turkey             Portugal        Mexico        Bangladesh          Brazil       Thailand

               $1,800
   Millions




                                                                                                                                                                                   China a Large
               $1,600
               $1,400

               $1,200                                                                                                                                                               Beneficiary
               $1,000

                $800
                $600

                $400
                $200

                $-
                           2000




                                              2001




                                                             2002




                                                                                 2003




                                                                                                      2004




                                                                                                                       2005




                                                                                                                                       2006




                                                                                                                                                       2007 (Ytd
                                                                                                                                                         Nov)
                          %                                    %                           %                        %                   %                           %                %      2007 (Ytd     %
              Country       2000 2001                                         2002                 2003                       2004                 2005                    2006               Nov)
                        Share                                Share                        Share                    Share              Share                        Share            Share                Share
Cat 369 - Basic Bedding & Other Item
World                     $ 1,395          100% $ 1,461             100% $ 1,798             100% $ 2,090           100% $ 2,304        100% $ 2,502                100% $ 2,764     100% $    2,759         100%
China                     $       359        26% $   381            26% $       643           36% $          888     43% $ 1,071              46% $ 1,246            50% $ 1,516      55% $    1,578         57%
India                     $       352        25% $   357            24% $       385           21% $          382     18% $      432           19% $   439            18% $   433      16% $      392         14%
Pakistan                  $       213        15% $   246            17% $       253           14% $          319     15% $      335           15% $   358            14% $   379      14% $      361         13%
Italy                     $       42          3% $    48             3% $        68            4% $          88       4% $      60            3% $     64             3% $    59       2% $       60          2%
Turkey                    $       21          2% $    23             2% $        39            2% $          37       2% $      46            2% $     54             2% $    50       2% $       57          2%
Portugal                  $       30          2% $    30             2% $        35            2% $          40       2% $      47            2% $     47             2% $    40       1% $       33          1%
Mexico                    $       65          5% $    67             5% $        63            4% $          59       3% $      53            2% $     33             1% $    38       1% $       46          2%
Bangladesh                $       22          2% $    25             2% $        25            1% $          22       1% $      20            1% $     19             1% $    21       1% $       16          1%
Brazil                    $        7          1% $      8            1% $        14            1% $          16       1% $      17            1% $     21             1% $    20       1% $       18          1%
Thailand                  $       28          2% $    24             2% $        35            2% $          19       1% $      21            1% $     20             1% $    18       1% $       14          1%
Others                    $       257        18% $   251            17% $       237           13% $          220     11% $      203           9% $    202             8% $   191       7% $      185          7%
                                                                                                                                                                                                        21
                       Welspun India Limited
                       Your Comfort is Our Commitment

Domestic Capacities in Home Textiles
Sheetings
 Sr.      Manufacturer             Existing Cap.               Expansion          Investments
 No.                             Mtrs/Day   MMPA          Mtrs./Day   MMPA         US $ mn
  1 Alok Industries Ltd.         100,000     37           200,000      73                114
 2    Bombay Dyeing              275,000      100                                         -
 3    Welspun India Ltd.         100,000       37         100,000      37                     57
 4    Vardhaman                                           200,000      73                 114
 5    Raghuveer                   80,000      29           75,000      27                  43
 6    Abhishek                                            100,000      37                  57
 7    Hanilera                                            100,000      37                     57
 8    Nahar                                               100,000      37                     57
 9    Prime Textiles                                      100,000      37                     57
 10   Sahara Group ( Punjab)                              100,000      37                     57
 11   Sharadha                                            100,000      37                     57
 12   Sri Meenakshi mills Ltd.                            100,000      37                  57
 13   Loyal Textiles Ltd.        20,000       7            50,000      18                  28
 14   Others                     163,000      59          530,000     124                 193
 -         Total Capacity        738,000            269   1,855,000         608           946

US$ 900 mn worth investments would be done in the Home Textiles alone
                                                                                                   22
Welspun India Limited
Your Comfort is Our Commitment




                                 Welspun India

           Journey to become Global Home-
                             Textile Major




                                                 23
              Welspun India Limited
              Your Comfort is Our Commitment


CIRCA 2003
 • Quota-Free World – An opportunity for an established textiles exporter
   – particularly from India

 • The thrust on outsourcing gains momentum with rising overheads and
   sustained pressure on price-points in retail sector

 • Large US Home textile companies were going through difficult financial
   conditions

