Glitnir - direct/ Glitnir (IS) - Glitnir and LNJ Bhilwara Group in India assurance Memorandum of Understanding

Glitnir to accomplice with arch Energy Company of India to authorize Geothermal Energy in India and Nepal

New Delhi, 27 November 2007 - Glitnir, the Nordic accumulated investment bank, and LNJ Bhilwara Group with operations in India and Nepal has active a Memorandum of Understanding (MoU) to coact in developing geothermal ability plants in India and Nepal. This MoU has been active during the appointment of the Finance Minister of Iceland on allurement from Finance Minister of India. The accounts abbot of Iceland H.E. Árni Mathiesen is on an official appointment with a business appointment focused on Energy development in India.

Glitnir will play the role of bringing ability in the geothermal acreage and banking alignment of projects accompanying to development of geothermal sources. LNJ Bhilwara Group will play the role of bounded developer and administrator of the project. Glitnir and LNJ Bhilwara Group will plan calm in developing the business plan and the project.

The MoU was active in the attendance of Mr. P Chidambaram, Hon´ble Minister of Finance for India and H.E. Arni Mathiesen, the Minister of Finance for Iceland. This MoU was active by Mr. Awadh B. Giri, CEO-Power, of LNJ Bhilwara Group and Mr. Bala Murughan Kamallakharan, Executive Director of Strategic Growth in Glitnir.

Speaking on this break Mr. P Chidambaram, Hon´ble Finance Minister of India said "I am blessed that this important MoU has been active amid two arch companies in Iceland and India. This will animate affairs for advance in India in the geothermal arena. I am assured they will be successful; India is a all-inclusive country with a assorted beginning assets like Geothermal. India has planned $475 billion investments in the next 5 years, out of which $120 billion- $ 130 billion will be accomplished through FDIs. Initiatives such as this will absolutely accord in accomplishing our investments targets."

Speaking in the Energy and Finance academy Mr. Arni Mathiesen, Hon´ble Finance Minister of Iceland said "Earlier today, the Icelandic Glitnir Bank and India´s Bhilwara Energy active a Memorandum of Understanding on cooperation with attention to the development of geothermal activity in India. This is absolutely a able cooperation, pooling ability from our two countries in the acute acreage of the renewable energy".

"Glitnir had auspiciously implemented a activity in China area we brought ability and adjourned the activity to calefaction a commune in the Xian Yang arena in China. We accept agnate projects can be developed in India" said Magnus Bjarnason, Executive Vice President of International Banking in Glitnir.

"India is a actual agitative bazaar for Glitnir abnormally in the Energy acreage accustomed the projected advance of Energy appeal in India, India needs all sources of activity abnormally renewable and blooming sources of activity like geothermal. We are captivated to accomplice with LNJ Bhilwara Group who has approved their accommodation in calmly developing ability plants in India" says Árni Magnusson, Managing Director of Sustainable Energy in Glitnir.

"We are acquisitive to get started and advance geothermal ability plants in India. LNJ Bhilwara Group was the aboriginal to advance a 100MW clandestine merchant hydro ability bulb advanced of agenda and account in India and has set new levels of ability in Hydropower Business in India. Bhilwara is continuing its advance and diversifying in Green Energy, besides the accustomed administration in Hydro business. It has set up 4.2 MW Wind Power Plant in Jaisalmmer and is now advancing development of Geothermal Energy in India and Nepal. Bhilwara Group is developing a ample amount of Hydro Power plants in Punjab, Himachal Pradesh and Arunachal Pradesh besides in the adjoining countries of Nepal. We are analytic advanced to the accord with Glitnir and advance the aboriginal geothermal bulb in India" said Awadh B Giri, CEO -Power of LNj Bhilwara Group.

For added information:

Magnus Bjarnason, Executive Vice President, International Banking, Mobile: +354-844 4523

Bjørn Richard Johansen, Managing Director Corporate Communications, Glitnir. Mobile: +47-800 100 and e-mail: brj@glitnir.no

Bala Kamallakharan, Executive Director, Glitnir. Mobile: +354-844-4011 and email: bala@glitnir.is

About Glitnir Bank
The Nordic based Corporate Investment case and banking casework accumulation Glitnir offers casework including retail, accumulated and investment banking, banal trade/brokerage and basic management. Glitnir is a arch alcove amateur in three all-around industry sectors:seafood/food, acceptable activity (geothermal energy) and adopted account vessels. Glitnir is one of the better disinterestedness brokers in the in the OMX banal barter in Sweden, Finland, Denmark and Iceland, as able-bodied as on the Oslo Stock Exchange in Norway and the Stock Exchange in Moscow in Russia. Glitnir operates in Iceland, Norway, Sweden, Denmark, Finland, the U.K., Luxembourg, Russia, Canada China, and U.S. (Glitnir Capital Corporation). Glitnir is listed on the Icelandic Stock Exchange (GLB). For added information: www.glitnirbank.com

About LNJ Bhilwara group
The LNJ Bhilwara Group, today enjoys a able all-around attendance with above absorption in Textile, Graphite Electrodes, Power Generation and Consulting Business. With a about-face of about USD 700 million, employing over 25,000 people, it is assertive to authorize administration position in Power Generation and Power Engineering Consulting Business. Its ability Business comprises of Bhilwara Energy Ltd., Malana Power Company Ltd., AD Hydro Power Ltd. and Indo Canadian Consultancy Services Ltd. The accumulation is currently active hydropower projects accretion 1500 MW and envisages an investment to the tune of USD 4 billion in the advancing initiatives. The adventure of the LNJ Bhilwara Group began in 1961 if the Group founder, Mr. L.N. Jhunjhunwala accustomed a bolt comminute in Bhilwara, Rajasthan. Today that individual bolt comminute has broadcast into several bolt mills; the accumulation has adapted strategically and stands appreciative as a multi-product and account conglomerate. Acknowledged as antecedents above a lot of industries that we are complex in, the group, as a accomplished has aswell accustomed itself as a affiliate of the arch league, which comprises the top 50 Indian business groups.

Mr. Awadh B. Giri, and Mr. Bala Murughan Kamallakharan

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Photo: Mr. Awadh B. Giri, CEO-Power, of LNJ Bhilwara Group and Mr. Bala Murughan Kamallakharan, Executive Director of Strategic Growth, Glitnir; signing the MoU to coact in developing geothermal ability plants in India and Nepal at the attendance of Mr. P Chidambaram, Hon´be Minister of Finance (White dress), Govt of India and H.E. Arni Mathiesen, the Minister of Finance for Iceland(Standing, 3rd from Left) in New Delhi today.


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