Mr. Ajay Srinivasan appointed as CEO, Financial Services and Director, Corporate Strategy and Business Development, Aditya Birla Group

09 July 2007

Mr. Kumar Mangalam Birla, Chairman, Aditya Birla Group, today announced the appointment of Mr. Ajay Srinivasan as Chief executive, Financial Services and Director, Corporate Strategy and Business Development for the Aditya Birla Group. Mr. Srinivasan will join the Group from the 16 July 2007.

Says Mr. Birla, "We see a tremendous opportunity in the financial services sector. We are looking to aggressively build on its current platform to become a leading player in this sector. As Chief executive, Financial Services, Mr. Srinivasan will set the strategic direction and vision and provide operational leadership for the Group's Financial Services Business. He will also continuously identify emerging opportunities in the financial services sector and lead the Group's entry into these new segments. He will sit on the Boards of Aditya Birla Management Corporation Ltd., and all the Financial Services Businesses".

"In his role as the Director, Corporate Strategy and Business Development, Aditya Birla Management Corporation Ltd., Mr. Srinivasan will direct and strategize on business portfolio issues for the Group focusing on the long-term sustainability, profitability and value creation for the Group's businesses. He will also advise and support emerging businesses up to the project stage and support existing businesses, in terms of their investment plans, strategic alliances, business process reengineering, planning and M&;A," added Mr. Birla.

Mr. Srinivasan was until recently Chief executive, Fund Management, Prudential Corporation Asia. He led a business that covered 10 countries and managed well over$60 bn in funds under management.