NICCO

Nicco Corporation Limited has informed the Exchange that the Financial Restructuring proposal, under the CDR mechanism, in respect of Nicco Corporation Ltd has been approved by the CDR Empowered Group. With the implementation of the package the Company will be able consolidate its financial position and is expected to return to profitability.

Nicco Corporation Limited has informed the Exchange that the company has filed a Scheme of Arrangement with the Hon. High Court of Calcutta for transfer of its Cable business, to its wholly owned subsidiary Nicco Cables Ltd. This subsidiary will be converted to a Joint Venture with Prysmian (60% stake in the Joint Venture) a world leader in the energy and telecommunications cables industry with strong market position in higher-added value market segments. Nicco will retain the remaining 40% in the Joint Venture and will receive a consideration price of Rs. 133 crores (subject to adjustments) f

Nicco Corporation Limited had informed the Exchange regarding the signing of the Term Sheet with Prysmian Cable Holding BV, Netherlands. The Company has now informed the Exchange vide its letter dated December 11, 2007 that Nicco Corporation Ltd. ("Nicco") has late last night entered into definitive agreements with Prysmian (Dutch) Holdings BV. The details of the same shall be available on the NSE website (http://www.nseindia.com) under: Corporates > Latest Announcements and on the Extranet Server (/Common/Corporate Announcements).<a href=/content/corporate/Niccocor_Mis_11122007.zip target=N