 • Outside the top-5 vendors – with disparate supply chain – scale,
   manufacturing back-end and service capability became key business
   drivers

 • Domestic environment favored investments in assets seeking to cater
   exports markets through schemes like TUF

                        Scalable Opportunity                                24
            Welspun India Limited
            Your Comfort is Our Commitment

                                                Inorganic Growth by
Value Creation              Choose &         Acquisition of Christy, (UK),
                          Pick Amongst          & Sorema (Portugal)
                             Retailers
                            High end     Marketing &
                            products     Outsourcing



                       Direct        Branding
                       Export

        Indirect
         Export

                                             Welspun’s Evolution
                                             A Decade Of Intensity


                   2000         2003 2004 2005       2006     2007           Time
      ‘95
                                                                                    25
                        Welspun India Limited
                       Your Comfort is Our Commitment

Integrated Textile Manufacturer -- Global Scale
                       Vapi,       Anjar,       Expansion At Anjar        Total          Full Volume
                       Gujarat     Gujarat      (Phase 2)                                Sales - US$ mn
     Towel             11,500 mt   13,000 mt    16,500 mt                 41,000 Mt            250
                                                (Expected to commission
                                                in Q2 – FY08)                         Now Among
                                                                                       Top-Four
     Bed Linen                                                                         Globally 175
      Processing                   35 mn mtrs   35 mn mtrs                35 mn mtrs
      Weaving                      5 mn mtrs    35 mn mtrs                40 mn mtrs
                                                (Expected to commission
                                                in Q4 – FY08)
     Yarn         32,496           25,000         46,800                  104,296
     Spindles (@)                               (Expected to commission
                                                in Q1 – FY08)
     Decorative                                 1.76 million sets         1.76 million         50
     Beddings                                   (Expected to commission   sets
                                                in Q4 – FY08)
     Total                                                                                     475 #
 # Excluding Christy
                                                                    Today at Approx US$
                                                                          250 mn
 FLEXIBLE OPERATIONS WITH ALL PRODUCT VARIETIES UNDER ONE ROOF
 (YARN DYED/ PC DYED/ JACQ/ ..ETC.)


                                                                                                          26
            Welspun India Limited
            Your Comfort is Our Commitment



Our Response                                    Gain Size/ Scale


                                                        Extend Product Lines


  Build Capacities/
    Capabilities                                         De-Risking


                                                       Partnership Approach



                                                 Proactive Marketing




                 Reposition As A Serious Sizeable Global Participant

                                                                               27
                                          Welspun India Limited
                                         Your Comfort is Our Commitment

De-risking - Sales - Geographical Dispersion
                                                                                                                                               Falkland Island , 0%                          Italy , 1%
                                                                                                                                                             France , 1%                               Malta , 0%
                           Canada , 2%                                                                                                       Cyprus , 0%
                                         China, 0%                                                                                                                           Iceland , 0%
                      Brazil , 0%                     Dubai , 1%                                                                      China , 0%                                            Inida , 6%
                                                                            Italy , 1%                                                                Dubai , 1%                                              Japan , 0%
                   Baltic , 0%
                                                             Germany , 0%     Mauritius , 0%                                     Canada , 2%
         Austarlia , 2%                    Cyprus, 0%                                                                         Brazil , 0%                                                                          South Africa , 0%
                                                           France , 1%                   Mexico , 0%                          Baltic , 0%                                                                Mauritius , 0%
                                                                                                                                                                           Hong Kong , 0%
    Inida , 8%                                                                                 Sweden , 1%                New Zealand , 0%
                                                                                                                                                                                                                                    Sweden , 1%
                                                                                                                                                                                                                     Middle East , 0%
                                                                                                                                             Austarlia , 1%
                                                                                                    UK , 5%                                                                                                       Other , 0%
                                                                                                                                                                                                                                  South East Asia, 0%
                                                                                                                                                                                                                    Mexico , 0%




                                                                                                              USA , 60%



                                                                                                                                                                                                                     UK , 26%


                                                                                                                                                              WIL Consolidated
                 USA , 76%
                                     Welspun Stand Alone



                 WIL - Standalone                                                                                                                             WIL - Consolidated

•    Strategic Alliance with Zucchi
•    Strategic Alliance With Sheridan for Australia
•    Acquisition of Christy
•    Strategic Alliance proposed for Canada
                                                                                                                                                                                                                                  28
                                       Welspun India Limited
                                       Your Comfort is Our Commitment

