Olympus Capital corrects recent news concerning $300m agreement with Tata Power

(NEW YORK, January 18, 2011) --Olympus Capital Holdings Asia (?Olympus Capital?) today issued a statement clarifying certain recent news reports concerning its $300 million investment agreement with Tata Power, India?s largest private power producer and part of the Tata Group. The investment agreement, signed in June 2010, provides for Olympus Capital to make a $300 million investment in the Coal Special Purpose Vehicles (SPVs), Bhira Investment Limited and Bhivpuri Investment Limited, two wholly-owned subsidiaries of Tata Power that hold its interests in Kaltim Prima Coal (KPC) and Arutmin, two of Indonesia?s largest export coal mines.

Olympus Capital strongly rebuts certain misstatements that appeared in recent news reports that the transaction was called off due to an inability on the part of Olympus Capital to fulfill certain pre-conditions to the investment agreement. So far as Olympus is concerned, it had complied in full with its obligations under the investment agreement and was prepared to close the transaction.

Olympus Capital Holdings Asia is an independent middle-market private equity firm established in 1997 with offices in Hong Kong, New Delhi, New York, Seoul, Shanghai and Tokyo. Olympus Capital?s current investments in India include Orient Green Power, a renewable energy company sponsored by Shriram EPC, and Quatrro BPO Solutions, led by Raman Roy, a pioneer of India?s business process outsourcing industry.(ends)