Document:

<PAGE>
                                                                    Exhibit 10.8

                                 WIPRO LIMITED

Note setting out amendment to the Loan Agreement (Foreign Currency) dated March
21, 1996 as amended by the Amendatory Agreement dated June 27, 1996 for Rupee
Loan of Rs. 7,82,83,152 for Global Research & Development Laboratory entered
into between Wipro Limited as the Borrower and ICICI as the Lender.

I.       In page 3 of the Amendatory Agreement dated June 27, 1996, in Clause 1,
         under the heading DEFINITIONS, the following shall be added as Section
         1(h):

         "Short Term Prime Rate" means the percentage rate per annum decided by
         the Lender from time to time as applicable to funding of rupee amounts
         for a period of one (1) year (excluding interest tax or other statutory
         levy) as notified by the Lender from time to time.

II.      In page 6 of the Amendatory Agreement dated June 27, 1996, Clause 4
         under the heading INTEREST shall be substituted by the following:

a)       The Borrower shall pay to the lender interest on the principal amount
         of Rs.7,82,83,152 disbursed on March 27, 1996 out of the Loan and
         outstanding from time to time quarterly in each year, on January 15,
         April 15, July 15 and October 15, at 20% per annum plus applicable
         interest tax, till January 14, 1998.

b)       The Borrower shall pay to the Lender interest on the principal amount
         of Rs. 5,03,00,000 out of the Loan outstanding as on January 15, 1998
         and outstanding from time to time, quarterly in each year, on January
         15, April 15, July 15 and October 15, at 1.75% over the Short Term
         Prime Rate prevailing on January 15, 1998 plus applicable interest tax
         or other statutory levy, if any, with effect from January 15, 1998.

         Provided that the aforesaid interest rate in respect of the amount of
         Rs.5,03,00,000 out of the Loan outstanding as on January 15, 1998 will
         be reset annually, commencing from January 15, 1999 (the "Reset
         Date(s)") based on the then prevailing Short Term Prime Rate and the
         Borrower shall pay interest at such reset rate as may be notified by
         the Lender to the Borrower.
<PAGE>

                                        2

III.     In SCHEDULE II, the AMORTIZATION SCHEDULE shall be substituted by the
         following

                                                              (Amount in Rs.)
         DATE OF PAYMENT            PAYMENT OF              PRINCIPAL AMOUNT
                                    PRINCIPAL               OUTSTANDING AFTER
                                                            EACH PAYMENT
                                                                78,283,152
         January 15, 1997            5,592,000                  72,691,152
         April 15, 1997              5,592,000                  67,099,152
         July 15, 1997               5,592,000                  61,507,152
         October 15, 1997            5,592,000                  55,915,152
         January 15, 1998            5,615,152                 5,03,00,000
         January 15, 1999           15,000,000                  35,300,000
         January 15, 2000           15,000,000                  20,300,000
         January 15, 2001           20,300,000                          --

         All other terms and conditions of the Loan Agreement (Foreign Currency)
         dated March 21, 1996 and the Amendatory Agreement dated June 27, 1996
         entered into between the Borrower and the Lender shall remain
         unchanged.

                  IN WITNESS WHEREOF the Borrower has caused its common seal to
be affixed hereto and to a duplicate hereof on the day, month and year written
below and the Lender has caused the same and the said duplicate to be executed
by the hand of Shri. V.M. Ketkar, an authorized official of the Lender.

The COMMON SEAL OF WIPRO LIMITED has pursuant to the Resolution of its Board of
Directors passed in that behalf on the 4th day of March, 1995 hereunto been
affixed in the presence of Shri Satish Menon, [ILLEGIBLE] and Shri J. Shankar
who have signed these presents in token thereof.

SIGNED AND DELIVERED BY the withinnamed Lender by the hand of Shri V.M. Ketkar,
an authorized official of the LENDER.

Dated at Bangalore, this 15th day of December, 1999.

                                                            SIGNATURES ILLEGIBLE
<PAGE>

                                        3

            THE INDUSTRIAL CREDIT AND INVESTMENT CORPORATION OF INDIA LIMITED, a
Company incorporated under the Indian Companies Act, 1913 (VII of 1913) and
having its Registered Office at 163, BackBay Reclamation, Bombay - 400 020 and a
Branch Office at Raheja Towers, 26-27 M. G. Road, Bangalore 560 001 (hereinafter
referred to as "the Lender", which expression shall, unless it be repugnant to
the subject or context thereof, include its successors and assigns).

W H E R E A S

1.       By signing Agreement (Foreign Currency) dated the 21st day of March,
         1996 made between the Borrower and the Lender, as amended from time to
         time, (hereinafter referred to as "the Principal Agreement") the Lender
         have agreed to lend and advance to the Borrower and the Borrower has
         agreed to borrow from the Lender a sum of US $2,229,654.

2(a)     Pursuant to the Principal Agreement, the Lender have lent and advanced
         to the Borrower and the Borrower has borrowed from the Lender a sum of
         US $ 2,229,654 out of the Foreign Currency Loan of US $ 2,229,654.

2(b)     At the request of the Borrower, the Lender have now agreed to lend and
         advance to the Borrower and the Borrower has agreed to borrow from the
         Lender, a sum of US $ 2,229,654 by way of a Rupee Loan not exceeding
         Rs.782,82,152. To give effect to the reduction in the Foreign Currency
         Loan and to provide for the Rupee Loan and terms thereof, the Lender
         and the Borrower have agreed to sign an Amendatory Agreement, being
         these presents.
<PAGE>

                                        4

                                [GRAPHIC OMITTED]

                                      INDIA
                                  TWENTY RUPEES

                              AMENDATORY AGREEMENT

         THIS AMENDATORY AGREEMENT made this 27th day of June, One Thousand Nine
Hundred Ninety Six between Wipro Limited a Company within the meaning of the
Companies Act, 1956 of 1956, and having its Registered Offices at Bahktawar,
14, Nariman Point, Bombay 400 021 (hereinafter referred to as [ILLEGIBLE]
<PAGE>

                                        5

5.       In Article IV, the following Sub-Section be added at the end of the
         existing Section 4.1 "Terms of Disbursement" :-

         "The amount of the Loan shall be credited by the Lenders to the special
         bank account of the Borrower specified in Section 2.3 of the Loan
         Agreement".

6.       In Article VI - "Predisbursement Conditions", the following section be
         added as sub-section 6(j):

         "(j) The Borrwer shall utilise the Loan only for Project related import
         of capital goods/rupee expenditure and the Borrower shall, within 15
         days of the date(s) of disbursement, furnish a certificate from an
         Auditor to the Lenders to the affect that the amounts disbursed are
         utilised for the aforesaid purpose."
<PAGE>

                                        6

2)       In Article IV, Section 4.11 be substituted as follows:

         "Without prejudice to any of the obligations of the Borrower in terms
         of the Loan Agreement, in the event of default by the Borrower in
         making payment in discharge of any of its obligations under the Loan
         Agreement on the due dates then, notwithstanding anything to the
         contrary contained in the Loan Agreement, the liability of the Borrower
         thereafter in respect of such amounts shall be in rupees, which shall
         be determined and notified by the Lenders to the Borrower in accordance
         with the provisions of sub-section 4.10(a) hereinabove (hereinafter
         referred to as "the rupee tied defaulted amounts").

         Notwithstanding anything to the contrary contained in the Loan
         Agreement, the rupee tied defaulted amounts will carry interest/further
         interest at the maximum lending rate of the Lenders on Rupee Loan(s) as
         prevailing from time to time or at the applicable rate under the Loan
         Agreement, whichever is higher. Such interest will be computed from the
         respective due dates and shall become payable upon the footing of
         compound interest with quarterly/half-yearly/yearly rests as provided
         in the Loan Agreement. The maximum lending rate of the Lenders on Rupee
         Loan shall until creation of final security for the Loan(s) be
         increased by 1.05% per annum".

3)       In Article VII, Section 7.4 - sub-section (v) be substituted as
         follows :-

         " (v) The Nominee Director(s) shall be entitled to receive all notices,
         agenda, minutes, of Board Meetings, etc. and to attend all General
         Meetings and Board Meetings and meetings of any Committees of the Board
         of which he is a member."

4)       In Article VII, Section 7.3B (vii) be substituted as follows:

         IMPOSTS, COSTS AND CHARGES

         i)   The Borrower shall, during the currency of the Loans under all
              such imposts, duties and taxes (including interest and other
              taxes, if any) as may be levied from time to time by the
              Government or other authority with the sanction of law pertaining
              to or in respect of the Loans;

         ii)  The Borrower shall pay all other costs, charges and expenses
              (including cost of investigation of title to the Borrower's
              properties and protection of the Lenders' interests) in any way
              incurred by the Lenders and such additional stamp duty, other
              duties, taxes, charges and other penalties if and when the
              Borrower is required to pay according to the laws for the time
              being in force in the State in which its properties are situated
              or otherwise;

         iii) In the event of the Borrower failing to pay the monies referred to
              in sub-clause (i) and (ii), the Lenders will be at liberty (but
              shall not be obligated to pay the same. The Borrower shall
              reimburse all [ILLEGIBLE] by the Lenders in accordance with the
              provisions contained herein."
<PAGE>

                                        7

                                   ARTICLE - I

                                   DEFINITIONS

1.1      The following terms shall bear the following meanings:

(a)      "DUE DATE" means, in respect of

         i)   an instalment of principal - the date on which the instalment
              falls due as stipulated in Schedule V hereto.

         ii)  interest - the date on which interest falls due as stipulated in
              Schedule IV hereto.

(b)      "Financing Plan" means the financing plan as described in Schedule
         hereto.

(c)      "General Conditions" means the GENERAL CONDITIONS APPLICABLE TO FOREIGN
         CURRENCY LOANS PROVIDED BY FINANCIAL INSTITUTIONS.

(d)      "Loan" or "Loans" or "Loan(s)" - means the amount specified in Section
         2.1 of Article II hereof agreed to be provided by the Lenders for
         Project related rupee expenditure or (as the context requires) so much
         thereof as may be outstanding from time to time.

(e)      "Project" - means the project to be financed as described in Schedule I
         hereto.

1.2      GENERAL CONDITIONS

              The Loan(s) hereby agreed to be granted by the Lenders shall be
subject to the Borrower complying with the terms and conditions set out herein
and also in the General Conditions, a copy of which is annexed hereto. The
General Conditions shall be deemed to form part of this Agreement and shall be
read as if they are specifically incorporated herein.

              Provided, however, that the General Conditions shall in their
application to this Agreement stand modified as follows:-

1)       The words "Commitment Charge" wherever they appear shall be substituted
         by "Front End Fees".
<PAGE>

                                        8

                                [GRAPHIC OMITTED]

                                      INDIA
                                  TWENTY RUPEES

                                 LOAN AGREEMENT

         THIS AGREEMENT made this 21st day of March, One Thousand Nine Hundred
and Ninety Six at Bangalore between Wipro Ltd., a company within the meaning of
the Companies Act, 1956 (1 of 1956) and having its Registered Office at
Bakhtawar, 229, Nariman Point, Bombay 400 021 (hereinafter referred to as "the
Borrower" which expression shall, unless it be repugnant to the subject or
context thereof, include its successor's and assigns);

                                       AND

THE INDUSTRIAL CREDIT AND INVESTMENT CORPORATION OF INDIA LIMITED, a public
company incorporated under the Indian Companies Act, 1913 (7 of 1913) and having
its registered office at 163, Backbay Reclamation, Bombay 400 020 and a Zonal
Office at "Raheja Towers", East Wing, 11 Floor, 26-27, M.G. Road, Bangalore 560
001 (hereinafter referred to as "the Lenders" which expression shall, unless it
be repugnant to the subject or context thereof, [ILLEGIBLE].
<PAGE>

                                        9

                                 LOAN AGREEMENT

                               (Foreign Currency)

                                    BETWEEN

                                   WIPRO LTD.

                                  AS BORROWER

                                      AND

       THE INDUSTRIAL CREDIT AND INVESTMENT CORPORATION OF INDIA LIMITED

                                   AS LENDERS
<PAGE>

                                       10

         IN WITNESS WHEREOF the Borrower has caused its Common Seal to be
affixed hereto and to a duplicate and the Lender has caused the same and the
said duplicate to be executed in duplicate on the day, month and year first
above written as hereinafter appearing.

THE COMMON SEAL OF WIPRO LTD. has pursuant to the Resolution of its Board of
Directors passed in that behalf on the 4th day of March 1996 hereunto been
affixed in the presence of Shri J. Shanker, Corporate Treasurer and Shri Kapil
K. Jain, Corporate Finance Manager, who have signed these presents in token
thereof.

SIGNED AND DELIVERED BY the withinnamed Lender by the hand of Shri V.M. Kelkar,
Senior Vice President, an authorised official of the Lender.

                                                  [SIGNATURES ILLEGIBLE]
<PAGE>

                                       11

                                   SCHEDULE II

                              AMORTIZATION SCHEDULE
                                                                    (in Rupees)

Date Payment Due           Payment of                Principal Amount
                           Principal                 Outstanding after
                                                     each payment

                                                       7,82,82,152

15/01/1997                 55,92,000                   7,20,91,152
15/04/1997                 55,92,000                   6,70,99,152
15/07/1997                 55,92,000                   6,15,07,152
15/10/1997                 55,92,000                   5,59,15,152
15/01/1998                 55,92,000                   5,03,23,152
15/04/1998                 55,92,000                   4,47,31,152
15/07/1998                 55,92,000                   3,91,39,152
15/10/1998                 55,92,000                   3,39,47,152
15/01/1999                 55,92,000                   2,79,55,152
15/04/1999                 55,92,000                   2,23,03,152
15/07/1999                 55,92,000                   1,67,71,152
15/10/1999                 55,92,000                   1,11,79,152
15/01/2000                 55,92,000                     55,87,152
15/04/2000                 55,87,152
<PAGE>

                                       12

                                   SCHEDULE I

                             PARTICULARS OF THE LOAN

The Borrower has requested the Lender and the Lender have agreed to reduce the
Foreign Currency Loan of US$2,229,654 lent and advance vide the Principal
Agreement, by US$2,229,654 and lend and advance a rupee loan of Rs.782,83,152.
<PAGE>

                                       13

7.1      SECURITY FOR THE LOAN

(A)      The Rupee Loan together with all interest, liquidated damages, premia
         on prepayment costs, expenses and other monies whatsoever stipulated in
         this Agreement shall be secured by an exclusive charge, by way of
         hypothecation in favour of the Lender of all the Borrower's moveable
         properties as more particularly described in Schedule IA of the
         Principal Agreement, together with their spares tools and accessories
         and also such other additional equipment, plant and machinery and
         accessories thereof, present and future, acquired / to be acquired by
         the Borrower out of the Rupee Loan and approved by the Lender, so as to
         create security adequate enough to maintain a security margin of at
         least 25% i.e. as asset coverage of at least 1.33 times on the assets
         charged to the lender as security for the Rupee Loan throughout the
         currency of the Rupee Loan.

