CONTENTS Proxy Form 65

Essar Steel LimitedSTATEMENT PURSUANT TO SECTION 212 OF THE COMPANIES ACT, 1956 RELATING TO SUBSIDIARY COMPANIESSRNO.PARTICULARSEssar SteelJharkhand Ltd1 The relevant financial year of the subsidiary company ended on The financial yearends on 31.3.20082 Number of Equity Shares in the subsidiary company held by EssarSteel Ltd at the above date49,940 equityshares of Rs. 10eachEssar SteelOrissa Ltd.The financial yearends on 31.3.200849,940 equityshares of Rs. 10eachEssar SteelTrading FZEThe financial yearends on 31.3.20081 share of AED3 million each3 Extent of Equity holding by Essar Steel Ltd as at the above date 99.88% 99.88% 100%4 The net aggregate of profits/(losses) of the subsidiary companyfor its financial year so far as it concerns the members of the HoldingCompany.a) Not dealt with in the Holding Company's Accounts:i) For the subsidiary's financial year ended 31st March, 2008 Rs. (125,826) Rs. (56,56,354) USD 1851197ii) For the previous financial years of the subsidiary companies Rs. (315,229) Rs. (292,270) USD 1693261since they became the Holding Company's subsidiariesb) Dealt with in the Holding Company's Accounts: nil nil nili) For the subsidiary's financial year ended 31st March, 2008ii) For the previous financial years of the subsidiary companiessince they became the Holding Company's subsidiaries5 Change of interest of Essar Steel Ltd. in the subsidiary companyNA NA NAbetween the end of the financial year of subsidiary company and thatof Essar Steel Ltd.6 Material changes between the end of the subsidiary's financialyear and the end of the financial year of Essar Steel Ltd in respect ofsubsidiary's fixed assets, investments, monies lent and borrowed. NA* NA* NA*i) Fixed assets (net additions)ii)iii)iv)InvestmentsMoney lent by the subsidiaryMoney borrowed by the subsidiary company other than formeeting current liabilities (Net)*Since the financial year of the subsidiary companies coincide with the financial year of Essar Steel LtdFor and on behalf of the Board of Directors of Essar Steel LimitedP. S. Ruia Robin BanerjeeDirectorDirector FinanceV. G. Raghavan Vikram AminDirectorDirector MarketingNarottam B VyasMumbai, August 27, 2008Company Secretary8