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VIRGO ENGINEERS GROUP INAUGURATES ITS NEW VALVE MANUFACTURING FACILITY AT MARG SWARNABHOOMI

Chennai, November 7, 2011 – Virgo Engineers Group, a Rs. 700 crores Pune based Valve manufacturing company is expanding its manufacturing capacity by setting up a new plant near Chennai at MARG Swarnabhoomi. The new facility in MARG Swarnabhoomi located on scenic East Coast Road (ECR), mid-way between Chennai and Puducherry, has proximity to the Auto & Electronic industrial belts of the nation and is fast emerging as the city of education, research, innovation, industry and living.

VIRGO is a leading manufacturer of a wide range of Flow Control Valves and allied products predominantly for the Oil & Gas sector. The products include Ball Valves, Triple Offset Valves, Wellhead Equipments, Valves for Severe Service, Steam Products and Actuators.

The Chennai facility has 100,000 sq ft of factory area spread over six bays and houses a Machine shop for machining of valve components and a Valve Assembly and Test set up besides a separate Store and warehousing facility. It will initially employ about 50 people and is expected to bring in revenues of Rs. 200 million this year and Rs. 500 million in the next full year of operations.

Speaking on the occasion, Jagdish Desai, CEO, Virgo Engineers Group said, "Virgo Chennai is very strategic to Virgo's growth plans. The large plant that we have at MARG Swarnabhoomi gives us an opportunity to ramp up our production capabilities and be in a position to cater to increased export demand from our existing as well as from new markets that we envisage in the next couple of years."

Welcoming Virgo Engineers Group to MARG Swarnabhoomi, GRK Reddy, Chairman & Managing Director, MARG Group, said, "We are proud to have the Virgo Engineers Group's manufacturing facility at MARG Swarnabhoomi. MARG Swarnabhoomi follows the mantra of "Innovation and Efficiency". The coming of top manufacturing, research and innovation organisations like Virgo Engineers Group will further rejuvenate the eco system in this people and energy efficient city. At MARG Swarnaboomi, Virgo will find a conducive ecosystem that will enhance productivity and efficiency."

VIRGO has over 750 employees worldwide and has a customer base of over 2300 customers across 72 countries. It has 13 Sales Offices in 7 countries and has manufacturing plants in India, Italy, Germany and USA. In India, Virgo already has established manufacturing facilities in Pune and Coimbatore. The Company is in the process of becoming a fully integrated Valve Company by setting up a state-of-the-art Foundry at Coimbatore which will be completed by the end of the fiscal year to manufacture & supply Valve castings to its manufacturing units.

Commenting on the launch of this new manufacturing facility, V.R.Jayaraman, Director (Projects), Virgo Engineers Group said, "When we decided to set up a facility in an SEZ we were particular that it should be located in an industry friendly environment , having good infrastructure , availability of talent pool, proximity to an international port for facilitating exports etc. The facilities available at MARG Swarnabhoomi met our expectations and helped us to make a quick decision to setup our new manufacturing plant at this scenic ECR facility."

MARG Swarnabhoomi, Christened as the "Land of New Thinking"- the global city of education, research, innovation, industry and living that brings together educational institutions, manufacturing & research companies, IT services firms, housing and healthcare facilities all under one roof.

ABOUT VIRGO ENGINEERS GROUP

Virgo Engineers is one of world's fastest growing groups in the flow control industry. With customers in over 72 countries, manufacturing locations in 4 countries across 3 continents and over 750 employees worldwide, Virgo has emerged as a leading manufacturer of valves and steam equipment, serving diverse markets worldwide.

Virgo's rapid growth in global markets is a testimony of the company's steadfast commitment to 'Customer First' policy, combined with its unflinching adherence to high ethical standards. Virgo continues to focus on meeting or exceeding customer expectations in terms of product performance and on-time delivery.

ABOUT MARG SWARNABHOOMI

MARG Swarnabhoomi, the flagship project of MARG is being developed as an inclusive and integrated new paradigm city based on the principles of new urbanism with unique offerings for education, research and innovation. This integrated city will house a R&D hub and an innovation led futuristic Science Park supported by an educational, commercial and residential framework. MARG Swarnabhoomi has been designed to be an aspirational habitat based on the principles of 'new urbanism' where Education, Research and Innovation will coexist in a stress free atmosphere.

Christened as the "Land of New Thinking"- the global city of education, research and innovation that brings together educational institutions, manufacturing & research companies, IT services firms, housing and healthcare facilities all under one roof. MARG Swarnabhoomi has been shortlisted as Indian Green Building Council's (IGBC) pilot project for the first Platinum rated city in India. MARG Swarnabhoomi has plans to build 14,000 homes and made progress with 1.25 million sq ft of space already sold out till FY 2010-11. MARG Swarnabhoomi will have a wide range of homes catering to a diverse customer portfolio and as a beginning, over 1500 homes have already been sold with more than 125 families residing there.

MARG Swarnabhoomi is fast emerging as an education cluster for a new economy. It has partnered with Virginia Tech, the U.S. based university to setup a campus. MARG Navajyothi Vidyalaya based on CBSE syllabus, MARG Institute of Design & Architecture, Swarnabhoomi (MIDAS), Swarnabhoomi Academy of Music (SAM), a rural BPO & Finishing School by Exemplarr Center for Employability and Learning (EXCEL) are already operational.

ABOUT MARG

MARG Limited (BSE: 530543), incorporated in 1994 and headquartered in Chennai, is an infrastructure, real estate development and services company. The Company is listed on the Bombay Stock Exchange and its shares are traded on the NSE under the category of 'Permitted Security'. The holistic regional development undertaken by the group is unlocking economic prosperity and creating inclusive & sustainable growth models.

With over two decades of reassuring presence and the credit of pioneering the development of economic growth centers, MARG's portfolio spans across the entire infrastructure value chain - urban and industrial infrastructure, urban residential clusters, marine infrastructure & services, malls and EPC division. The group is expanding its sectoral presence with airport projects in Bellary and Bijapur and Multi-level car park projects. Listed by Dun & Bradstreet among "India's Top 500 Companies 2010", today MARG Group has projects worth more than Rs. 5000 crores under execution, a seasoned human capital of more than 1000, global partners in the Infra space and offices spread across India, Singapore and China. The MARG CSR brand – MARG Parivarthan complements these business verticals.

More information on MARG is available on http://www.marggroup.com

For further information contact:

Sakthi Prasanna
Hanmer MS&L
M: +91 98842 77251