7.2      CREATION OF ADDITIONAL SECURITY

         If, at any time during the subsistence of this Agreement, the Lender is
         of the opinion that the security provided by the Borrower has become
         inadequate to cover the balance of the Loan then outstanding, then, on
         the Lender advising the Borrower to that effect, the Borrower shall
         provide and furnish to the Lender, to the satisfaction of the Lender
         such additional security as may be acceptable to the Lender to cover
         such deficiency.

8.       SPECIAL CONDITIONS

         The Rupee Loan hereby granted shall also be subject to the Borrower
         complying with the special conditions set out in Schedule VI of the
         Principal Agreement.

9.       EFFECTIVE DATE OF AGREEMENT

         This Agreement shall become binding on the Borrower and the Lender on
         and from the date first above written. It shall be in force till
         all the monies due and payable under this Agreement are fully paid off.

10.      PRINCIPAL AGREEMENT IN FULL FORCE

         The Borrower agrees and confirms that save for modifications mentioned
         herein. The principal Agreement shall remain in full force and effect
         as shall be read in conjunction with these presents and be enforced as
         if the provisions of these presents were incorporated therein by way of
         addition.

11.      LIABILITIES FOR THE LOAN UNDER PRINCIPAL AGREEMENT

         The Borrower and the Lender confirm that consequent to the amount of
         Rs.782,83,152 being provided as Rupee Loan, the Foreign Currency amount
         lent and advanced under the Principal Agreement shall stand reduced by
         US$2,229,654.
<PAGE>

                                       14

5.       REPAYMENT:

         The Borrower undertakes to repay the principal amounts of the Rupee
         Loan in accordance with the Amortization Schedule set forth in Schedule
         II hereto.

6.       CONVERSION RIGHT IN CASE OF DEFAULT

         If the Borrower commits a default in payment or repayment of two
         consecutive instalments of principal amounts of the Loan or interest
         thereon of any combination thereof, then the Lender shall have the
         right to convert (which right is hereinafter referred to as "the
         conversion right") at its option the whole of the outstanding amount of
         the Rupee Loan, into fully paid up equity shares of the Borrower, at
         par, in the manner specified in a notice in writing to be given by the
         Lender to the Borrower (which notice is hereinafter referred to as the
         "notice of conversion") prior to the date on which the conversion is to
         take effect, which date shall be specified in the said notice (which
         date is hereinafter referred to as the "date of conversion").

         It shall not be construed as a default, if the Borrower approaches the
         Lender well in advance for postponement of principal or interest, as
         the case may be, and the Lender agrees to the same.

         (i)  On receipt of notice of conversion, the Borrower shall allot and
              issue the requisite number of fully paid-up equity shares to the
              Lender as from the date of conversion and the Lender shall accept
              the same in satisfaction of the principal amount of the loan to
              the extent so converted. The part of the loan so converted shall
              cease to carry interest as from the date of conversion and the
              loan shall stand correspondingly reduced. Upon such conversion,
              the instalments of the loan payable after the date of conversion
              as per Schedule II hereto shall stand reduced proportionately by
              the amounts of the Loan so converted. The equity shares so
              allotted and issued to the Lender shall carry, from the date of
              conversion, the right to receive proportionately the dividends and
              other distributions declared or to be delcared in respect of the
              equity capital of the Borrower. Save as aforesaid, the said shares
              shall rank pari passu with the existing equity shares of the
              Borrower in all respects. The Borrower shall, at all times,
              maintain sufficient unissued equity shares for the above purpose.

         (ii) The conversion right reserved as aforesaid may be exercised by
              the Lender on one or more occasions during the currency of the
              Rupee Loan on the happening of the event specified above.

         (iii)The Borrower assures and undertakes that in the event of the
              Lender exercising the right of conversion as aforesaid, the
              Borrower shall get the equity shares which will be issued to the
              Lender as a result of the conversion, listed with those Stock
              Exchange(s) where the Borrower's shares are listed.
<PAGE>

                                       15

         g)   Section 4.2 "ADJUSTMENT OF OVERDUES" of Article IV be
              substituted by the following:

              "Section 4.2 - ADJUSTMENT OF OVERDUES

              The Lender may deduct from sums to be lent to the Borrower any
              monies then remaining due and payable by the Borrower to the
              Lender".

         h)   In Section 4.11 "LIQUIDATED DAMAGES ON DEFAULTED AMOUNTS", "2%"
              shall be substituted by "2.1%".

3.       AMOUNT AND TERMS OF LOAN:

         The Borrower agrees to borrow from the Lender and the Lender agrees to
         lend to the Borrower, on the terms and conditions contained herein as
         also in the General Conditions, sum to the maximum extend of
         Rs.782,83,152/- as set out in Schedule I hereto.

4.       INTEREST:

         (i)  The Borrower shall pay to the Lender interest on the principal
              amount of the Rupee Loan outstanding from time to time, quarterly
              in each year, on January 15, April 15, July 15 and October 15. The
              rate of interest for each disbursement shall be 3% over the ICICI
              Advance Rate (exclusive of interest tax) as prevailing on the date
              of each disbursement out of the Loan.

         (ii) The Lender may, in its sole discretion charge interest on the Loan
              at the weighted average rates. For the purpose of this clause
              "weighted average rates" means the weighted mean of the rates of
              interest applicable to the Loan.

              Provided that the aforesaid interest rate will be reset on the
              expiry of three years from the date of first disbursement out of
              the Loan and the Borrower shall pay interest at such reset rate as
              may be notified by the Lender to the Borrower.

              Provided further that in the event of an increase in the rate of
              interest arising out of such reset, the Borrower shall have the
              option of prepay to the Lender on such reset date the entire
              outstanding of the Loan together with all outstanding interest and
              other charges and monies payable thereon.

         (iii)Disbursements made pending creation of final security as
              stipulated in the Agreement hereof shall carry further interest at
              the rate of 1.05% per annum till creation of such security.

         (iv) The Borrower shall also pay to the Lender, interest on all other
              monies payable to the Lender under this Agreement, at the maximum
              lending rate of the Lender on Rupee Loans as prevailing from time
              to time or at the Applicable Rate under this Agreement, whichever
              is higher. Such interest shall also be paid quarterly on the same
              dates as referred to in sub-clause (i) above.
<PAGE>

                                       16

          d)  Section - 14.2 "EVIDENCE OF DEBT" be substituted by the
              following :-

              "Section - 14.2 "EVIDENCE OF DEBT"

              a)  The words "Loan" or "Loans" wherever they approve shall be
                  read as the "Rupee Loan" or "Rupee Loans".

              b)  The words "Loan Agreement" wherever they approve shall be read
                  as "Amendatory Agreement".

              c)  The Lender shall maintain, in accordance with its usual
                  practice, accounts evidencing the amounts from time to time
                  lent by and owing to it under the Amendatory Agreement and the
                  security documents executed in favour of the Lender.

              d)  In any legal action or proceedings arising out of or in
                  connection with the Amendatory Agreement, the entries made in
                  the accounts maintained pursuant to sub-clause (c) above shall
                  be prima-facie evidence of the existence and amount of
                  obligations of the Borrower as therein recorded".

          e)  Sub-Clause (1) of Section 4.3 of Article IV "INTEREST" be
              substituted by the following :-

              "All interest on the Rupee Loans and on all other monies accruing
              due under the Amandatory Agreement shall, in case the same be not
              paid on the respective due dates, carry interest/further interest
              at the maximum lending rate of the Lender on Rupee Loan(s) as
              prevailing from time to time or at the applicable rate under the
              Amendatory Agreement, whichever, is higher. Such interest will be
              computed from the respective due dates and shall become payable
              upon the footing of compound interest with quarterly rests as
              provided in the Loan Agreement. The maximum Lending rate of the
              Lender on Rupee Loan shall until creation of final security for
              the Loan(s), be increased by 1.05% per annum.

          f)  Section 4.1 'TERMS OF DISBURSEMENT' of Article IV be substituted
              by the following :-

              "Section 4.1 - TERMS OF DISBURSEMENT

              i)  The Loans will be disbursed by the Lender in one or more
                  instalment(s) as may be decided by the Lender subject to the
                  Borrower complying with the provisions of the Amendatory
                  Agreement and the disbursement procedure stipulated by the
                  Lender and the expenditure incurred on the Project being in
                  consonance with the details mentioned in the Amendatory
                  Agreement. All disbursements shall be by
                  cheque(s)/authorisation(s) and the collection/remittance
                  charges will be borne by the Borrower. The interest on the
                  Loans will accrue as from the date of the
                  cheque(s)/authorisation(s) of the Lender.

              ii) In the event of the Lender agreeing to disburse any amount of
                  the Rupee Loan(s) pending creation of final security as
                  stipulated in the Amendatory Agreement, the same may be
                  disbursed on such terms as may be decided by the Lender.
<PAGE>

                                       17

         b)   "Section 4.16 - PLACE AND MODE OF PAYMENT BY THE BORROWER" be
              substituted by the following:

              "Section 4.16 - PLACE AND MODE OF PAYMENT AND CREDIT THEREFOR"

              All monies payable by the Borrower to the Lender shall be paid to
              the Lender at their office at Bombay/Bangalore or at such other
              place(s) as may be specified by them by telegraphic, telex or mail
              transfer to the account of such office(s) or by cheque or bank
              draft drawn in favour of the respective Lender on a scheduled bank
              at Bombay/Bangalore or such other place(s) or to such other
              account(s) as the Lender may notify to the Borrower and shall be
              so paid as to enable the respective Lender to realise, at par, the
              amount on or before the relative due date.

              Credit for all payments by local cheque/bank draft will be given
              to the Lender immediately next working day after the date of
              receipt of the instrument or the relative due date, whichever is
              later.

              Credit for all payments by outstation cheque/bank draft will be
              given only on realisation or on the relative due date, whichever,
              is later."

         c)   Sub clause (v) of section 7.4 - 'NOMINEE DIRECTOR' be substituted
              by the following :-

              (v) The Nominee Director(s) shall be entitled to receive all
                  notices, agenda, minutes of Board Meetings, etc. and to attend
                  all General Meetings and Board Meetings and meetings of any
                  Committees of the Board of which he is a member.
<PAGE>

                                       18

         NOW THESE PRESENTS WITNESSETH AND IT IS HEREBY AGREED BY AND BETWEEN
THE PARTIES HERETO AS FOLLOWS:-

DEFINITIONS

1.       For the purpose of this Agreement the following terms shall have the
         following meanings:-

         a)   "Due Date" means in respect of

              i)  an instalment of principal - the date on which the instalment
                  falls due as stipulated in Schedule II hereto.

              ii) interest - the date on which interest falls due as stipulated
                  in Section 4 hereto.

         b)   "Financing Plan" means the financing plan as described in the
              Principal Agreement.

         c)   "General Conditions" means the GENERAL CONDITIONS No.GC-I-86
              APPLICABLE TO RUPEE LOANS PROVIDED BY FINANCIAL INSTITUTIONS.

         d)   Foreign Currency Loan means US$2,229,654 lent and advanced by the
              Lender to the Borrower under the Principal Agreement and so much
              thereof as may be outstanding from time to time.

         e)   "Rupee Loan(s)" means the amount specified in Section 3 hereof
              agreed to be provided by the Lender for the Project so much
              thereof as may be outstanding from time to time.

         f)   "Project" - means the project as described in the Principal
              Agreement.

         g)   "ICICI Advance Rate" means the percentage rate per annum decided
              by ICICI from time to time as applicable for Rupee Loans to Prime
              Borrowers plus applicable interest tax or other statutory levy, as
              notified by ICICI from time to time.

2.       BORROWER'S CONFIRMATION

         The Borrower agrees and confirms that notwithstanding anything to the
         contrary contain in the Principal Agreement, the obligations of the
         Borrower to borrow the Rupee Loan and in relation to the repayment of
         principal and payment of interest and all other monies in respect of
         the Rupee Loan shall be in accordance with the provisions set out in
         these presents and the General Conditions No.GC-1-86 applicable to
         rupee loans provided by financial institutions. The General Conditions
         shall be deemed to form part of this Agreement and shall be read as if
         they are specifically incorporated herein. Provided, however, that the
         General Conditions No. GC-1-86 shall in their application to this
         Agreement stand modified as follows :-

         a)   The words "commitment charge" wherever they appear shall be
              substituted by "front end fee".
<PAGE>

                                       19

                                  ARTICLE - II

                           AGREEMENT AND TERMS OF LOAN

2.1 (A)  AMOUNT AND TERMS OF LOAN

         The Borrower agrees to borrow from the Lenders and the Lenders agree to
         lend to the Borrower, on the terms and conditions contained herein as
         also in the General Conditions, a loan not exceeding US $ 2,229,654
         equivalent to about Rs. lacs.

2.1(B)   DISBURSEMENTS

         Disbursements out of the Foreign Currency Loan shall be made in
         accordance with the Disbursement Procedure of the Lenders.

