Madhvani International (MISA) announced today that its Belgian operation, MISA Eco b.v.b.a. has signed a joint venture agreement with the French subsidiary of Suez, Teris for the treatment of hazardous waste at MISA's modern waste disposal process plant in Rieme, Belgium.

The agreement, which has the potential value of more than €5 million, allows for the disposal of over 5,000 tonnes of chemical, hazardous and acid waste products annually and for further collaboration between the two companies for the treatment of hazardous waste over the next five years.

The partnership reflects MISA's ethical objectives highlighted by Mr. Ramesh Mulye, board director of MISA, speaking in Paris today.

Mr Mulye said: "By collaborating in such a crucially important field with one of the world's largest and most renowned waste processors, we feel proud to make our contribution to the protection of the environment."

"We have been working towards this joint venture for the past year, through extensive negotiations based on a previous contract with Suez and the good working relationship that has resulted."

"This joint venture means that together we will contribute to future environment protection, through the safe disposal and handling of these dangerous inorganic chemicals."

MISA's Rieme plant is currently undergoing a €6 million investment programme involving new technology and processes to enhance energy efficiency and increase the sulphuric acid capacity to 1,500 tonnes per day in 2008.

Mr Mulye added: "This agreement is yet another significant step in MISA's business strategy to expand and diversify its activities in Europe. It further strengthens our partnership with Suez and will be of immense benefit to the entire community."

In 2005, MISA acquired Rhodia's inorganic chemicals business in Rieme, which has been re-renamed MISA Eco. The plant had faced closure with many job losses but since then MISA has made a substantial commitment to turn around and expand the business.

Note to Editors:

Uganda-based Madhvani International SA and MISA Inc (together 'MISA') and the Madhvani Group of Companies, are independent enterprises owned and operated by members of the family of the late Muljibhai P. Madhvani, the founder of the family enterprises.

Mr. Nitin J. Madhvani is the eldest grandson of Muljibhai P. Madhvani, and is the eldest son of the late Jayant M. Madhvani, the legendary East African industrialist. He is President of MISA.

In 1979 following the overthrow of Idi Amin, Nitin Madhvani was the first Asian to return to Uganda to recover the properties for the Madhvani family that had been expropriated by Amin. These businesses are now important enterprises in that country.

The Madhvani Group and its businesses comprise combined assets of more than US$ 700 million and 20 enterprises in Africa, North America, the Middle East and India, employing more than 8,500 people and with an investment programme of US$ 50 million.

Suez is an international industrial and services group that designs sustainable and innovative solutions in the management of public utilities as a partner of public authorities, businesses and individuals in electricity, gas, energy services, water and waste management.

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Jeremy Carey / Paul Desmond / Robyn Samuelson
Tavistock Communications Ltd
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