The Public Announcement is being issued by Master Capital Services Ltd.(" Manager to the Offer /MCSL") on behalf of M/s Yokogawa Electric Corporation (a corporation incorporated under laws of Japan having its head quarter at 2-9-32 .Nakacho Musashino �shi, Tokyo (Japan) (hereinafter referred to as "Acquirer") and in compliance with the Securities Exchange Board of India (Substantial Acquisition of shares and Takeovers )Regulations 1997 and subsequent amendments thereto (hereinafter referred to as the "SEBI( SAST) Regulations").

On March 31,2003 the Acquirer made a Public Announcement ("PA") in compliance with SEBI(SAST) Regulations to acquire up to 27,51,176 equity shares of Yokogawa Bluestar Limited ( the " Target Company") of Rs. 10 each representing up to 31.45% of the fully paid up equity share capital of Target Company at a price of Rs. 67.00 per fully paid equity share (the "Offer")

All capitalized terms used but not defined in this Announcement shall have the meaning assigned to them in the PA dated March 31,2003 /Offer document dated May 10,2003.

The Offer opened on May 29, 2003 and closed on June 27,2003 The summary of the Offer response is as follows :

* Shares held by the Escrow Agent not yet transferred to the Acquirer.

The last date for payment of the consideration to the shareholders of the Target Company who tendered their shares in the Offer was July 26,2003 subject to obtaining FIPB and RBI approvals . The Acquirer received the requisite FIPB and RBI approvals by July 25, 2003 and the payments to all the shareholders who validity tendered their shares in the Offer were dispatched on July 26,2003 ,except to one NRI applicant from who some clarification has been sought by the Registrar and payment warrant held back . .

The balance amount in the Escrow Account is yet to be released. .

All shareholders queries regarding the Offer received till date have been replied to.

The Board of Directors of the Acquirer accept full responsibilities ,jointly and severally , for the information contained in this Announcement .

Issued by: Registrar to the Offer

Karvy Consultants Ltd.

Karvy House,46 ,Avenue - 4 Street No.1

Banjara Hills, Hyderabad - 500 034

Tel: 040-23312454 Fax : 040-23311968

Master Capital Services Ltd.

SCO 22-23 Sector-9- D Chandigarh-160009

Ph: 0172-386148 Fax :0172-745865

Email : mcsl@premier.net.in

Contact Person:Mr. G.S Chawla

On behalf of :

Yokogawa Electric Corporation

2-9-32, Nakacho Musashino-shi

Tokyo .Japan

Place: Bangalore

Date : August 13,2003