2.2      INTEREST

i)       The Borrower shall pay to the Lender interest on the loan(s) at the
         rate(s) and in the manner provided in Schedule IV hereto.

ii)      Disbursements made pending creation of final security as stipulated in
         Article III shall carry further interest at the rate of 1.05% per annum
         with creation of such security.

iii)     Provided, however, interest on rupee tied defaulted amounts,
         arrears of liquidated damages and sums incurred by the Lenders by
         way of expenses in terms of Sections 4.11, 4.5 and 4.7 respectively of
         the General Conditions shall be payable quarterly on February 7, May 7,
         August 7 and November 7.

2.3      SPECIAL BANK ACCOUNT

         The Borrower shall:

         (a)  Keep the drawals from the loan in special accounts in the name of
              the Borrower with a scheduled bank to be approved by the Lenders,
              the payments from which account shall be subject to verification
              by any person authorised in this behalf by the Lenders. The
              Borrower shall also obtain and furnish to the Lenders a letter in
              a form approved by the Lenders from the said bank forgoing its
              right of set-off or lien in respect of such account.

         (b)  Keep such records as may be required by the Lenders to facilitate
              verification of the entries in the said account. The Borrower
              shall also authorise the said bank to furnish to the Lenders, as
              and when required by it, certified true copy of the said account
              with details for verification by the Lenders, at the expense of
              the Borrower.
<PAGE>

                                       20

                                  ARTICLE - III

                                    SECURITY

3.1      SECURITY FOR THE LOAN

         The Loan together with all interest, liquidated damages, premia on
         prepayment costs, expenses and other monies whatsoever stipulated in
         this Agreement shall be secured by an exclusive charge, by way of
         hypothecation in favour of the Lender of all the Borrower's moveable
         properties as more particularly described in Schedule I A hereto,
         together with their spares, tools and accessories and also such other
         additional equipment, plant and machinery and accessories thereof,
         present and future, acquired/to be acquired by the Borrower out of
         the Loan and approved by the Lender, so as to create security adequate
         enough to maintain a security margin of at least 25% i.e., an asset
         coverage of at least 1.33 times on the assets charged to the lender as
         security for the Loan throughout the currency of the Loan.

(B)      The Borrower shall make out a good and marketable title to its
         properties to the satisfaction of the Lenders and comply with all such
         formalities as may be necessary or required for the said purpose.

3.2      CREATION OF ADDITIONAL SECURITY

         If at any time during the subsistence of this Agreement, the Lenders is
         of the opinion that the security provided by the Borrower has become
         inadequate to cover the balance of the Loans then outstanding, then, on
         the Lenders advising the Borrower to that affect, the Borrower shall
         provide and furnish to the Lenders, to the satisfaction of the Lenders
         such additional security as may be acceptable to the Lenders to cover
         such deficiency.
<PAGE>

                                       21

         (c) Not transfer the Loan or any portion thereof from the said special
             account for [ILLEGIBLE]

2.4      LAST DATE OF WITHDRAWALS

         Unless the Lenders otherwise agree, the right to make drawals from the
         Loans shall cease on May 31, 1996.

2.5      REPAYMENT

         The Borrower undertakes to repay the principal amount of the Loans in
         accordance with the Amortization Schedule set forth in Schedule V
         hereto.

2.6      CONVERSION RIGHT IN CASE OF DEFAULT

(i)      If the Borrower commits a default in payment or repayment of any
         instalment of principal amount of the Loans or interest thereon or any
         combination thereof, then, the Lenders shall have the right to convert
         (which right is hereinafter referred to as "the conversion right") at
         its option 20% of the rupee equivalent of the defaulted amount
         determined in accordance with Section 4.11 of Article IV of the General
         Conditions into fully paid up equity shares of the Borrower, at par, in
         the manner specified in a notice in writing to be given by the Lenders
         to the Borrower (which notice is hereinafter referred to as the "notice
         of conversion") prior to the date on which the conversion is to take
         effect, which date shall be specified in the said notice (hereinafter
         referred to as the "date of conversion").

(ii)     On receipt of notice on conversation, the Borrower shall allot and
         issue the requisite number of fully paid-up equity shares to the
         Lenders as from the date of conversion and the Lenders shall accept the
         same in satisfaction of the said defaulted amount(s) in respect of the
         Loans to the extent so converted. The amount so converted shall cease
         to carry interest as from the date of conversion and the outstanding
         amount in respect of the loans shall stand correspondingly reduced. The
         equity shares so allotted and issued to the Lenders shall carry, from
         the date of conversion, the right to receive proprotionately the
         dividends and other distributions declared or to be declared in respect
         to the equity capital or the Borrower. Save as aforesaid, the said
         shares shall rank pari passu with the existing equity shares of the
         Borrower in all respects. The Borrower shall, at all times, maintain
         sufficient unissued equity shares for the above purpose.

(iii)    The conversion right received as aforesaid may be exercised by the
         Lenders on one or more occasions during the currency of the Loans on
         the happening or the default as specified in this Section.

(iv)     The Borrower assures and undertakes that in the event of the Lenders
         exercising the right of conversion of aforesaid, the Borrower shall get
         the equity shares which will be issued to the Lenders as a result of
         the conversion, listed with the Stock Exchange(s) at Bombay, Bangalore
         and such other Stock Exchange(s) as may be decided by the Lender.
<PAGE>

                                       22

                                  ARTICLE - IV

                       APPOINTMENT OF NOMINEE DIRECTOR(S)

         The Borrower agrees that the Lenders shall be entitled to appoint and
withdraw from time to time one Director on the Board of Directors of the
Borrower during the currency of this Agreement.
<PAGE>

                                       23

MISSION ROAD OFFICE PROJECT (STATUS AS ON 15.03.96)
<TABLE>
<CAPTION>

-------------------------------------------------------------------------------------------------------------------------------
ASSET TYPE    S.NO    PARTY                         ORDER NO.DATE              JOB DESCRIPTION      B. NO.DATE      AMOUNT
-------------------------------------------------------------------------------------------------------------------------------
<S>           <C>     <C>                           <C>                        <C>                 <C>            <C>
              168     LTI LIMITED                   ??88/RND/CA25.22.09.95     WAVE BRIDGE LINK                   [ILLEGIBLE]
              169     PROJECT MGT [ILLEGIBLE]       6218/RND/CA25/8.6.95       UTP CABLE CAT        965,000.00
              170     LTI LIMITED                   5288/RND/CA25/             WAVE BRIDGE LINK    [ILLEGIBLE]    [ILLEGIBLE]
              171     NEC SINGAPORE PTE             6345/RND/CA25/             EPASX SYSTEMS       [ILLEGIBLE]
              172     PCS TECHNOLOGIES              4190/ITD/CA110             ETHERNET            314,000.00     522124.03 95
              173     BUILDING NETWORK AUTOMATION   5639/RND/CA255 8.6.95      COMMUNICATION                      263623 12 95
              174     LTI LIMITED                   5088/RND/CA25-22.08.95     WAVE BRIDGE LINK                   K02/02/11/95
              175     LANBIT COMPUTER INC.          6034/RND/CA25/15.9.95      TRANSCEIVER           109200.00      U13.10.95
                                                                                                    ----------
                                                                                                    5642030.89
                                                                                                    ----------

ELLANEOUS     176     HITECH ELECTRICAL             WL/MIS/???/12.92.95        SPEAKER TRANSFERMER    17000.00    [ILLEGIBLE]
              177     MEKASTER TELEMATICS LTD       5102/RND/CA25-????         TELNET LINK          [ILLEGIBLE]
              178     DIRECT MKG PVT LTD            WL/MIS/297/30.3.95         CEASE FIRE             2,600.00    [ILLEGIBLE]
              179     JAYSHEEL TRADING PVT LTD      WL/MIS/365/18.9.95         CEASE FIRE             70900.00    477.5.9.95
              180     JAYSHEEL TRADING P LTD        WL/MIS/403/29 01.96        FIRE EXTINGUISHERS     58050.00    ??30.12.95
              181     BLUE STAR LIMITED             WL/MIS/376/19 10 95        WATER COOLER                       5/1/11.9.95
              182     BLUE STAR LIMITED             WL/MIS/376/19 10 95        WATER COOLER           47210.00    545/11.9.95
              183     DATA PRINT SYSTEMS            WL/MIS/391/22 12 95        OHP                    67500.00    770/29.11.95
              184     BLUE STAR LIMITED             WL/MIS/295/14.3.95         WATER COOLER          22,500.00    5 1/15.3.95
                                                                                                    ----------
                                                                                                     384760.00
                                                                                                    ----------

-------------------------------------------------------------------------------------------------------------------------------
                        TOTAL                                                                    40,925,550.31
-------------------------------------------------------------------------------------------------------------------------------
</TABLE>
<PAGE>

MISSION ROAD OFFICE PROJECT (STATUS AS ON 15.03.96)
<TABLE>
<CAPTION>

-------------------------------------------------------------------------------------------------------------------------------
ASSET TYPE    S.NO    PARTY                         ORDER NO.DATE              JOB DESCRIPTION      B. NO.DATE      AMOUNT
-------------------------------------------------------------------------------------------------------------------------------
<S>           <C>     <C>                            <C>                       <C>                 <C>            <C>
               145    [ILLEGIBLE]                 ???? 5/285/28.11.96          LIGHT FIXTURE                       [ILLEGIBLE]
                                                                                                   ------------
                                                                                                    20055495.??
                                                                                                   ------------

NDITIONING     146    GETHA ELECTRICALS              WIL/MIS/355/22.8.95       ELECTRICAL WORK     2,302,000.00

CALS           147    KEB                            NIL/24 03.95              TEMP POWER DEPOSIT     73,800.00    NIL/24.03.95
               148    LOTUS ENERGY SYSTEMS           6021/FND/18.7.95          DIESEL GENERATOR    3,810,164.00    02/08.08.95
               149    KEB DEPOSIT/500 KVAHT POWER                              PT POWER              750,000.00
               150    DYNAM ELECTRO CONTROLS         WIL/MIS/347/29.7.95       AVE PANEL             354,640.00    [ILLEGIBLE]
               151    NEW PARVEEN ELECTRICALS        WIL/MIS/264/3.1.95        ELEC INSTALLATION     629,997.74
               152    NEW PARVEEN ELECTRICALS        LETTER DT 15.3.95         LIAISON CHGS           45,000.00    CHECK REQ.
               153    KEB DEPOSIT/METER                                        METER DEPOSIT          44,000.00
                                                                                                   ------------
                                                                                                     6707601.74
                                                                                                   ------------

               154    LOTUS ENERGY SYSTEMS P LTD     WIL/MIS/346/27.7.95       INSTALL OF DG         140,812.00    129/19.9.95
               155    LOTUS ENERGY SYSTEMS P LTD     WIL/MIS/345/27.7.95       EXHAUST SYSTEMS       182,619.00    226/19.9.95
               156    LOTUS ENERGY SYSTEMS P LTD     WIL/MIS/345/27.7.95       EXHAUST SYSTEMS                     227/19.9.95
               157    PILAZETA BATTERIES             4185/ITD/6.3.95           LEAD ACID BATTERY     242,197.50    147/01.03.95
               158    DELTA POWER EQUIPMENTS         5056/FND/CA25/24.7.95     VOLTAGE STABIISER      53,150.00    351/12.9.95
               159    EMERSON ELECTRIC (THRO LC)     6020/FND/CA25/23.6.95     UPS                 4,265,871.00    2/23.8.95
               160    DB ELECTRONICS                 4184/ITD/CA112/6.3.95     30 KVS UPS            459,680.00    23/27.3.95
                                                                                                    -----------
                                                                                                     5822679.50
                                                                                                    -----------

               161    BUILDING NTWORK AUTOMATION     5039/FND/CA25/8.6.95      COMMUNICATION         522,414.00    2398/9.9.95
               162    BUILDING NTWORK AUTOMATION     5039/FND/CA25/8.6.95      COMMUNICATION                       2629/19.12.95
               163    SRAVANA ENGG INDUSTRIES        WIL/MIS/386/21.12.95      COMMUNICATION TOWER    91,284.89    66/21.12.95
               164    UNGERMANN-BASS (THRO LC)       6019/FND/CA25/16.6.95     HUBS, SWITCHS       2,012,732.00    369524/26.7.9
               165    UNGERMANN-BASS (THRO LC)       6019/FND/CA25-16.6.95     HUBS,SWITCHS                        369349/24.7.9
               166    I T I LIMITED                  5088/FND/CA25-22.09.95    WAVE BRIDGE LINK                    K01A/02/11/95
               167    UNGERMANN-BASS (THRO LC)       6019/FND/CA25/16.6.95     HUBS,SWITCHS                        370018/31.7.9
</TABLE>
<PAGE>