Moving Up The Value Chain
            2x                                                                                                                              2006-07   2005-06
       Designer Brand                    Price
                                                                                                                                            4%        4%
                                       Expansion                               Christy, Nautica
                                                                                                          •   Basseti
         Departmental                                •
                                                     •
                                                         Dillard’s
                                                         Federated / Macy’s                               •   Sheridan
           Stores                                    •   HBC                                              •   Bealls
                                                     •   Polo Ralph Lauren                                •   Descamp
                                                     •   Tommy Hilfiger                                   •
                                                                                                          •
                                                                                                              Zucchi
                                                                                                              HOF
                                                                                                                                            15%       13%
                                                     •   Bealls
                                                     •   Revman                                           •   Home Tex
                                                     •   Blooming Dales                                   •   John Jewis
                                                     •   Calvin Klein                                     •   M&s
         Specialty Stores
                                                     • Bed Bath & Beyond                      • Linen N Things
                                                                                                                                            3%        2%
          Fashion Stores
                                                                      •   Dunnes Stores   •   Kohl’s
                                                                      •   Fred Meyers     •   Shopko
                                                                      •   JC Penny        •   Shop – N – Save                               40%       37%
                                                                      •   Sears           •   Target

         Mass Merchant
                                            •    TK Maxx                                                              •    Loblaws
                                            •    JYSK                            • Wal-Mart                           •    Winners
                                            •    Pamida                          • K – Mart                           •    Mejiers
                                            •    Ross                            • Tesco                              •    Marmaxx          23%       27%
                                            •    Bettenwelt                      • IKEA                               •    Sams
        Manufacturer &
         Importers                          •    Ramallah                 •   ABJ                 •   Domtex
                                            •    Revman                   •   American Pecific    •   Gozze               • Medison
                                            •    Springs                  •   Associated                                  • Millwork
                                                                                                  •   Hayashi
                                            •    Cambridge                •   Bardwil             •   Inshallah           • Jules Clayres   14%       17%
                                                                          •   BMA
                                           X•    Trubel
                                                                          •   Bycop               •   Kaltex
                                            •    Togas                                            •   Li & Fung                                             29
Welspun is moving up to a higher value chain in US Market
                          Welspun India Limited
                          Your Comfort is Our Commitment

De-Risking -- Product Mix


                                                    Product Mix

                    700
                                                                      $100   14%
                    600

                                                                      $200   29%
                    500
      US$ Million




                    400
                                                                      $150   21%
                    300
                                             100%
                    200
                                                                      $250
                    100                                                      36%
                                       $95

                      0
                                FY05                          FY10E

                      Towels           Sheets             Dec Bedding              Bath Rugs

                                                                                               30
                          Welspun India Limited
                          Your Comfort is Our Commitment

Welspun’s Export Performance
Calendar Year
                                            ( In US$ Million )
                                                                                                           2007
            Particulars            2000      2001      2002      2003     2004      2005      2006
                                                                                                          (Nov)
Towels- Cat 363
USA Import Volume from India         90.5      87.9     120.7     135.1    181.3    228.3       291.0      330.0
YOY Growth Rate                      26%        -3%      37%       12%       34%      26%         27%        70%
Welspun's Export to USA              22.3      25.1      31.0      44.1      51.5     72.0       108.0      110.9
Welspun's Export %                   25%       29%       26%       33%       28%      32%         37%        34%
 of Total Volume from India
Sheeting & Bed Prod - Cat 360 and 361
USA Import Volume from India         21.0      39.0       70.0    121.0     168.0   251.0       280.0      309.0
YOY Growth Rate                     -61%       86%        79%      73%       39%      49%         12%        66%
Welspun's Export to USA               NA        NA         NA       NA        NA       6.1        52.0       65.1
Welspun's Export %                                                                     2%         19%        21%
Source: OTEXA.


Welspun accounts for 34% of towel exports volume from India and 9.29% of total US Import – Target 10% by end 2007.
 A recent entrant in Sheets - Welspun targets a share of 20% exports volume from India and 3.72% of total US Import.




