GE Selects HCL to be one of its Partners for Global Development Centers Program; HCL to set up and operate multiple Global Development Centers for GE in India and China.

SUNNYVALE, Calif. -- HCL Technologies Ltd. ("HCL"), India's global IT services company, today announced the signing of an agreement with General Electric Company (NYSE:GE) in which HCL will set up and operate Global Development centers (GDC) in India and China for GE over 3 years. GE selected HCL as one of its partners after due diligence conducted by the GE team.

"We are excited about this partnership and will continue to deliver the near shore alternatives and LCC leverage to GE," said Shami Khorana, President, HCL America, a 100% subsidiary of HCL. "Our leadership in the areas of multi-service offerings, flexibility and transparency in business models, and success with HR policies like 'Employee First' are contributing to our demonstrated track record of high value, cost effective partnerships."

About HCL Technologies

HCL Technologies is one of India's leading global IT Services companies, providing software-led IT solutions, remote infrastructure management services and BPO. Having made a foray into the global IT landscape in 1999 after its IPO, HCL Technologies focuses on Transformational Outsourcing, working with clients in areas that impact and re-define the core of their business. The company leverages an extensive global offshore infrastructure and its global network of offices in 16 countries to deliver solutions across select verticals including Financial Services, Retail & Consumer, Life Sciences Aerospace, Automotive, Semiconductors, Telecom and MPE (Media Publishing & Entertainment). For the twelve-month period ended 30th June 2006, HCL Technologies, along with its subsidiaries, had revenues of US $976 million (Rs. 4,388 crore) and employed 32,626 professionals. For more information, please visit www.hcltech.com

About HCL Enterprise

HCL Enterprise is a leading global technology and IT enterprise with annual revenues of US $3.5 billion (Rs. 15,000 crores). The HCL Enterprise comprises two companies listed in India - HCL Technologies & HCL Infosystems. The 3-decade-old enterprise, founded in 1976, is India's original IT garage start-up. Its range of offerings span Product Engineering, Technology and Application Services, BPO, Infrastructure Services, IT Hardware, Systems Integration, and distribution of ICT products. The HCL team comprises 36,949 professionals of diverse nationalities, who operate from 16 countries including 300 points of presence in India. HCL has global partnerships with several leading Fortune 1000 firms, including leading IT and Technology firms. For more information please visit www.hcl.in

Forward Looking Statements

Certain statements in this release are forward-looking statements, which involve a number of risks, and uncertainties that could cause actual results to differ materially from those in such forward-looking statements. The risks and uncertainties relating to these statements include, but are not limited to, risks and uncertainties regarding fluctuations in earnings, our ability to manage growth, intense competition in IT services including those factors which may affect our cost advantage, wage increases in India, our ability to attract and retain highly skilled professionals, time and cost overruns on fixed-price, fixed-time frame contracts, client concentration, restrictions on immigration, our ability to manage our international operations, reduced demand for technology in our key focus areas, disruptions in telecommunication networks, our ability to successfully complete and integrate potential acquisitions, liability for damages on our service contracts, the success of the companies/ entities in which we have made strategic investments, withdrawal of governmental fiscal incentives, political instability, legal restrictions on raising capital or acquiring companies outside India, and unauthorized use of our intellectual property and general economic conditions affecting our industry. The company does not undertake to update any forward-looking statement that may be made from time to time by or on behalf of the company.

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