MISSION ROAD OFFICE PROJECT  (STATUS AS ON 15.03.96)
<TABLE>
<CAPTION>

-------------------------------------------------------------------------------------------------------------------------------
ASSET TYPE    S.NO    PARTY                         ORDER NO.DATE              JOB DESCRIPTION      B. NO.DATE      AMOUNT
-------------------------------------------------------------------------------------------------------------------------------
<S>           <C>     <C>                           <C>                        <C>                 <C>            <C>
               109    BAKELITE HYLAM LTD            WIL/MIS/401/20.01.96       LAMINATE SHEETS       143558.94    3543/28.12.95
               110    WIPRO LIGHTING                WIL/MIS/332/22.6.95        LUMINARIES           280,437.50    280/26.5.95
               111    PRIYESH ENTERPRISES           WIL/MIS/380/10.11.95       TILES                 216000.00    695/27.11.95s
               112    PRAMITHA ENTERPRISES          WIL/MIS/393/27.12.95       VENETION BLIND       [ILLEGIBLE]   173/3.12.95
               113    ACM SERVICES                  WIL/MIS/368/15.9.95        LAYING TILES           33456.O0    847/26.9.95
               114    BAKELITE HYLAM LTD            WIL/MIS/338/24.7.95        LAMINATE SHEET                     1400/19.7.95
               115    ACM SERVICES                  WIL/MIS/368/15.9.95        LAYING TILES                       851/16.10.95
               116    DELTA POWER EQUIPMENT CC      4186/ITD/CA112/6.3.95      STABILIZERS            1,300.00    875/23.3.95
               117    PRIYESH ENTERPRISES           WIL/MIS/378/15.9.95        TILES                  52920.00    633/26.9.95
               118    DUBAS ENGINEERING PVT LTD     4187/ITD/CA112/6.3.95      STEEL RACKS, CABLES   35,000.00    3/17.4.95
               119    PRIYESH ENTERPRISES           WIL/MIS/367/23.9.95        TILES                  23820.00    654/16.10.95
               120    VOLTAS LIMITED                WIL/MIS/314/4.5.95         SPILT AIRCONDITION   287,750.00    568049/3.7.95
               121    NEW PARVEEN ELECTRICALS&ENGG  SSN/MIS/97.9.95            SHIFTING RVU         [ILLEGIBLE]
               122    RAMKUMAR & PRAKASH            WIL/MIS/325/6.5.95         FALSE CEILING         64,169.64    NIL/22.8.95
               123    PRAVITHA ENTERPRISES          WIL/MIS/275/10.11.95       VENETIAN BLINDS        98475.00    1195/18.01.95
               124    EXXON AGENCIES                WIL/MIS/412/15.2.96        SOFAS                  43641.00    36/19.7.95
               125    FEATHERLITE SEATING SYSTEM    WIL/MIS/379/08.11.95       SUPPLY CHAIR          630000.00    149/30.09.95
               126    BLUE STAR LIMITED             WIL/MIS/336/27.6.95        AIR CONDITIONER      761,300.00    40782128.7.95
               127    FEATHERLITE SEATING SYSTEM    WIL/MIS/379/08.11.95       SUPPLY CHAIR                       156/13.10.95
               128    WOODSNERA                     WIL/MIS/342/18.7.95        INTERIORS          1,701,074.00    55/56
               129    FEATHERLITE SEATING SYSTEM    WIL/MIS/379/08.11.95       SUPPLY CHAIR                       167/27.10.95
               130    BAKELITE HYLAM LTD            WIL/MIS/338/24.7.95        LAMINATE SHEET       130,253.48    1213/5.7.95
               131    GETHA ELECTRICALS             WIL/MIS/374/17.10.95       ELECTRICAL CABLE      180569.00    578/06.11.95
               132    FEATHERLITE SEATING           WIL/MIS/400/21.01.95       CHAIRS                355000.00    251/05.02.96
               133    BLUE STAR LIMITED             WIL/MIS/381/10.11.95       AIRCONDITIONING       187525.00    136/15.12.95
               134    M SOLAMANI                    WIL/MIS/327/1.6.95         INTERIROS             67,176.00    NIL/1.6.95
               135    MANI SALES (BLR)              WIL/MIS/396/08.1.96        LIGHT FIXTURE         193843.00    10221/26.12.9
               136    RAMKUMAR & PRAKASH            WIL/MIS/335/23.6.95        FALSE CEILING        112,870.00    NIL/17.7.95
               137    MANI SALES (BLR)              WIL/MIS/285/29.11.95       LIGHT FIXTURE         168111.88    9913/9.10.95
               138    WIPRO LIGHTING                WIL/MIS/332/22.6.95        LUMINARIES                 0.00    1001/29.7.95
               139    MANI SALES (BLR)              WIL/MIS/285/29.11.95       LIGHT FIXTURE                      9914/9.10.95
               140    FORMICA INDIA DIVISION        WIL/MIS/302/13.4.95        LAMINATE SHEET       161,710.00    1338/18.6.95
               141    MANI SALES (BLR)              WIL/MIS/285/29.11.95       LIGHT FIXTURE                      10059/17.11.9
               142    PRAMITHA ENTERPRISES          WIL/MIS/337/28.6.95        VENETIAN BLINDS                    1175/3.12.95
               143    FEATHERLITE COLLECTION        WIL/MIS/326/3.6.95         CHAIRS                             62/30.06.95
               144    MANI SALES (BLR)              WIL/MIS/285/29.11.95       LIGHT FIXTURE                      10101/27.11.9
</TABLE>
<PAGE>

MISSION ROAD OFFICE PROJECT  (STATUS AS ON 15.03.96)
<TABLE>
<CAPTION>

-------------------------------------------------------------------------------------------------------------------------------
ASSET TYPE    S.NO    PARTY                         ORDER NO.DATE              JOB DESCRIPTION      B. NO.DATE      AMOUNT
-------------------------------------------------------------------------------------------------------------------------------
<S>           <C>     <C>                           <C>                        <C>                   <C>           <C>
                73    AMTREX APPLIANCES LTD         WIL/MIS/366/21.09.95       SPLIT AIRCONDITIONER  373220.03
                74    WIPRO LIGHTING                WIL/MIS/332/22.6.95        LUMINARIES                 0.00     754/12.7.95
                75    SHREE MUKESH ENTERPRISES      WIL/MIS/405/3.2.95                                72759.00
                76    TECHNOVATIONS                 WIL/MIS/351/15.7.95        DISPLAY BOARD         12,645.03     234/17.7.95
                77    POTENTIAL SERVICE CONSULTANTS NIL/5.10.95                CONSULTINGS CHG        30000.00
                78    BAKELITE HYLAM LTD            WIL/MIS/392/27.12.95       LAMINATE SHEETS                     2096/11.9.95
                79    SYNERGY ART FOUNDATION LTD    WIL/MIS/382/27.11.95       PAINTING                7768.00     023/15.07.95
                80    BAKELITE HYLAM LTD            WIL/MIS/338/24.7.95        LAMINATE SHEET                      1030/23.6.95
                81    HITECH ELECTRICAL ENTERPRISES WIL/MIS/371/22.9.95        SPEAKERS               31450.00     15/9.9.95
                82    PEAK SYSTEMS                  WIL/MIS/387/22.12.95       AIRCONDITIONING WORK                891/10.6.95
                83    HITECH ELECTRICAL ENTERPRISES WIL/MIS/371/22.9.95        SPEAKERS                            22/25.9.95
                84    WIPRO LIGHTING                WIL/MIS/274/3.1.95         LUMINAIRES             6,158.45     2393/10.02.95
                85    THE ROYAL FURNISHING CO.      WIL/MIS/369/25.9.95        CARPET                157579.18     778/4.8.95
                86    SRI VIVEK ENTERPRISES         WIL/MIS/299/4.4.95         TILES                 84,000.00     NIL/20.8.95
                87    ROOPASRI ENTERPRISES          ENS/RND/021/MIS/15.9.9     TILE POLISHING          6806.25     NIL/22.9.95
                88    SRI VIVEK ENTERPRISES         WIL/MIS/310/3.5.95         CIVIL WORK           218,516.62     NIL/1.9.95
                89    CHANDRABANU GUP THA           WIL/MIS/370/28.9.95        FALSE CEILING         350000.00
                90    MANI SALES (BLR)              WIL/MIS/285/29.11.95       LIGHT FIXTURE                       10075/21.11.9
                91    AMTREX APPLIANCES LTD         WIL/MIS/372/28.9.95        SPLIT AIRCONDITIONER  467400.00     32/10.11.95
                92    FORMICA INDIA DIVISION        PO/286/302/296             TDS WRG PAID
                93    MANI SALES (BANGALORE)        WIL/MIS/373/12.10.95       LIGHT FIXTURE          61990.00     9873/26.8.95
                94    BAKELITE HYLAM LTD            WIL/MIS/301/12.4.95        LAMINATE SHEET       350,143.76     230/24.4.95
                95    MANI SALES (BANGALORE)        WIL/MIS/373/12.10.95       LIGHT FIXTURE                       9765/26.8.95
                96    FORMICA INDIA DIVISION        WIL/MIS/309/2.5.95         LAMINATE SHEET                      1357/29.4.95
                97    VIVEK ENTERPRISES             WIL/MIS/375/16.10.95       CIVIL WORK             10500.00     NIL/6.10.95
                98    FEATHERLITE COLLECTION        WIL/MIS/326/3.6.95         CHAIRS               488,250.00     82/18.7.95
                99    THE BOMBAY BURNAG TRADING     WIL/MIS/402/20.1.96        LAMINATE SHEETS                     2052/26.10.95
               100    SHREE MUKESH ENTERPRISES      WIL/MIS/389/22.12.95       INTERIORS                           NIL/20.12.95
               101    THE BOMBAY BURNAG TRADING     WIL/MIS/402/20.1.96        LAMINATE SHEETS        32342.00     2217/04.12.95
               102    MANI SALSE (BANGALORE)        WIL/MIS/411/13.2.96        LIGHTING                            10132/1.12.95
               103    WOODEN ERA                    WIL/MIS/397/9.01.96        INTERIORS             400717.00
               104    SHREE MUKESH ENTERPRISES      WIL/MIS/389/22.12.95       INTERIORS                           NIL/16.12.95
               105    BAKELITE HYLAM LTD            WIL/MIS/401/20.01.96       LAMINATE SHEETS                     3883/20.01.95
               106    PRAMITHA ENTERPRISES          WIL/MIS/337/28.6.95        VENETIAN BLINDS      175,812.00     1135/6.9.95
               107    BAKELITE HYLAM LTD            WIL/MIS/401/20.01.96       LAMINATE SHEETS                     3617/30.12.95
               108    BLUE STAR LIMITED             WIL/MIS/394/16.7.95        AIRCONDITIONER       970,325.00     90/21.9.95

</TABLE>
<PAGE>

MISSION ROAD OFFICE PROJECT  (STATUS AS ON 15.03.96)
<TABLE>
<CAPTION>

-------------------------------------------------------------------------------------------------------------------------------
ASSET TYPE    S.NO    PARTY                         ORDER NO.DATE              JOB DESCRIPTION     B. NO.DATE        AMOUNT
-------------------------------------------------------------------------------------------------------------------------------
<S>           <C>     <C>                           <C>                        <C>                 <C>            <C>
                37    FORMICA INDIA DIVISION        WIL/MIS/334/25.8.95        LAMINATE SHEET       44,923.04     1584/25.6.95
                38    DUBAS ENGG PVT LTD            4187/ITD/CA112             STEEL BACK           35,000.00     3/17.4.95
                39    THE BOMBAY BURNAG TRADING     WIL/MIS/359/25.8.95        LAMINATE SHEETS     [ILLEGIBLE]    1938/19.9.95
                40    VOLTAS UNITED                 WIL/MIS/314/4.5.95         SPILT AIRCONDITION                 558048/3.7.95
                41    MANI SALSE (BANGALORE)        WIL/MIS/411/13.2.95        LIGHTING                           10160/8.12.95
                42    BAKELITE HYLAM LTD            WIL/MIS/301/12.4.95        LAMINATE SHEET            0.00     155/16.4.95
                43    FEATHERLITE PRODUCTS P LTD    WIL/MIS/281/13.2.95        CHAIRS               82,789.00     832/28.02.95
                44    FORMICA INDIA DIVISION        WIL/MIS/309/2.5.95         LAMINATE SHEET       21,712.80     1404/5.5.95
                45    VOLTAS LIMITED                WIL/MIS/275/4.2.95         AIRCONDITIONER       11,000.00     557119/18.4.9
                46    FORMICA INDIA DIVISION        WIL/MIS/309/2.5.95         LAMINATE SHEET                     1339/18.4.95
                47    SHREE MUKESH ENTERPRISES      WIL/MIS/383/27.11.95       INTERIORS             52520.00     NIL/27.11.95
                48    BLUE STAR LIMITED             WIL/MIS/328/7.6.95         AIRCONDITIONING   1,077,445.00     71/7.8.95
                49    BALAJI ENTERPRISES            WIL/MIS/294/10.3.95        BIRLA 3M MATTING      2,200.00     411/10.03.95
                50    FEATHERLITE COLLECTION        WIL/MIS/326/3.6.95         CHAIRS                             101/03.08.95
                51    MANI SALSE (BANGALORE)        WIL/MIS/411/13.2.96        LIGHTING              51600.00     10198/20.12.9
                52    SHREE MUKESH ENTERPRISES      WIL/MIS/390/22.12.95       INTERIORS            236475.00
                53    PRAMITHA ENTERPRISES          WIL/MIS/406/3.2.96         VENETIAN BLIND        32250.00
                54    SRAVANA INDUSTRIES            WIL/MIS/417/29.02.96       CABLE TRENCH          37075.00     3/14.02.95
                55    COIR BOARD SHOWROOM & SLS     ENS/RND/MIS/017/11.8.9     COIR MATS            13,951.00     NIL/11.9.95
                56    ACM SERVICES                  WIL/MIS/408/9.2.96         VINAL TILES           51480.00     873,868/29.1.9
                57    SRAVANA ENGG ENTERPRISES      WIL/MIS/363/09.9.95        PANEL CONNECTORS    193,013.60     063/16.11.95
                58    SRAVANA ENGG ENTERPRISES      WIL/MIS/330/20.6.95        CABLE TRENCH         36,712.78     39/05.07.95
                59    ACM SERVICES                  WIL/MIS/353/25.9.95        LAYING OF TILES      14,160.00     834/14.8.95
                60    SRI VIVEK ENTERPRISES         WIL/MIS/331/20.6.95        CIVIL WORK          210,645.42     NIL/11.9.95
                61    ACM SERVICES                  WIL/MIS/353/25.9.95        LAYING OF TILES                    842/15.9.95
                62    WIPRO LTD LIGHTING DIVN       WIL/MIS/333/22.6.95        LUMINARIES            9,783.49     306/24.05.95
                63    PRIYESH ENTERPRISES           WIL/MIS/352/25.8.95        SUPPLY OF TILES      75,600.00     587/14.8.95
                64    GETHA ELECTRICALS             WIL/MIS/220/27.6.95        CONTROL PANELS      777,285.00
                65    PRIYESH ENTERPRISES           WIL/MIS/352/25.8.95        SUPPLY OF TILES                    617/15.9.95
                66    PRAMITHA ENTERPRISES          WIL/MIS/337/28.6.95        VENETIAN BLINDS                    1158/23.10.95
                67    BAKELITE HYLAM LTD            WIL/MIS/344/25.7.95        LAMINATE SHEET       350143.75     1679/8.8.95
                68    TREVENI WOOD WORKS            WIL/MIS/339/4.7.95         INTERIORS           105,430.00     NIL/4.7.95
                69    BAKELITE HYLAM LTD            WIL/MIS/344/25.7.95        LAMINATE SHEET                     1697/9.8.95
                70    CHANDRABANU GUPTA             WIL/MIS/216/10.7.95        FALSE CEILING       196,600.00
                71    BAKELITE HYLAM LTD            WIL/MIS/364/25.8.95        LAMINATE SHEET        28011.50     1712/10.8.95
                72    SHREE MUKESH ENTERPRISES      WIL/MIS/389/22.12.95       INTERIORS             94024.00     NIL/18.12.95
</TABLE>
<PAGE>

