Acquisition of stake in EPM Mining Ventures, Canada
August 23, 2011

Tata Chemicals' wholly-owned step-down subsidiary, Gusiute Holdings (UK) (GHL), has entered into a subscription agreement with EPM Mining Ventures, Canada, (EPM), a company listed on the Toronto Stock Exchange in Canada. Pursuant to the agreement, EPM will issue to Gusiute one unit at a price of C$16,000,000 (the offering), such unit consisting of 8,000,000 voting common shares of EPM (common shares) and 8,000,000 common share purchase warrants (warrants). Each warrant will entitle the holder to subscribe for one common share at a price of C$2 per share for a period of 12 months following the closing of the offering. The closing of the offering is subject to certain customary closing conditions set out in the subscription agreement, including the approval of the TSX Venture Exchange (the TSXV). EPM intends to use the proceeds of the offering for the further evaluation of its properties and for general working capital purposes.

Assuming completion of the transfer, the offering and the exercise by Gusiute of all of the warrants, there will be 121,225,889 common shares outstanding of which Gusiute will own or control (directly or through its wholly-owned subsidiary, Valley Holdings) 37,055,612 common shares, representing 30.6 per cent of the outstanding common shares.

Gusiute Holdings (UK) (Gusiute), a wholly-owned subsidiary of Tata Chemicals, has also entered into an agreement with the founding shareholders of EPM, Lance D'Ambrosio and Jeff Gentry, to sell to Gusiute an aggregate of 4,378,000 common shares at a price of C$ 2 per share (the transfer). The transfer is anticipated to be completed on or before the closing date or such other date as EPM and Gusiute may agree. Closing of the transfer is subject to customary closing conditions, including the approval of TSX Venture Exchange.

The transfer of 4,378,000 common shares will be part of 37,055,612 common shares representing 30.6 per cent of the outstanding common shares which Gusiute will own or control, directly or through its wholly-owned subsidiary, Valley Holdings.