Mumbai, June 23, 2008: SKNL today announced that it has entered into definitive documentation for an investment of Rs.900 crores by GIC Special Investments (GIC SI) in its subsidiary Reid & Taylor (India) Limited (RTIL). Reid & Taylor (India) Ltd. will raise the proceeds through a fresh issue of shares and warrants. Post-conversion, GIC SI would own 25.4% of Reid & Taylor (India) Ltd, valuing the company at Rs.3, 540 crores.

"GIC SI’s investment in Reid & Taylor (India) Ltd. validates our vision to build a market leader in luxury fabric and apparel. It will help to substantially strengthen Reid & Taylor (India) Ltd’s business and its ability to grow in this important segment of the textile industry” Nitin S. Kasliwal, Vice Chairman and Managing Director said.

UBS Investment Bank acted as the exclusive financial advisor to SKNL, while Little & Co. was the legal advisor.

About Reid & Taylor (India) Limited:
SKNL started manufacturing premium range of worsted and poly viscose suitings in 1998 under the Reid & Taylor brand and is the No. 2 player in India. The company also sells premium range of apparel. This business was spun off into SKNL’s wholly owned subsidiary Reid & Taylor (India) Ltd. with effect from Jan 2008.

About GIC Special Investments:
GIC SI was set up in 1982 as the private equity investment arm of the Government of Singapore Investment Corporation Pte Ltd. GIC SI’s investments cover a wide spectrum which includes leveraged buyouts, venture capital, growth capital, mezzanine financing, distressed situations, infrastructure and others.

Today, GIC SI ranks as one of the largest and most experienced private equity investors worldwide, managing a multi-billion dollar portfolio of fund investments and direct investments in companies. It currently has an international network of over 100 active fund manager relationships and more than 2000 companies covering a diversified range of industries.

For further information, please contact:
Ritika Verma
Vice President
PR & Corporate Communications
SKNL
'Avadh', Shree Ram Mills Premises,
G.K. Marg, Worli,
Mumbai - 400018
Tel: 022.2493 0180
Fax: 022. 2493 1685
email: ritika.verma@skumars.co.in
www.sknl.co.in