MISSION ROAD OFFICE PROJECT  (STATUS AS ON 15.03.96)
<TABLE>
<CAPTION>

-------------------------------------------------------------------------------------------------------------------------------
ASSET TYPE    S.NO    PARTY                         ORDER NO.DATE              JOB DESCRIPTION      B. NO.DATE      AMOUNT
-------------------------------------------------------------------------------------------------------------------------------
<S>            <C>    <C>                            <C>                        <C>                 <C>            <C>
                 1    SRI BYRAWESHWARA PLUMBING WORK WIL/MIS/362/25.8.95        CIVIL WORK          248,925.00
                 2    SRI BYRAWESHWARA PLUMBING WORK WIL/MIS/361/25.8.95        CIVIL WORK          258,345.00
                 3    M. SOLAMANI & SONS             WIL/MIS/272/28.1.95        INTERIORS           142,674.??]    [ILLEGIBLE]
                 4    SRAVANA ENGG ENTERPRISES       WIL/MIS/360/1.9.95         CABLE TRENCH        100,500.00
                 5    RAMKUMAR & PRAKASH             WIL/MIS/276/4.2.95         FALSE CEILING        47,017.00     FB/24.6.95
                 6    SRAVANA ENGG ENTERPRISES       WIL/MIS/359/25.8.95        CABLE TRENCH         50,920.00     48/1.9.95
                 7    AVIK PRODUCT DEVELOPMENT       WIL/MIS/285/22.2.95        SOFT MUSIC SYSTEM    17,000.00     187/23.2.95
                 8    KEB/1C 191                     NOTICE DT 6.9.95           SUPERVISION CHGS     66,867.00
                 9    PRAJWAL ENTERPRISES            WIL/MIS/284/21.2.95        VENETION BLIND       13,937.50     55/27.02.95
                10    WIPRO LIGHTING                 WIL/MIS/343/24.7.95        LUMINARIES           19,888.00     755/12.7.95
                11    BAKELITE HYLAM LTD             WIL/MIS/392/27.12.95       LAMINATE SHEETS                    328519 12 95
                12    NEW PARVEEN ELECTRICALS        WIL/MIS/350/8.8.95         CIVIL WORK           24,060.00
                13    SOLAMANI & SONS                WIL/MIS/287/14.3.95        INTERIORS           697,929.58     3214 9.95
                14    BLUE STAR LIMITED              WIL/MIS/349/4.8.95         AIR CONDITIONER     271,360.00     31/21.9.95
                15    THE ROYAL FURNISHING CO.       WIL/MIS/283/21.3.95        CARPET               27,360.00     576/28.02.95
                16    SHASHIDHARA S                  WIL/MIS/344/21.8.95        CIVIL WORK           53,425.71     NIL/25.3.95
                17    PEAK SYSTEMS                   WIL/MIS/387/22.12.95       AIRCONDITIONING WORK  10240.00     1553/24.08.95
                18    LOTUS ENERGY SYSTEMS P LTD     WIL/MIS/348/27.7.95        NOISE CONTROL       670,000.00     24/10.10.95
                19    WIPRO LIGHTING                 WIL/MIS/276/8.2.95         LUMINAIRES                0.00     3056/23.2.95
                20    LOTUS ENERGY SYSTEMS P LTD     WIL/MIS/348/27.7.95        NOISE CONTROL             0.00     26/18.10.95
                21    WIPRO LIGHTING                 WIL/MIS/274/3.1.95         LUMINAIRES                         2694/10.02.95
                22    NEW PARVEEN ELECTRICALS        WIL/MIS/322/14.7.95        TEMP CONNECTION      28,548.00     1/3.4.95
                23    BAKELITE HYLAM LTD             WIL/MIS/392/27.12.95       LAMINATE SHEETS       60500.00     3163/30.11.95
                24    GETHA ELECTRICALS              WIL/MIS/288/9.3.95         ELECTRICAL WORK      52,025.07     534/04.03.95
                25    FEATHERLITE SEATING            WIL/MIS/400/21.01.96       CHAIRS                             24/24.01.96
                26    GROUP 4 SECURITIES                                        CIRCUIT TV           356313.00
                27    FORMICA INDIA DIVISION         WIL/MIS/277/1.4.95         LAMINATE SHEET       11,694.87     1129/16.2.95
                28    DATA PRINT SYSTEMS             WIL/MIS/296/13.3.95        OVERHEAD PROJECTOR   22,500.00     235/13.03.95
                29    TEEKAYS DESIGN & DEVELOPMENT   WIL/MIS/315/4.5.95         INTERIORS         1,522,513.00
                30    WIPRO LIGHTING                 WIL/MIS/276/8.2.95         LUMINARIES           20,521.28     3057/23.2.95
                31    RAMKUMAR & PRAKASH             WIL/MIS/312/3.5.95         FALSE CEILING        98,000.00     FB/24.6.95
                32    SRAVANA ENGG ENTERPRISES       WIL/MIS/311/4.5.95         PANEL CONNECTORS     43,197.39     046/7.8.95
                33    FORMICA INDIA DIVISION         WIL/MIS/286/1.3.95         LAMINATE SHEET       64,684.00     1199/13.3.95
                34    FORMICA INDIA DIVISION         WIL/MIS/286/1.3.95         LAMINATE SHEET                     1236/20.03.95
                35    N SURESH                       WIL/MIS/357/24.8.95        PAINTING            334,000.00     R.NO.1/25.7.9
                36    FORMICA INDIA DIVISION         WIL/MIS/298/4.4.95         LAMINATE SHEET       26,520.44     1312/7.4.95

</TABLE>
<PAGE>

CASTLE STREET PROJECT
<TABLE>
<CAPTION>

-------------------------------------------------------------------------------------------------------------------------------
ASSET TYPE    S.NO    PARTY                         ORDER NO.DATE              JOB DESCRIPTION     B. NO.DATE       AMOUNT
-------------------------------------------------------------------------------------------------------------------------------
<S>            <C>    <C>                           <C>                        <C>                 <C>            <C>
               169    Building Network Automation   4039/ITD/10.06.94          COMMUNICATION       1612/16.8.94   [ILLEGIBLE]
               170    RCS TECHNOLOGY                4086/ITD/CA19              ENTERNET HUB        206/26.9.94    167,000.00
               171    PAM ELECTRONICS               4087/ITD/CA19              MEDIA CONNECTORS    487/30.9.94     52,500.00
                                                                                                                 ------------
                                                                                                                  1033159.50
                                                                                                                 ------------

MISCELLANEOUS  172    ANALOG & DIGITAL SYSTEM       4016/ITD/005               E. TRANSCEIVER                      30,498.00
               173    Pramitha Enterprises          185/25.08.94               VENETIAN BLINDS     1005/26.9.94    67,282.00
               174    EUREKA FORBES                 4040/ITD/CA/007            VACUUM CLEANER      53/23.6.94      11,580.00
               175    TORSTEEL RESEARCH FOUND       NIL/28.7.94                CONSULTATION FEE    11581/8.7.94     2,933.00
               176    Ravi Naidu Isand                                         SAND/CEMENT SHIFT   NIL/22.4.94      3,400.00
               177    Safex Fire Protection Systems 177/16.08.94               FIRE SERVICE        NIL/13.12.94    81,000.00
               178    AUF TOOLS CENTRE              4066A/ITD/CA19             TOOL KITS           1543/01.08.94    5,442.90
               179    ELECTRONIC & CONTROLS         19170/RND/AVC              AMC                 NIL              7,848.50
               180    Safex Fire Services           WIL/R0/BNG/178             FIRE SERVICE        408/25.8.94     28,570.00
               181    Pramitha Enterprises          146/13.07.94               VENETIAN BLINDS     962/4.8.94      49,170.75
               182    Tor Steel Research Fou        /16.05.94                  CONSULTATION FEE    2741/24.5.94    19,552.00
               183    Tor Steel Research Fou        /14.04.94                  CONSULTATION FEE    2741/24.5.94    12,709.00
               184    K A ELECTRONICS               4011/ITD/KA008             TRANSFORMERS                        12,000.00
               185    Safex Fire Services           SSN/fire ext               FIRE SERVICE                        13,624.60
                                                                                                                ------------
                                                                                                                   345610.75
                                                                                                                ------------

-------------------------------------------------------------------------------------------------------------------------------
                           TOTAL                                                                               18,517,080.69
-------------------------------------------------------------------------------------------------------------------------------
</TABLE>
<PAGE>

CASTLE STREET PROJECT

<TABLE>
<CAPTION>

-------------------------------------------------------------------------------------------------------------------------------
ASSET TYPE    S.NO    PARTY                         ORDER NO.DATE              JOB DESCRIPTION      B. NO.DATE      AMOUNT
-------------------------------------------------------------------------------------------------------------------------------
<S>            <C>    <C>                           <C>                        <C>                  <C>            <C>
               139    Sunpower Engineers & Consul   155/25.07.94               SPARES FOR DG        63/12.7.94      31,193.30
               140    GMMCO                         73/12.04.94                DG SET               H23/20.5.94    655,000.00
               141    Sunpower Engineers elec       96/03.05.94                DG SET INSTALLATION   3/23.5.94           0.00
               142    Paharpur Cooling Towers       [ILLEGIBLE]                COOLING TOWER                             0.00
               143    Lotus Energy Systems Ltd.     159/03.08.94               SPARES FOR DG        10/3.10.94     225,000.00
               144    Paharpur Cooling Towers       81/19.04.94                COOLING TOWER        154/10.05.94    33,280.00
               145    Sunpower Engineers elec       96/03.05.94                DG SET INSTALLATION  57/10.6.94           0.00
               146    New Praveen Electricals       97/10.05.94                ELEL INSTALLATION    6/23.7.94    1,155,888.00
               147    Sri Manjunatha chain pull     139/29.06.94               DG UNLOADING CHRGS   21/21.6.94       2,151.00
               148    Deebe Power Systems P Ltd.    186/26.8.94                ELECL INSTALLATION                   25,000.00
               149    New Praveen Electricals       SSN approval               ELELC INSTALLATION   1550/05.04.94   64,364.20
               150    WIPRO Lighting                89/27.04.94                LIGHTS FITTINGS      138/11.5.94          0.00
               151    Mahaveer Electric Co.         82/19.04.94                CEILING FANS         711/22.4.94     29,897.05
               152    WIPRO Lighting                48/07.03.94                LIGHT FITTINGS       742/17.3.94      1,040.00
               153    K A ELECTRONICS               4088/ITD/CA19              TRANSFORMER          600/16.9.94      9,400.00
               154    GMMCO                         122/04.06.94               DG SET               37/15.7.94     157,000.00
               155    Venkatesh Pai                 WIL/RO/BNG/249             PLUMBING WORKS       NIL/25.10.94    26,617.00
               156    SRAVANA ENGG INDUSTRIES       WIL/RO/BNG/257             ELECTRICAL WORK      658/06.12.94    62,136.83
               157    K A ELECTRONICS               4088/ITD/CA19              TRANSFORMER          610/22.9.94      6,000.00
               158    Sunpower Engineers elec       96/03.05.94                DG SET INSTALLATION  59/10.6.94           0.00
               159    WIPRO Lighting                78/18.04.94                LIGHTS FITTINGS      895/16.5.94    125,675.00
               160    LAKSHMI Enterprises           124/13.06.94               DG ROOM              NIL/25.5.94     14,763.50
               161    GMMCO Ltd                     56/08.03.94                DG SET               M12/11.5.94    690,000.00
                                                                                                                  -----------
                                                                                                                   6314445.88
                                                                                                                  -----------

PS             162    D B Electronics (thro LC)     19164/RND/25.02.94         P AND M                           1,653,597.00
               163    K A ELECTRONICS               4062/ITD/CA/031            TRANSFORMER          559/10.08.94    10,800.00
               164    DUBAS ENGG P LTD              4015A/ITD/9495/014         COOLANT OIL          14/20.7.94      52,875.00
               165    GARCICON (INDIA) P LTC        4090A/ITD/CA19             CHEMICAL             9495030/15.9     6,002.50
               166    Pilazetta UPS                 19163/RND/16.03.94         BATTERIES            3/7.5.94       919,360.00
                                                                                                                  -----------
                                                                                                                   2642634.50
                                                                                                                  -----------

COMMUNICATION  167    RCS TECHNOLOGIES              4106/ITD/CA19              EHTERNET TRANSEVERS  243/17.10.94   395,000.00
               168    Building Network Automation   4012/ITD/28.04.94          COMMUNICATION        1534/21.6.94   221,108.00

