With reference to the news item appearing in a leading web portal titled “MPM Capital, Orbimed in race to buy strategic stake in Piramal Life Sciences”, Piramal Life Sciences Ltd has clarified to BSE that the Company is engaged in New Chemical Entity (NCE) Research and Development activity, which was recently demerged to it from Piramal Healthcare Ltd (formerly known as Nicholas Piramal India Ltd). NCE Research is a capital-intensive activity for which the Company explores from time to time various strategic funding initiatives. However, as a policy and in the interest of its shareholders, the Company does not comment on any report relating to potential strategic initiatives unless they have reached the definite stage. Any comment by the Company on strategic initiatives that are either preliminary in nature or at the negotiating stage would otherwise be speculative.