Former HSBC chief Aman Mehta joins Wockhardt as Director

Mumbai, March 10, 2004

Mr. Aman Mehta, former chief executive of Hongkong and Shanghai Banking Corporation (HSBC), has joined Wockhardt Limited as a director on its board.

Mr. Mehta, 57, recently returned to India after his retirement from HSBC. His last position was as Chief Executive of HSBC based at Hong Kong. During his 36-year-long career, Mr. Mehta has run HSBC businesses in the Americas, Europe, Middle East, Africa and the Asia Pacific.

“Appointment of independent directors of eminence is in line with Wockhardt’s commitment to corporate governance,” Wockhardt chairman Mr. Habil Khorakiwala said. “Mr. Mehta’s rich international experience will be valuable at a time when Wockhardt is aggressively expanding its global operations,” he said.

“From my brief exposure, I can see that Wockhardt is competing effectively on the global stage and is run by seasoned professionals,” Mr. Mehta said. “I think it will be this ability to compete on a truly global scale that will differentiate the winners from the mediocre.”

An economics graduate from Delhi’s St. Stephens College, Mr. Mehta is a member of the governing board of the Indian School of Business, Hyderabad. He is also a director of Raffles Holdings Ltd., Singapore, and PCCW Hong Kong Telecom Ltd., Hong Kong.

Wockhardt Limited is a research and technology-based pharmaceutical company and a front-runner in biotechnology. Wockhardt has an active multi-disciplinary R&D programme employing over 350 scientists. Wockhardt already has three successful biotechnology products in the market - Biovac B (Hepatitis B vaccine), Wepox (recombinant erythropoietin) and Wosulin (recombinant insulin). With the acquisition of CP Pharmaceuticals of UK, Wockhardt has joined the ranks of the top 10 generic companies in Britain. International business contributes 57% to Wockhardt’s revenues.