</TABLE>
<PAGE>

CASTLE STREET PROJECT

<TABLE>
<CAPTION>

-------------------------------------------------------------------------------------------------------------------------------
ASSET TYPE    S.NO    PARTY                         ORDER NO.DATE              JOB DESCRIPTION      B. NO.DATE      AMOUNT
-------------------------------------------------------------------------------------------------------------------------------
<S>            <C>    <C>                           <C>                        <C>                   <C>            <C>
               103    Sunpower Engineers elec       96/03.05.94                DG SET INSTALLATION   62/12.7.94      49,302.47
               104    Dubas Engineering Stabilise   19 69/RND/09.03.94         STABILISERS           10/12.5.94     340,160.00
               105    WIPRO Lighting                48/07.03.94                LIGHT FITTINGS        93/17.3.94      17,701.79
               106    Delta Power Equip.            [ILLEGIBLE]                VOLTAGE STABILISER    251/14.7.94    [ILLEGIBLE]
               107    SRI SHAKTH ELECTRICAL                                    ELEC. LABOUR WORK     NIL/21.5.94        900.00
               108    Dubas Engineering             19170/RND/09.03.94         P AND M                              112,360.00
               109    B. Venkatesh Pai              144/13.07.94               CIVIL WORK            NIL/26.7.94     24,641.40
               110    Sunpower Engineers elec       118/31.05.94               SPARES FOR DG         53/18.5.94       9,152.00
               111    WIPRO Lighting                103/18.05.94               LIGHTS FITTINGS                            0.00
               112    GETHA ELECTRICALS             WIL/RO/BNG/265             ELECTRICALS           512/21.01.95    29,038.00
               113    B. Venkatesh Pai              153/25.07.94               CIVIL WORK            NIL/6.7.94      19,586.00
               114    GMMCO                         122/04.06.94               DG SET                36/15.7.94     157,000.00
               115    WIPRO Lighting                89/27.04.94                LIGHTS FITTINGS       91/30.6.94      79,237.50
               116    Sunpower Engineers elec       95/03.03.94                DG SET INSTALLATION   [ILLEGIBLE]    [ILLEGIBLE]
               117    Lotus Energy Systems          128/22.6.94                SPARES FOR DG         5/4.7.94        17,100.00
               118    Sunpower Engineers elec       96/03.05.94                DG SET INSTALLATION   66/20.7.94     243,154.23
               119    Sunpower Engineers elec       96/03.05.94                DG SET INSTALLATION   4/25.5.94       15,169.00
               120    S Lalit Electricals           102/17.05.94                                     23993/14.5.94        0.00
               121    Lotus Energy Systems Ltd      159/03.08.94               SPARES FOR DG         9/29.9.94      225,000.00
               122    S.Lalit Electricals           102/17.05.94                                     23950/5.5.94         0.00
               123    Sunpower Engineers Elec       96/03.05.94                DG SET INSTALLATION   71/26.9.94      20,265.00
               124    WIPRO Lighting                46/17.03.94                LIGHT FITTINGS                        47,500.00
               125    Sunpower Engineers Elec       96/03.05.94                DG SET INSTALLATION   58/10.6.94           0.00
               126    WIPRO Lighting                48/07.03.94                LIGHT FITTINGS        743/17.3.94      2,795.00
               127    Potential Service Consultants NIL/19.03.94               ELECL CONSULTENCY     279/8.8.94      39,425.00
               128    Dubas Engg P Ltd              19170/RND/CASTLE           CONNECTIVE CABLES                    112,360.00
               129    Sunpower Engineers            127/20.06.94               SPARES FOR DG         61/30.6.94       8,603.00
               130    Dubas Engg P Ltd              19169/RND/CASTLE           STABILIZER                           125,080.00
               131    Venkatesh Pai                 119/31.05.94               CIVIL WORK            NIL/14.6.94     37,002.00
               132    DUBAS ENGG P LTD              19169/RND/CASTLE           STABILIZER                                 0.00
               133    GETHA ELECTRICALS             WIL/RO/BNG/279             ELECTRICALS           511/19.01.95    36,272.25
               134    Sunpower Engineers & Consult  WIL/RO/BNG/140             CLADDING-EXHAUST PIPE 67/25.7.94      48,365.00
               135    Sunpower Engineers And Consul 189/26.08.94               ELECL INSTALLATION    70/26.8.94       9,903.50
               136    S. Lalit Electricals          102/17.05.94               LUMINAIRS             24023/26.5.94   18,807.20
               137    G. Sathyamurthy               KEB Deposits               ELEC DEPOSIT                         728,000.00
               138    Mahaverr Electric Co.         101/17.05.94               CEILING FAN           58155/2.6.94    36,052.33
</TABLE>
<PAGE>

CASTLE STREET PROJECT

<TABLE>
<CAPTION>

-------------------------------------------------------------------------------------------------------------------------------
ASSET TYPE    S.NO    PARTY                         ORDER NO.DATE              JOB DESCRIPTION      B. NO.DATE      AMOUNT
-------------------------------------------------------------------------------------------------------------------------------
<S>            <C>    <C>                           <C>                        <C>                  <C>            <C>
                73    Featherlite Seating Sys       88/27.04.94                CHAIRS               69/22.6.94           0.00
                74    Priyesh Enterprises           4177/03.03.94              TILES                314/31.3.94     20,565.93
                75    Featherlite Seating Sys       88/27.04.94                CHAIRS               54/9.6.94      288,000.00
                76    Triveni Wood Works            WIL/RO/BNG/145             PELMETS FIXING       NIL/18.6.94      3,478.00
                77    Sravana Engg                  119/04.06.94               INTERIORS            543/29.6.94    [ILLEGIBLE]
                78    TRIVENI WOOD WORKS            WIL/RO/BNG/210             INTERIORS            NIL/12.09.94    30,097.50
                79    Sravana Engg                  120/04.06.94               INTERIORS            644/29.6.94     36,018.00
                80    Formica India                 38/09.04.94                INTERIORS            4500/22.3.94   125,348.84
                81    Sravana Engg                  121/04.06.94               INTERIORS            646/28.7.94     17,536.73
                82    M Solamani                    37/15.02.94                INTERIORS            NIL/11.02.95    72,288.50
                83    Getha Electricals             WIL/RO/BNG/250             PANEL FOR COMPRESSOR 293/19.5.94     17,646.00
                84    Getha Electricals             71/12.04.94                ELEL INSTALLATION    171/7.7.94     253,249.25
                85    Getha Electricals             125/15.06.94               ELECL INSTALLATION   167/2.6.94     143,040.50
                                                                                                                   ----------
                                                                                                                   6059480.9
                                                                                                                   ----------

AIR             86    Voltas Ltd                    95/03.05.94                AC PLANT             53536/18.5.94   97,800.00
CONDITIONING    87    Voltas Ltd A/cond             50/07.03.94                AC PLANT             001497/10.8    115,800.15
                88    Voltas Ltd                    86/22.04.94                AC PLANT             53537/18.5.94   48,900.00
                89    Raman & Associates A/C 2ND FL NIL/23.02.94               AC CONSULTENCY       NIL/23.5.94     15,000.00
                90    Voltas Limited                181/20.08.94               AC PLANT             123/2.9.94           0.00
                91    Amtrex Appliances             WIL/RO/BNGF/192            Sofit airconditioner 39/7.10.94      53,318.00
                92    Voltas Limited                181/20.08.94               AC PLANT             121/2.9.94           0.00
                93    Voltas Ltd A/cond             50/07.03.94                AC PLANT             001450/13.5    735,644.00
                94    Voltas Limited                181/20.08.94               AC PLANT             124/2.9.94           0.00
                95    Raman & Associates A/C 2ND FL NIL/23.02.94               AC CONSULTENCY       NIL/14.7.94          0.00
                96    Voltas Limited                162/04.08.94               AC PLANT                            353,000.00
                97    Voltas Ltd                    77/15.04.94                AC PLANT             515202/15.4     86,586.00
                98    Voltas Limited                181/20.08.94               AC PLANT             122/2.9.94     615,701.00
                                                                                                                   ----------
                                                                                                                   2121749.15
                                                                                                                   ----------

ELECTRICALS     99    Sunpower Engineers elec       96/03.05.94                DG SET INSTALLATION  R NO2/18.5.94        0.00
               100    B Venkatesh Pai               WIL/RO/BNG/206             CIVIL WORK           NIL/29.08.94    14,654.00
               101    Sunpower Engineers elec       96/03.05.94                DG SET INSTALLATION  56/10.6.94      78,208.00
               102    WIPRO Lighting                48/07.03.94                LIGHT FITTINGS       94/17.3.94      47,473.50
</TABLE>
<PAGE>

CASTLE STREET PROJECT

<TABLE>
<CAPTION>

--------------------------------------------------------------------------------------------------------------------------------
ASSET TYPE    S.NO    PARTY                         ORDER NO.DATE              JOB DESCRIPTION      B. NO.DATE      AMOUNT
--------------------------------------------------------------------------------------------------------------------------------
<S>            <C>    <C>                           <C>                        <C>                    <C>            <C>
                37    K. Bhaskaran                  167/09.08.94               ENAMEL PAINTING        NIL/8.8.94        5,519.00
                38    Getha Electricals             WIL/RO/BNG/243             UPS bypass panel       [ILLEGIBLE]      46,207.00
                39    Getha Electricals             170/12.08.94               AMF PANEL SHIFTING     508/14.12.94     31,244.00
                40    Pure Water House              85/22.04.94                WATER FILTER           [ILLEGIBLE]     [ILLEGIBLE]
                41    [ILLEGIBLE]                   156/30.07.94               FALSE CEILING          NIL/27.9.94      28,012.00
                42    Getha Electricals             WIL/RO/BNG/215             Electricals            288/11.5.94       6,179.00
                43    Triveni Wood Works            157/01.08.94               FALSE CEALING          NIL/12.9.94      77,010.00
                44    Sri Ram Enterprises           4034/RND/07.06.94          SRF TWILL WEAVE FABRIC 1273/8.6.94       6,500.00
                45    Getha Electricals             110/21.05.94               ELECL INSTALLATION     292/19.5.94      95,551.00
                46    SUNPOWER ENGG & CONSULT       WIL/RO/BNG/235             M S PIPE               72/10.10.94       6,650.00
                47    Solamani & Sons               115/25.05.94               PARTITIONS             25/14.11.94     438,208.00
                48    Sravana Engineering Ind       41/18.02.94                CONNECTOR PIPES        631/2.5.94       47,670.37
                49    Sravana Engg                  106/19.05.94               INTERIORS              642/29.05.94     34,054.50
                50    FORMICA INDIA DIVISION        WIL/RO/BNG/268             TABLE LAMINATION       759/14.11.94      5,002.48
                51    Techno Sales Corporation      154/21.07.94                                      285/18.7.94           0.00
                52    FORMICA INDIA                 WIL/RO/BNG/175             TABLE LAMINATION       355/29.7.94      21,008.17
                53    Techno Sales Corporation      154/21.07.94               SUN CONTROL FILMS      304/25.7.94      92,613.50
                54    C Ranganathan                 66/24.03.94                PAINTING               NIL/15.6.94      95,100.00
                55    Mahaveer Electric Co          130/22.06.94               CEILING FAN            58569/23.6.94    36,931.55
                56    Getha Electricals             71/12.04.94                ELEL INSTALLATION      299/25.5.94      68,149.57
                57    Supreme Electricals           SSN/INTERCOM               ELECL INSTALLATION                       8,650.00
                58    Sravana Engineering           87/22.04.94                INTERIORS              638/1.6.94       47,493.37
                59    Triveni Wood Works            152/21.07.94               INTERIORS              NIL/18.8.94     115,797.75
                60    ACM Services                  4178/3.3.94                TILES                  694/31.3.94       4,000.60
                61    Sravana Engg                  138/28.06.94               INTERIORS              645/28.7.94      37,068.50
                62    M. Solamani & sons            84/21.04.94                INTERIORS              21/8.7.94        80,935.82
                63    Master Builders               94/03.05.94                INTERIORS              34/24.5.94       43,153.00
                64    Getha Electricals             WIL/RO/BNG/215             SUSI-SUGANA MOTOR      177/24.8.94       2,901.00
                65    Ramkumar & Prakash            92/21.7.94 A               FALSE CEILING          NIL/31.5.94      16,478.00
                66    PRAJWAL ENTERPRISES           WIL/RO/BNG/260             VENETION BLIND         17/21.12.94           0.00
                67    Sravana Engg                  109/20.05.94               INTERIORS              639/1.6.94        5,005.90
                68    Ramkumar & Prakash            34/08.02.94                FALSE CEILING          NIL/23.3.94     103,847.00
                69    Getha Electricals             126/15.06.94               ELECL INSTALLATION     298/25.5.94      43,490.30
                70    Getha Electricals                                        ELEL INSTALLATION                       19,552.00
                71    Getha Electricals             129/22.06.94               ELECL INSTALLATION     300/27.5.94      10,167.00
                72    Sravana Engineering           75/14.04.94                INTERIORS              632/2.5.94       26,424.83
</TABLE>
<PAGE>