                                                                                                                  31
                                               Welspun India Limited
                                           Your Comfort is Our Commitment

Bed Segment - A Logical Extension
                                    Made-
                     Share of World Made-ups Imports, Per Cent, 1999
                                                                                                     Share of sub-segment in
        100% = US$ 9 bn                                                                              world made-up imports       Presence in Towels
                                                                                                                                    provides a platform for
Price
                                       7         3                        9                     11                                  entry into the bed
                             n     Products typically softer and finer; use higher                                                  segment
                                   counts of yarn
         Medium to
          high end           n     Retailed in high end stores such as Bed n Bath and                                                 Common clients
         segments                  Bloomingdales
            (30%)            n     Buyers typically look for flexibility to provide low
                                   volumes, known suppliers, design support and                                                       Similar buying
                                   other service elements, apart from price
                                                                                                                                         patterns - typically
                                      13         5                    17                        20
                                                                                                                   ‘Niche                co-ordinated
                                                                                                                  product
                                                                                                                  s’* (15%)              designs
                                                                                                                                      Similar manufacturing
                                                                                                                                         capabilities
        Commodity
         segment
                            n      Price most important (with quality being a given
          (55%)                    factor)
                                                                                                                                  Globally companies have
                                                                                                                                 started in one segment and
                                                                                                                                  gradually expanded their
                           Bed linen &         Other bed   Terry towels        Kitchen linen,                                  product range to span the home
          Product
          categorie
                          curtains using
                        wide/ printed fabric
                                                 linen &
                                                curtains
                                                                              table linen and
                                                                                   others                                              textile market
          s

                                 20              8             26                  31                15
  ____________________
  (1) Handmade articles, carpets, embroidered articles
  Source: Mckinsey report for Texprocil
                                                                                                                                                                32
           Welspun India Limited
           Your Comfort is Our Commitment

The Power of “New” - Growth Mantra
                                        Towels
             Products                   Bed Sheets
                                        Top-Of-The-Bed- Sept 2007 out of Mexico
                                        Basic bedding---Marc 08
                                        Bath Rugs—March 08
                                        Bath Robes

                                        US/UK/EU/AU
                                        Japan/SE Asia/ME
             Markets                    SA/ Canada/ LATAM
                                        China/India
                                        RUSSIA



                                       Brands----controlled brands business from 22% to 35%
  New        Segments                  Mid to high end segment.—28% to 40%
                                       Hospitality
                                       Institutional
                                       Direct retail

                                       Business Excellence/ Six Sigma/ Benchmarking
                                       QFD/TQM
                                       SCM/CRM Integration
             Methods                   Knowledge Management
                                       Risk Management
                                       Cost Management
                                       Outsourcing!!!

                                       Own Facilities – In India/ SEZ/Mexico
                                       Strategic Alliances/ Investments
             Facilities                India/ Abroad—Sheridan, Zucchi,
                                       Outsourcing from Low Cost Countries
                                                                                              33
Gain Scale / Size


                           Welspun India Limited
                           Your Comfort is Our Commitment


     • Modernization of Towels                     Toweling Capacity (Mn Units )
                                                   Welspun's                                      140
       Facility
                                                   Overall Projected - India                      550

     • Investments into a new                                                       26%

       capacity for -
            •       Expansion In Towels Segment
                                                                     74%
            •       Venturing Into Complementary
                                                       Welspun's - Projected       Overall Projected - India
                    Beds Segment
                                                   Source: Industry estimates

                                                    Sheeting Capacity ( Mn Sets PA )
     • Create futuristic infrastructure            Welspun's                                       10
       to facilitate swift entry into              Overall Projected - India                        50

       Value added segment                                                         21%




     • Investments of US$ 400 mn                                      79%
            •       US$ 300 mn invested
            •       US$ 100 mn by Mar-08               Welspun's - Projected       Overall Projected - India
                                                   Source: Industry estimates
                                                                                                               34
                    Welspun India Limited
                    Your Comfort is Our Commitment

Bed Segment - Some Distinctions
§   Bed Segment is almost 10-12 times the size of the Bath Segment Globally –making a bigger
    targetable pie available

§   Global supply dynamics make sheeting an extremely price competitive segment – something which
    the new players have to live with till it builds volumes/ franchises

§   A new complex business recipe, though extension of the existing franchises (a “curry” in
    comparison to “boiled food”)

§   Manufacturing practices need more finesse and perfection (“sports car” vis-à-vis a “Commercial
    Vehicle”)

§   Established relationships with almost 70% of the target segments through current business

