Conformed Copy - L2928 - Industrial Finance and Technical Assistance Project - Amendment 1

Page 1 November 6, 1992 The Secretary to the Government of India Ministry of Finance Department of Economic Affairs New Delhi, India The Chairman Steel Authority of India Limited Ispat Bhavan Lodi Road, New Delhi 1100003 India Gentlemen: Re: Loan No: 2928 - IN (Industrial Finance and Technical Assistance Project) Amendment of Loan Agreements We refer to the Loan agreement between India (the Borrower) and the International Bank for Reconstruction and Development (the Bank) (the India Loan Agreement) and the Loan Agreement between the Steel authority of India (SAIL) and the Bank (the SAIL Loan Agreement), both dated May 12, 1988, for the Industrial Finance and Technical Assistance Project. We also refer to the letters dated September 29, 1992 and July 27, 1992 from the Director (Planning), SAIL and the letter (undated) from Mr. N. Prasad, Department of Economic Affairs, Government of India, requesting financing under the Loan of a study on technology upgrading at Visvesvaraya Iron and Steel Ltd. similar to the study that was completed at the Alloy Steel Plant, Durgapur. We are pleased to inform you that, pursuant to the above request, the Bank has agreed to amend Part C(i) of Schedule 2 to both the India and the SAIL Loan Agreements as follows: (vi) carrying out studies on technology upgrading at steel plants. Please confirm your agreement to the foregoing by signing and dating the enclosed form of confirmation and returning it to us. Upon your confirmation as noted above this amendment will be effective as of the date of this letter. Yours sincerely, Richard Skolnik Acting Director India Country Department South Asia Region CONFIRMED: INDIA By /s/ M. Prasad Authorized Representative Date: December 14, 1992 STEEL AUTHORITY OF INDIA LIMITED By /s/ Arvind Pande Authorized Representative Date November 18, 1992 Page 2