CASTLE STREET PROJECT

<TABLE>
<CAPTION>
-------------------------------------------------------------------------------------------------------------------------------
ASSET TYPE    S.NO    PARTY                         ORDER NO.DATE              JOB DESCRIPTION      B. NO.DATE      AMOUNT
-------------------------------------------------------------------------------------------------------------------------------
<S>            <C>    <C>                           <C>                        <C>                  <C>            <C>
                 1    Formica India                 67/03.05.94                TABLE LAMINATION     63/30.4.94     175,068.00
                 2    Formica India                 74/13.04.94                TABLE LAMINATION     23/19.4.94      10,584.00
                 3    PRAJWAL ENTERPRISES           WIL/RO/BNG/260             VENETION BLIND       26/21.12.94          0.00
                 4    Formica India                 91/28.04.94                TABLE LAMINATION     285/2.7.94     207,279.70
                 5    Formica India                 91/28.04.94                TABLE LAMINATION     [ILLEGIBLE]          0.00
                 6    SRAVANA ENGG INDUSTRIES       WIL/RO/BNG/273             M S TROLLEYS         662/03.02.95    84,457.28
                 7    Formica India                 91/28.04.94                TABLE LAMINATION     73/30.4.94           0.00
                 8    M. Solamani & Sons            39/17.02.94                TABLE DRAWERS        19/14.6.94     509,456.67
                 9    Sravana Engg.                 90/27.04.94                INTERIORS            533/2.5.94      10,460.00
                10    Sravana Engineering Ind       32/05.02.94                INTERIORS            18/30.3.94     291,000.00
                11    Solamani & Sons               100/13.06.94               INTERIORS            20/14.6.94      86,947.98
                12    C. Ranganathan                45/02.03.94                PAINTING             NIL/15.6.94     70,907.00
                13    Sravana Engg Industries       WIL/RO/BNG/193             cable trench cove                     6,745.00
                14    GOPINAT  G.V.                 4054/ITD/CA/019            TABLE TRAY           NIL/14.7.94     12,220.00
                15    Getha Electricals             WIL/RO/BNG/254             Copper Cable         199/28.11.94    67,616.00
                16    FORMICA INDIA                 WIL/RO/BNG/175             TABLE LAMINATION     451/25.8.94   [ILLEGIBLE]
                17    Sravana Engineering Indust    WIL/RO/BNG/211             Table Stand          652/21.9.94     14,114.57
                18    Featherlite                   60/01.03.94                FURNITURES           7/21.4.94      121,601.90
                19    Triveni Wood Works            WIL/RO/BNG/210             WORK SURFACE         NIL/12.9.94     19,125.00
                20    TRIVENI WOOD WORKS            WIL/RO/BNG/242             INTERIORS            NIL/10.01.95    54,954.70
                21    ACM Services                  WIL/RO/BNG/137             TILES                726/14.7.94      1,277.80
                22    Getha Electricals             71/12.04.94                ELEL INSTALLATION    168/13.6.94    609,669.25
                23    Priyesh Enterprises           WIL/RO/BNG/136             TILES                353/14.7.94      6,627.45
                24    Getha Electricals             71/12.04.94                ELEL INSTALLATION    173/21.4.94     78,206.00
                25    Sravana Engg Industries       WIL/RO/BNG/166             INTERIORS            648/23.8.94     59,806.50
                26    Woodnera paid L75lacs to ??   72/12.04.94                FURNITURE            22/25.8.94     429,850.00
                27    Exxon Agencies                WIL/RO/BNG/182             CHAIRS               52854/1.9.94    27,472.00
                28    PRAMITHA ENTERPRISES          WIL/RO/BNG/217             VENETIAN BLINDS      1033/10.11.94   29,547.00
                29    G Sathya Murthy               WIL/RO/RND/188             CIVIL WORK           NIL/28.8.94     53,778.00
                30    Priyesh Enterprises           WIL/RO/BNG/220             supply of tiles      427/09.11.94    16,964.70
                31    N.S. Rajendren                NIL/25.08.94               STRUCTURAL ANALYSIS  NIL/16.8.94      9,776.00
                32    ACM Services                  WIL/RO/BNG/221             laying tiles         771/9.11.94      3,013.20
                33    Pramitha Enterprises          165/09.08.94               VENETIAN BLINDS      975/29.8.94     61,422.91
                34    ACM Services                  4178/3.3.94                TILES                709/14.5.94          0.00
                35    Triveni Wood Works            168/10.08.94               DOORS AND PARTITIONS NIL/13.9.94    122,659.99
                36    Priyesh Enterprises           4177/03.03.94              TILES                327/14.5.94          0.00
</TABLE>
<PAGE>

                                   SCHEDULE 1

                                    PROJECT

         The Borrower is implementing an expansion project at its [ILLEGIBLE]
Research and Development Laboratory at Bangalore, Karnataka. The Borrower has
requested the Lender to provide a Foreign Currency Loan of US$2,229,654
equivalent to about [ILLEGIBLE] lacs to meet a part of the cost of the project,
which the Lender has agreed to provide.
<PAGE>

                                   ARTICLE VI

                          EFFECTIVE DATE OF AGREEMENT

         This Agreement shall become binding on the Borrower and the Lenders on
and from the date first above written. It shall be in force till all the monies
due and payable under this Agreement are fully paid off.
<PAGE>

                                   ARTICLE V

                               SPECIAL CONDITIONS

         The Loan(s) hereby granted shall also be subject to the Borrower
complying with the special conditions set out in Schedule VI hereto.
<PAGE>

<TABLE>
<CAPTION>

--------------------------------------------------------------------------------------
TYPE         S.NO     PARTY           ORDER NO/DATE   JOB DESCRIPTION      AMOUNT
--------------------------------------------------------------------------------------
<S>            <C>                      <C>             <C>               <C>
FILTERS        1  SYNOPSYS              [ILLEGIBLE]     COMPILER          2,635,000.00
               2  CADENCE DESIGN        [ILLEGIBLE]     VERLOG.XL         2,455,000.00
                  SYSTEMS ASIA
               3  ACER SALES AND        [ILLEGIBLE]     COMPUTERS         2,898,000.00
                  DISTRIBUTION
               4  UNGERMANN BASS        [ILLEGIBLE]     HUBS                705,000.00
               5  ACER SALES AND        [ILLEGIBLE]     COMPUTERS         3,559,000.00
                  DISTRIBUTION
               6  NETWORK AUTOMATION    [ILLEGIBLE]     CABLES              649,000.00
                  TECHNOLOGY
               7  LANBIT COMPUTER INC.  [ILLEGIBLE]     TRANSCEIVER         109,000.00
               8  PEAC INTERNATIONAL    [ILLEGIBLE]     MODULE              515,000.00
               9  PEAC INTERNATIONAL    [ILLEGIBLE]     MODULE              335,000.00
               10 AT&T                  [ILLEGIBLE]     CABLE CORD          957,000.00
                                                                         -------------
                                                                         14,817,000.00
                                                                         -------------
</TABLE>
<PAGE>

[ILLEGIBLE]

of Directors passed in that behalf on
the 4th day of March, 1998 hereunto been
affixed in the presence of Shri J.
Shankar, Corporate Treasurer and Shri
Kapil K. Jain, Corporate Finance
Manager, who have signed these presents
in token thereof.

SIGNED AND DELIVERED by the
withinnamed Lenders by the total
of [ILLEGIBLE], an authorised
official of the Lenders
<PAGE>

                                     : 31 :

                                   SCHEDULE VI

                               SPECIAL CONDITIONS

         The Borrower shall out of the envisaged cash amount of Rs. 8476 lacs
during the period April 1, 1995 to March 31, 1996 utilised a sum of RS. 6202
lack for a meeting a part of the cost of the project and/or other requirements
of funds. The borrower shall furnish an undertaking in the form required by the
Lender whereyb they shall take the responsibility for making payments
satisfactory to ICICI [ILLEGIBLE]
<PAGE>

                                   SCHEDULE V

                                               Principal amount
         Due Date             Payment of       outstanding after
         of payment           principal        each payment [ILLEGIBLE]

                                                [ILLEGIBLE]
         07/02/1997           [ILLEGIBLE]       [ILLEGIBLE]
         07/05/1997           [ILLEGIBLE]       [ILLEGIBLE]
         07/08/1997           [ILLEGIBLE]       [ILLEGIBLE]
         07/11/1997           [ILLEGIBLE]       [ILLEGIBLE]
         07/02/1998           [ILLEGIBLE]       [ILLEGIBLE]
         07/05/1998           [ILLEGIBLE]       [ILLEGIBLE]
         07/08/1998           [ILLEGIBLE]       [ILLEGIBLE]
         07/11/1998           [ILLEGIBLE]       [ILLEGIBLE]
         07/02/1999           [ILLEGIBLE]       [ILLEGIBLE]
         07/05/1999           [ILLEGIBLE]       [ILLEGIBLE]
         07/08/1999           [ILLEGIBLE]       [ILLEGIBLE]
         07/11/9999           [ILLEGIBLE]       [ILLEGIBLE]
         07/02/2000           [ILLEGIBLE]       [ILLEGIBLE]
         07/05/2000           [ILLEGIBLE]       [ILLEGIBLE]
<PAGE>

                                  SCHEDULE IV

                              (Euro Bond '96 Loan)

         The following provisions shall apply to the Euro Bond '96 Loans:

1.       APPLICATION OF PROCEEDS

         No part of the Euro Bond '96 Loan shall be used for any purpose other
         than for import of capital goods/project related rupee
         expenditure.

2.       INTEREST

         The Borrower shall pay to the Lender interest on the principal amount
         of the Euro Bond '96 Loan outstanding from time to time quarterly on
         February 7, May 7, August 7 and November 7 at a fixed rate of 11% per
         annum.

3.       COMPUTATION OF INTEREST & OTHER CHARGES

         Interest and other charges shall accrue from day to day and shall be
         calculated on the basis of a year of 360 days consisting of 12 months
         of 30 days each and in the case of an incomplete month, the number of
         days elapsed.

4.       REPAYMENT

         The Euro round '96 Loan is repayable in accordance with the
         Amortization Schedule set forth, in Schedule hereto.

5.       PREPAYMENT AND FORWARD CONTRACTS

         Unless expressly agreed to by the Lender and subject to payment of such
         premium as may be stipulated by the Lender, the Borrower shall not be
         entitled to prepay in whole or in part the Euro Bond '96 Loan before
         the due date nor shall be entitled to enter into forward contracts the
         due date nor shall be entitled to enter into forward contracts to buy
         foreign currencies in respect of the Euro Bond '96 Loan or in respect
         of payment of interest or other payments herein.

6.       DUE DATE

         If the Due Date referred to herein falls on a day which is not a
         business day, Due Date shall be extended to the next succeeding
         business day, unless such day falls in the next succeeding calendar
         month, in which event, such due date shall be the immediately
         preceeding business day. Business day shall be construed as a reference
         to a day (other than Saturday or Sunday) on which banks are generally
         open for business in New York City.

7.       LAST DATE OF WITHDRAWAL

         Unless otherwise agreed to by the Lender, no part of the Euro Bond '96
         Loan shall be drawn after May 31, 1996.
<PAGE>

                                  SCHEDULE III

                              (PARTICULARS OF LOAN)

         The Loan referred to in Section 2.1 herein is Loan not exceeding US $
2,229,654 equivalent to about Rs. 800 lacs, which is agreed to be provided as
follows :

US $2,229,654 equivalent in aggregate to US $ 2,229,654 (hereinafter referred to
as "the Euro Bond '96 loan) (which expression shall, unless expressely provided
otherwise, mean the aggregate of the amounts of various foreign currencies or
their equivalents in other foreign currencies used for their purchase expressed
in US$ equivalent or so much thereof as may be outstanding from time to time)
out of the facility available to the Lender from proceeds of the Euro Board
Issue, 1996.
<PAGE>

                                  SCHEDULE II

                                 FINANCING PLAN

A.       The total estimated cost of the Project is Rs. 1250 made up as
         under :

                                                          (Rs in lacs Rupee
                                                             equivalent
                                      Rupee               of foreign currency
                                      Cost                      Cost

         Plant & Machinery

         a)  Imported                                            458

         b) Indigenous                 177

         Miscellaneous fixed assets

         a)  Imported                                             73

         b) Indigenous                 377

                  TOTAL                564(A)                    531(B)

         Total of Rupee &
         foreign currency cost (A&B)  1085

         Margin money for working
         capital                       165

                  TOTAL               [ILLEGIBLE]

         a.  The proposed sources of financing are as follows:

         1)  Foreign Currency Loans                           800

         2)  Internal Accruals                                450

                  TOTAL                                      1250
<PAGE>

List of assets to be acquired out of the Foreign Currency Loan of US $ 2,229,654
equivalent to about Rs. 800 lacs.

                                                     (Rs in lacs)

                                             Local        Import       Total

Interiors

Seating arrangement with                  6.60                          6.60
existing furniture (new
partitions & individual
storage etc.)

[ILLEGIBLE] modifications & upgradation  19.98             ----        19.98

Chairs (120 in seating place +            8.51             ----         8.51
110 in the labs)

Reception upgrade                         2.71             ----         2.71

ELECTRICAL/UPS/DG

Electrical:  rewiring, new light          5.85             ----         5.85
fixtures & fan points in open
hall

UPS (120 EVA                              ----             30.00       30.00

Computers (100 Nos.                       ----             53.25       53.25
Acer machine)

COMMUNICATION

LAN upgraded (300 nodes)                 18.00             ----        18.00

EPABX with voice mail                     8.00             ----         8.00
                                     -----------       -----------  -----------
                           TOTAL         59.65             83.25       52.90
                                     -----------       -----------  -----------
<PAGE>

<TABLE>
<CAPTION>

[ILLEGIBLE] PROJECT
-------------------------------------------------------------------------------------------
ASSET TYPE        S.NO     PARTY            ORDER NO/DATE   JOB DESCRIPTION       AMOUNT
-------------------------------------------------------------------------------------------
<S>               <C>                       <C>             <C>                <C>
GN Tools          1. HCL-HP                 5009/RND/CA-14  Computers          4,000,000.00

                  2.  Onward Technologies   5504/RND/CA-04  Quad Design        1,709,000.00

                  3.  Synopsys Inc          6030/RND/CAIOS & 105.6 LS/NDF
                                                                   INTERFACE   2,720,000.00

                  4.  Cadence               20318/ITD/CA116/5.4.95 ALLEGRO     4,079,000.00
                                                                              -------------
                                                                              12,508,000.00
                                                                              -------------
</TABLE><PAGE>
                                                                    Exhibit 10.9

                       [GRAPHIC OF TWENTY RUPEES OMITTED]

                                  [ILLEGIBLE]

                                                        22 OCT 1999
                                                        ICICI LIMITED
                                                        ICICI 1 TOWERS
                                                        Bandra-Kurla Complex
                                                        Mumbai - 400 051 (India)

                            SHARE PURCHASE AGREEMENT

THIS SHARE PURCHASE AGREEMENT (this "Agreement") dated this 28th day of
December, 1999 between:

WIPRO LIMITED, a company incorporated under the Companies Act, 1956 having its
registered office at 10th Floor, Du Parc Trinity, 17, M.G. Road, Bangalore 550
001 (hereinafter referred to as the "SELLER", which expression shall, unless
repugnant to the context thereof, be deemed to include its successors and
permitted assigns) of the ONE PART;

AND

ICICI LIMITED, a public limited company incorporated under the Companies Act,
1913 and having its registered office at ICICI Towers, Bandra-Kurla Complex,
Mumbai 400 051 (hereinafter referred to as "ICICI", which expression shall,
unless repugnant to the context thereof, be deemed to include its successors and
assigns) of the OTHER PART.