§   Nature of the business, where front-end relationships are controlled by intermediaries focusing on
    branding (unlike Towels where direct relationships with retailers have existed for a significant time)

§   Efficient asset utilization, swift innovation in product development and quick knowledge adaption
    remain critical success factors

§   Compressed delivery cycle (60 days as against 90 days for towels) makes client interaction and
    follow ups extremely critical

                                                                                                    35
                Welspun India Limited
               Your Comfort is Our Commitment

Welspun’s Operations
• Fully Integrated, state-of-the-art Textiles Plants

• Plant Operations supported with SAP for on-line MIS

• Employee Structure Geared for Performance Based Remuneration

• First Company from the Sector to opt for ESOP

• Investments in Training – Werner International, U.S.A.

• Customer Centric Quality Organization, driven by Contemporary Techniques

• Embracing the Six-Sigma model across all functions

• Emphasis on building a “Learning” organisation

• Operations driven by “Cost Management” and “Efficiency”

• Workforce with Blend of Experience and Energy

• Emphasis on Market Driven Product Development
                                                                             36
                 Welspun India Limited
                Your Comfort is Our Commitment


Welspun’s Branding Experience
             ……….Truly Global
 U.S.A.                        U.K.
 •   Fieldcrest                •   Christy
 •   Waverly                   •   M&S
 •   Ralph Lauren              •   Debenhams
 •   Charter Club              •   Tesco home
 •   Cannon
 •   Royal Velvette            Europe
 •   Nautica                   • IKEA
 •   Nicole Miller             • Zucchi
 •   Umbra                     • Bassetti
 •   Chaps                     • Auchan
                               • Sorema

 India                         Australia
 • Spaces                      • Sheridan
 • Christy                     • Peri
                                                 37
                              Welspun India Limited
                             Your Comfort is Our Commitment

Close Customer Relationships
Key Strength and Recognitions

    National Export Award for outstanding performance from Government of India, Ministry of
                                 commerce for the year 1996-97

    Texprocil gold trophy for outstanding export performance for 1999-2000, 2000-01, 2001-02,
                                     2004-05,2005-06 ,2006-07

        Selected by Wal*Mart as the best Global vendor of the year FY 2002 for Terry Towels

        Named “ Shopko Vendor of the year” FY 2002 by Shopko Stores Inc., U.S.A. for all its
                 product categories and by TESCO for on-time shipments for 2005

                “Sustainability Award” by Wal-Mart Stores Inc. - World’s largest retailer and No. 2
                                      Company as per ‘Fortune’ 2006 list.

                       “Outstanding Textile Exporter” Award from CNBC TV 18 & ICRA, in 2007
•   Strong relationships with 17 out of the top 20 retailers in the world
•   Direct contact with retailers i.e. no supplies through importers
•   Providing value-added services to the customers
        •    EDI tie-up with key accounts
        •    Market analysis and opportunity feedback
•   Achieved depth in relationships over the years
        •    Significant supplier to most customers
•   Decent penetration in the Sheets business with leading accounts                                   38
           Welspun India Limited
           Your Comfort is Our Commitment


Commitment To Quality
§ Initiated First Wave of Six Sigma
§ ISO 14001 certified for EMS
§ ISO 9001: 2000 certified for QMS
§ Operate at quality level AQL 2.5 Level 2
§ Certified for “Organic Cotton” - SKAL
§ EGYPTIAN COTTON Licensee
§ SUPIMA Licensee
§ Oeko-Tex Certified – for EU regulatory compliances
§ State-of-the-art Testing Labs – under NABL accreditation
§ Dedicated 200+ member strong TQM team

                                                             39
Welspun India Limited
Your Comfort is Our Commitment




   W.I.L.’s Journey so far




                                 40
               Welspun India Limited
               Your Comfort is Our Commitment

Our Stretch to the Customer
US Model Through Welspun – U.S.A.

                             WUSA - 100% subsidiary of WIL
                               (an independent profit centre)
                              working as marketing, sales and
                              distribution support arm of WIL




                                                                Functional areas -
                                                                •Sales & Marketing
     Welspun                      Welspun U.S.A.,               •Distribution
                                         Inc
      India                      295, Sixth Avenue              •Warehousing
     Limited                       New York NY
                                        10018




                                  Warehousing
                              New Jersey, U.S.A.
                                                                                41
         Welspun India Limited
        Your Comfort is Our Commitment



                      •   Play it Big

     Scale            •   Build Global Capacities

                      •   Develop broader basket of product offerings


                                        Towels – among Top 4

                                        Sheets – 600 looms end-
                                        CY07
Global Leader
  In Home                               Blankets
   Textiles
                                        Top of The Bed Products

                                        Rugs - 2007
                                                                    42
           Welspun India Limited
           Your Comfort is Our Commitment


   Customer Orientation
   Differentiation Through…

v Effective Market Understanding

v Integrated Approach to Product Development

v Migration to “Marketing Skills”

v Brand Management Flanks

v Service Orientation

                                               43
                               Welspun India Limited
                               Your Comfort is Our Commitment

                               Extended Presence in The Value Chain

                                                              W.I.L. - TODAY

                                                             Competition


Consumers                       Retailers                Buyers                    Manufacturing                 Vendors
                                                         •    Product Price
                                                              Matrix               •   Sampling
•   Buying Patterns                                                                                              •   Sustained Involvement
                                •   Price Points                                   •   New Product Development
•   Product Expectation
                                •   POS Data             •    Comparative                                        •   Negotiations
•   Changing Trends                                                                •   Production Planning
                                •   Demand Forecasting        competitive prices                                 •   VMI
•   Competitive Developments                                                       •   Inventory Management




                                                             W.I.L. - FINALLY
                                                                                                                                        44
                      Welspun India Limited
                      Your Comfort is Our Commitment

Product Development - The First Step
 Wellness Collection (vitere earth elements)
  n   Theme on “Wellness” – blending rich fibers (like Soya, bamboo, milk, silver and sea-weed) with cotton to
      offer a marketable product
  n   Separate Branding and Communication strategy

 Performance Products(+2)
  n   Super absorbent towels
  n   Low lint
  n   Soft
  n   Comfort
  n   Fresh
  n   Sports Towels

 Organic Cotton (ecos)
  n   SKAL certification through – sizeable business should flow in from Q1FY07

 Blankets launched in the market expect business to start flowing from Q3/Q4

 Scientific Approach to Product Development
  n   Customer Quality Function
  n   In discussions with a US Marketing Agency to complement the effort



We aim to garner more than 15% of our FY08 turnover from these initiatives
                                                                                                                 45
                   Welspun India Limited
                  Your Comfort is Our Commitment

Cost Efficiencies
    Costs Saved are direct profits earned (power, admin., couriers, telephones etc.)

•   Effective Asset Utilisation
     •   Utilizing the entire capacity
     •   Utilizing Machines – loom speed, RF speeds, Dryer speeds, C&S machine speeds
     •   Utilizing Labour – right composition of labour complement to produce, inspect and
         supervise
     •   Optimum utilisation of the Utilities infrastructure – per kg cost – air, steam, water, FO
     •   Using effective automation wherever necessary - like automatic machines based deliveries
         in Sheeting and increased flow of production through Barudan in Towels
     •   Better Inventory Turns (key to RoI and Capacity creation)

•   Reducing Input Costs
     •  Negotiations
     •  Vendor Managed inventory
     •  New Vendor Development

•   Effective Material Controls – to be supported by effective Production Planning (trims, material
    consumption, wastages to be controlled) – to reduce Packing Material costs/unit

•   Focus on Perfection (FTR) to reduce downgrades, rejections and reworks (as they practically
    shut-out about 15-20% of the available capacity)

                                                                                                  46
          Welspun India Limited
         Your Comfort is Our Commitment



“Connected” Organisation          US SALES                    INDIA
                                & MARKETING                   SALES




                                       Approach of Sharing             OPERATIONS
                     BRANDING           “Right” information with
                                        “Relevant” Constituent           & PPC
                                       Knowledge Management
                                       • Customers
                                       • Products
                                       • Markets
                                       • Technologies
                                       Complete IT Enabled
                                        Back-end



                       SUPPLY-CHAIN                                  PRODUCT
                       MANAGEMENT                                  DEVELOPMENT



                                              DESIGN
             Develop an Interactive Chain

                                                                                    47
      Welspun India Limited
      Your Comfort is Our Commitment




INVESTORS
       ……..The Assets of the Company




                                       48
                    Welspun India Limited
                   Your Comfort is Our Commitment


Share Holding Pattern as at 25th Jan 2008


                                       Public
                                        22%                       Promoters
                                                                      39%