The SELLER and ICICI are hereinafter collectively referred to as the
"Parties" and individually as a "PARTY")
<PAGE>

WHEREAS:

A.    The SELLER is desirous of selling 1,791,385 number of equity shares (the
      "Shares") of Wipro Net and ICICI has agreed to purchase the Shares at a
      purchase price of Rs 555.0 per Share.

B.    The SELLER has agreed to provide a put option to ICICI to sell up to
      1,791,385 numbers of the Shares to the SELLER or its nominee at the Put
      Option Strike Price.

C.    ICICI has agreed to provide to the SELLER or its nominee a call option
      to buy the Shares at the Call Option Strike Price.

NOW THEREFORE, the Parties hereto hereby agree as follows:

1.    DEFINITIONS

1.1   Definitions

      The capitalised terms used in this Agreement shall have the following
      meanings:

      "BUSINESS DAY" means a day which is neither a Saturday, Sunday or a
      bank holiday in Bangalore, India;

      "CONSIDERATION" shall have the meaning set forth in Section 3:1 hereof;

      "PROMOTER" means any person who currently holds either directly or through
      investment companies controlled by him, the majority in the paid up equity
      share capital of the SELLER;

      "WIPRO NET" means WIPRO NET LIMITED, a company incorporated under the
      Companies Act, 1956 and having its registered office at 10th Floor, Du
      Parc Trinity, 17, M.G. Road, Bangalore 560 001;

      "CALL OPTION"  shall have the meaning ascribed thereto in the Option
      Agreement;

      "CALL OPTION STRIKE PRICE" means the price per share so as to yield a
      return to ICICI of 15.0% per annum compounded quarterly on the purchase
      price of Rs. 555.0 per share;
<PAGE>

      "EVENT OF DEFAULT" means any of the following events

      (i)    the Promoter's shareholding in the SELLER falls below 51% of the
             outstanding share capital

      (ii)   the SELLER's shareholding in Wipro Net falls below 26%

      (iii)  if the SELLER or Wipro Net has voluntarily initiated bankruptcy or
             insolvency proceedings against itself in a court of law or with any
             appropriate authority

      (iv)   if any bankruptcy or insolvency proceedings has been initiated
             against the SELLER or Wipro Net by any third party and continues
             for a period beyond three month from the date of such proceedings
             being admitted into a court of law or any other appropriate
             authority.

      (v)    the SELLER or Wipro Net is unable to pay its debts within the
             meaning of Section 434 of the Companies Act, 1956 or has filed a
             petition for insolvency;

      (vi)   any special resolution is passed resolving that the SELLER or Wipro
             Net be wound up voluntarily;

      (vii)  the SELLER or Wipro Net is amalgamated with any other body
             corporate or any other body corporate or each with the other is
             amalgamated with the SELLER or Wipro Net without the prior
             permission of ICICI;

      (viii) any petition for winding up of the SELLER or Wipro Net is filed in
             any competent Court for winding up of the SELLER or Wipro Net and
             such petition has not been stayed or dismissed within a period of 3
             months after the same has been filed,

      (ix)   the Seller or Wipro Net is prevented by any competent regulatory
             agency from carrying on the Information Technology and Internet
             Service Provider business, respectively;

      (x)    failure of the SELLER to honour the Put Obligation

      (xi)   the equity shares of the SELLER are delisted from the Bombay Stock
             Exchange and the National Stock Exchange
<PAGE>

      "LIEN" means any mortgage, pledge, security interest, charge, lien or
      other encumbrance of any kind, or a contract to give or refrain from
      giving any of the foregoing, including any restriction imposed under
      applicable law or contract on the transferability of the Shares;

      "OPTION AGREEMENT" means the Option Agreement dated December 1999, entered
      into between the SELLER and ICICI;

      "PERSON" means any natural person, limited or unlimited liability company,
      corporation, partnership (whether limited or unlimited), proprietorship,
      Hindu undivided family, trust, union, association, government or any
      agency or political subdivision thereof or any other entity that may be
      treated as a person under applicable law;

      "PUT OBLIGATION" shall mean all the obligations and liabilities of the
      Company under the Option Agreement;

      "PUT OPTION" shall have the meaning ascribed thereto in the Option
      Agreement

      "PUT OPTION STRIKE PRICE" means price per share so as to yield a return to
      ICICI of 13.75% per annum compounded quarterly on the purchase price of
      Rs. 555.0 per share;

1.2   INTERPRETATION

      Unless the context of this Agreement otherwise requires:

      (a)    words of any gender are deemed to include each other gender;

      (b)    words using the singular or plural number also include the plural
             or singular number, respectively;

      (c)    the terms "hereof", "herein", "hereby", "hereto", and derivative or
             similar words refer to this entire Agreement;

      (d)    the term "Section" refers to the specified Section of this
             Agreement; and

      (e)    heading and bold typeface are only for convenience and shall be
             ignored for the purposes of interpretation.
<PAGE>

2.    SALE OF THE SHARES

      Subject to the terms and conditions of this Agreement, and in
      consideration for the payment of the Consideration, the SELLER shall sell
      and transfer to ICICI, and ICICI shall purchase such shares from the
      SELLER.

3.    CONSIDERATION

3.1   AMOUNT OF CONSIDERATION

      The consideration for the purchase of the Shares shall be Rupees 555.0 for
      each Share constituting an aggregate consideration of Rupees.
      99,42,18,675.00 (the "CONSIDERATION") for all the Shares.

4.1   SPECIAL CONDITIONS

      The sale and transfer of the Shares in accordance with this Agreement
      shall be subject to the following conditions:

      (i)    The SELLER shall provide to ICICI an option to sell upto 1,791,385
             numbers of the Shares to the SELLER at the Put Option Strike Price
             (as defined in the Option Agreement dated December 1999, entered
             into between ICICI and the SELLER),

      (ii)   The Put Obligation (as defined in the Option Agreement) shall be
             secured by pledge of shares of the SELLER by the Promoter so that
             the collateral value is at least twice the Put Obligation. The
             collateral value shall be arrived at by multiplying the number of
             shares of the SELLER pledged with ICICI with the last six months
             average closing price of the shares of the SELLER on the Bombay
             Stock Exchange. In the event that the collateral value falls below
             1.5 times the Put Obligation, the Promoter shall pledge such
             additional shares of the SELLER as required to restore the
             collateral value to two times the Put Obligation. In the event that
             the Collateral Value exceeds 2.5 times the Put Obligation, ICICI
             will release such shares from the pledge as may be required to
             restore the collateral value to twice the Put Obligation. In
             consideration of the SELLER providing the Put Option to ICICI, any
             dividends that may be paid by Wipro Net in respect of the Shares
             shall be paid on to the SELLER;
<PAGE>

      (iii)  ICICI shall provide to the SELLER or its nominee a call option on
             all the Shares, which call option may be exercised in the form and
             manner described in the Option Agreement;

      (iv)   The Parties shall undertake to maintain the confidentiality of the
             purchase price of the Shares throughout the tenure of the Option
             Agreement.

4.2   FAILURE TO COMPLY WITH CONDITIONS

      In the event that the conditions set forth in Section 4.1 hereof are not
      satisfied on or before January 31, 2000, this Agreement shall lapse and no
      party shall have any claim against the other under this Agreement.

5.    REPRESENTATIONS AND WARRANTIES

5.1   REPRESENTATIONS AND WARRANTIES OF THE SELLER

      The SELLER hereby represents and warrants to ICICI as follows:

(i)   the SELLER is a limited liability company duly organised, validly
      existing, and in good standing under the laws of India and is duly
      qualified and licensed to do business in each jurisdiction in which the
      character of its properties or the nature of its activities requires such
      qualifications;

(ii)  the SELLER has full corporate power and authority to enter into this
      Agreement and to take any action and execute any documents required by the
      terms hereof; and that this Agreement, entered into, have been be duly
      authorised by all necessary corporate proceedings, have been duly and
      validly executed and delivered by the SELLER, and, assuming due
      authorisation, execution and delivery by the ICICI, is a legal, valid, and
      binding obligation of the SELLER, enforceable in accordance with the terms
      hereof; and that the executants of this Agreement on behalf of the SELLER
      have been duly empowered and authorised to execute this AGREEMENT and to
      perform all its obligations in accordance with the terms herein;

(iii) no Consent, approval, Authorisation, order, registration or qualification
      of, or with, any court or regulatory authority or other governmental body
      having jurisdiction over the SELLER, the absence of which would adversely
      affect the legal and valid execution, delivery and performance by the
      SELLER of this Agreement or the documents and instruments contemplated
      hereby or the taking by the SELLER of any actions contemplated herein, is
      required;
<PAGE>

(iv)  neither the execution and delivery of this Agreement, the consummation of
      the transactions contemplated hereby, or the fulfillment of or compliance
      with the terms and conditions of this Agreement, conflict with or result
      in a breach of or a default under any of the terms, conditions or
      provisions of any legal restriction (including, without limitation, any
      judgement, order, injunction, decree or ruling of any court or
      governmental authority, or any federal, state, local or other law,
      statute, rule or regulation) or any covenant or agreement or instrument to
      which the SELLER is now a party, or by which the SELLER or any of the
      SELLER's property is bound, nor does such execution, delivery,
      consummation or compliance violate or result in the violation of the
      SELLER's Certificate of Incorporation, Memorandum and Articles of
      Association;

(v)   the SELLER has the legal capacity to enter into and perform this
      Agreement, and this Agreement constitutes a legal, valid and binding
      obligation of the SELLER enforceable against the SELLER in accordance with
      its terms;

(vi)  all the Shares are legally owned by the SELLER free from all Liens, and
      the SELLER is entitled to sell and transfer to ICICI the ownership of the
      Shares in accordance with the terms of this Agreement; and

(vii) the SELLER has not entered into any agreement or arrangement to sell,
      transfer, assign, create a Lien or otherwise dispose of the Shares to any
      Person other than in accordance with this Agreement.

5.2   REPRESENTATIONS AND WARRANTIES OF ICICI

      ICICI hereby represents and warrants to the SELLER as follows:

      (i)  it is duly organised and validly existing under the laws of India,
           and has full power and authority to enter into this Agreement and to
           perform its obligations under the Agreement; and

      (ii) the execution and delivery of this Agreement and the performance by
           it of its obligations under this Agreement has been duly and validly
           authorised by all necessary corporate action on the part of it. This
           Agreement constitutes a legal, valid and binding obligation of ICICI
           enforceable against it in accordance with its terms.
<PAGE>

      (a)    This Agreement shall be specifically enforceable at the instance of
             either Party.

      (b)    In the case of any time, period or date referred to in any
             provision of this Agreement, time shall be of the essence.
<PAGE>

      (c)    Notices, demands of other communication required or permitted to be
             given or made under this Agreement shall be in writing and
             delivered personally or sent by prepaid post with recorded
             delivery, or by telex or legible telefax addressed to the intended
             recipient at its address set forth below, or to such other address
             or telex or telefax number as either Party may from time to time
             duly notify to the others:

                If to the SELLER:

                     Wipro Limited
                     10th Floor, Du Parc Trinity
                     17, M.G. Road
                     Bangalore 560 001

                     Fax:    (91-80-5596752)
                     Attention:  Corporate Executive Vice President - Finance

                If to ICICI:

                     ICICI Limited
                     2nd Floor, East Wing
                     Raheja Towers
                     26-27, M.G. Road
                     Bangalore 560 001

                     Fax:    (91-08-5588556)
                     Attention: Zonal Manager

             Any such notice, demand or communication shall, unless the contrary
             is proved, be deemed to have been duly served at the time of
             delivery in the case of service by delivery in person or by post,
             and at the time of despatch in the case of service by telex or
             telefax.

      (d)    All expenses, charges and duties and other costs associated with
             purchase of the Shares shall be borne by the SELLER. The SELLER
             shall bear all stamp duty payable in connection with this Agreement
             and the purchase of the Shares by ICICI.

      (e)    No rights or liabilities under this Agreement shall be assigned by
             any of the Parties hereto without the prior written consent of the
             other Party.
<PAGE>

      (f)    This Agreement supersedes all prior discussions and agreements
             (whether oral or written, including all correspondence) if any,
             between the Parties with respect to the subject matter of this
             Agreement, and this Agreement contains the sole and entire
             agreement between the Parties hereto with respect to the subject
             matter hereof.

      (g)    Any provision of this Agreement which is invalid or unenforceable
             shall be ineffective to the extent of such invalidity or
             unenforceability, without affecting in any way the remaining
             provisions hereof.

      9.     ARBITRATION

      Any and all differences, disputes or questions arising out of or under or
      incidental to this agreement shall be resolved by recourses to arbitration
      to be conducted by a panel of three arbitrators, one of whom would be
      appointed by ICICI, one by Wipro and the third by the two arbitrators so
      appointed and shall be conducted in accordance with the Arbitration Act,
      1966. The venue of arbitration shall be Bangalore and the Arbitration
      Award shall be final and binding on the parties.

      IN WITNESS WHEREOF, the parties have entered in Agreement the day and year
      first above written:

WIPRO LIMITED                                   [GRAPHIC OF WIPRO LIMITED
                                                 CORPORATE SEAL OMITTED]
By: /s/

Name: S.C. Senapaty

Title:     Corporate Executive Vice President - Finance

ICICI LIMITED:

By: /s/ [illegible]

Name:

Title:

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