      For e i g n H o l d i n g s
              & NRIs
                13%


                                                                   FIIs
                        Mutual Funds                Bank & FIs      6%
                               11%                     9%


                                         Fully diluted Equity Shares : 73.09 mn. shares
                                                                                          49
         Welspun India Limited
         Your Comfort is Our Commitment



Financial Credentials

                                                    (in Rs. Million)

                              Q1 FY 07- Q2 FY 07- Q3 FY 07-
Particulars    FY 06-07
                                 08        08        08
Sales               9,736           2,647    2938         2992
EBITDA              1,954             491     616          446
Interest              478             155     157          175
Cash Profit         1,172             287     457          268
Depreciation          651             195     207          220
PAT                   521              92     168           31
                                                                50
                Welspun India Limited
                Your Comfort is Our Commitment
                                                                        (Rupees Million)
Q3 - FY 08 In Perspective
                                              3Q                 3Q
  Indian Rupees in Millions                 FY 2008    %      FY 2007     %      YoY
  Sales                                      2,991.8  99.6%   2,497.62   99.2%   19.8%
  Miscellaneous Income                          10.7   0.4%        20.4   0.8%  -47.6%
  Revenue from Operations                    3,002.5 100.0%    2,518.0 100.0%     19.2%
  Consumption of Materials                   1,236.3  41.2%    1,005.4   39.9%   23.0%
  Dyes & Chemicals Consumed                    295.0   9.8%      200.2    8.0%   47.3%
  Cost of Traded Goods                          60.5   2.0%         7.0   0.3% 760.0%
  Other Variable Expenses                      216.2   7.2%      197.9    7.9%     9.2%
  (Increase)/Decrease in Stock-in-Trade       (145.8) -4.9%       (20.0) -0.8% 627.4%
  Selling and Distribution Expenses            175.4   5.8%      157.2    6.2%   11.6%
  Total                                      1,837.6  61.2%    1,547.7   61.5%    18.7%
  Contribution                               1,164.8  38.8%      970.3   38.5%    20.0%
  Power & Fuel                                 255.5   8.5%      198.1    7.9%   29.0%
  Staff Cost                                   302.3  10.1%      206.3    8.2%   46.5%
  Other Expenses                               144.6   4.8%      158.2    6.3%    -8.6%
  Total                                        702.4  23.4%      562.6   22.3%    24.9%
  EBITDA - Operational                         462.4  15.4%      407.8   16.2%    13.4%
  Other Income                                 (16.2) -0.5%      116.7    4.6% -113.9%
  EBITDA - as reported                         446.2  14.9%      524.4   20.8%   -14.9%
  Finance Cost (Net)                           175.0   5.8%      134.6    5.3%   29.9%
  Depreciation & Amortisation                  220.4   7.3%      166.0    6.6%   32.8%
  Pretax Income                                 50.8   1.7%      223.8    8.9%   -77.3%
  Taxes - Current                                3.5   0.1%        (5.3) -0.2% -165.6%
  Taxes - Deferred                              16.5   0.5%        69.8   2.8%  -76.4%
  Net Income                                    30.9   1.0%      159.2    6.3%   -80.6%
  Cash Profit                                  267.8   8.9%      395.1   15.7%   -32.2%

                                                                                    51
                   Welspun India Limited
                   Your Comfort is Our Commitment

Board of Directors
n   G R Goenka                    Chairman
n   B K Goenka                    Vice Chairman & Managing Director   Promoters

n   Rajesh R Mandawewala          Joint Managing Director


n   M L Mittal                    Executive Director (Finance)          Executive



n   D B Engineer                  Independent Director
                                                                      Independents
n   A.K.Dasgupta                  Independent Director
n   Arun Kumar                    Nominee Director - IFCI
n   F.Q. Kolman                   Nominee Director - UTI
n   Renuka Ramnath                Nominee Director – ICICI            Lenders
                                                                      &
n   Bala Deshpande                Nominee Director – ICICI            Investors
n   Padmanabh Sinha               Nominee Director- Dunearn
                                  Investments ( Mauritius) P.Ltd.
                                                                                  52
  Welspun India Limited
  Your Comfort is Our Commitment




W.I.L. and CHRISTY

                                   ……A New Dawn




                                                  53
               Welspun India Limited
               Your Comfort is Our Commitment


    Christy
•   No 1 U.K. towel brand
•   150+ year old company
•   Turnover GBP 35 mn.
•   Key facilities located at Hyde near Manchester
•   Strong retail presence
•   International businesses – U.S.A., Germany, Australia and Hong Kong
•   Strong Management team having a long association with the company
•   Represents successor to the Courtalds bath products business
•   Key products- Towels, bed linen, bath robes and other bath accessories
•   Historically focussed on bath towels, Other product lines launched
    recently (e.g. bed linen in 2002)

                                                                          54
                    Welspun India Limited
                    Your Comfort is Our Commitment

  WIN – WIN PREPOSITION
§ No Substitution of Products, in fact are complimentary to each other

§ Access to a Premium U.K. Brand and its Retail Chains

§ Similar Business Goals of becoming Europe’s largest Home Textile Player

§ Globally respected, in league with Rolls Royce etc.

§ “Christy Finish”- A Brand in itself

§ Fit with Welspun’s strategic enhancement of Branded Sales

§ Potential for other markets like Europe, U.S.A., Middle East and India for both, Christy and W.I.L.

§ Committed Management Team of Christy which is very well versed with the Local and European
  Markets

§ Strong retail presence, spread across 118 stores

§ Christy and W.I.L. act as Catalysts for each other in terms of growth of the business

§ Exchange of Client Databases leading to Prosperous endeavors

§ Extension of the Christy Brand in the Indian retail segment.
                                                                                                        55
              Welspun India Limited
              Your Comfort is Our Commitment


  Transaction Structure
• Welspun acquired 85% of shareholding

• Enterprise value – GBP 16 mn.

• Existing Management to continue and operate the company

• Mr Joel Rosenblatt continues as C.E.O. of Christy

• Mr. Rajesh Mandawewala – Joint M.D. of W.I.L., appointed as the
  Chairman of Christy

• Put and call options for Management after 3 years for balance 15%
  based on earnings

• Funded by combination of internal accruals and debt


                                                                      56
Welspun India Limited
Your Comfort is Our Commitment




                     Welspun
                                 ……A New Dawn




                                                57
                  Welspun India Limited
                  Your Comfort is Our Commitment

 Made-Ups: New Wave Of Consolidation
§ Coteminas – Springs merger has shunted possible diversion of US $600 mn. outsourcing
  opportunity

§ Global Home Textiles majors are looking up for all consolidation opportunities to complete the
  value chain

§ Dan River acquired by an Indian Home Textile Aspirant

§ WPS has come out of Chapter 11 – improved financial outlook has facilitated protecting its
  existing turf. Tied up with a Pakistan based manufacturer (Indus Dyeing & Manufacturing Co. ) for
  its complete Towels Range

§ Above developments have diverted some important programs to the U.S.A. manufacturers – an
  intermediate trend reversal of sorts

§ Large Players (Springs) – looking at restarting its factories focusing on niche segments in U.S.A./
  EU

§ Increased Thrust on Capacity Creation in Emerging Markets – India, China and Pakistan
  (particularly in Towels)
§ Sheridan - Australian major, sold to Pacific Brands, local retail company, similar developments in
  Europe
                                                                                                  58
            Welspun India Limited
            Your Comfort is Our Commitment

                                                    Global
W.I.L.’s Evolution- Future Roadmap                  Leader in
  Value Creation                                    Hometex
                                                    Solution
                                High-end
                                Specialty
                                Hometex
                 Sheeting       Products
                 Export                      Complementary
                                             Inorganic
       Towel                                 Opportunities
       Export

                       Enhanced Brand
                       Management &
                       Support

                2005        2006        2007 2008   Time
      ‘04

                                                                59
              Welspun India Limited
              Your Comfort is Our Commitment


 WELSPUN’S -VISION 2010
• Fully integrated home textile company (Bed and Bath), from cotton farming to
  retailing
• Largest market cap textile company in India and among the top three Home
  textile companies in the world
• Leader in terms of embracing new technologies, product innovations, market
  intelligence that will help offer competitive end-to-end solutions to customers
  at globally competitive prices with effective supply chain management
• US $ 1 bn. turnover by 2010 with both organic and inorganic initiatives


• Preferred partner in Home Textiles for any global initiative

• Cost optimization – target to become the lowest cost producer of home
  textiles globally

                                                                                    60
         Welspun India Limited
      Your Comfort is Our Commitment
Welspun India Limited




             Your Comfort is Our Commitment




                                              61

				
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