TIMEX and Reliance India Mobile in marketing tie up

Company press release, October 9, 2003

New Delhi

TIMEX Watches Limited (TIMEX), as a part of TIMEX Billennium Celebrations today announced its most exciting offer of the season. With this unique offer TIMEX customers on purchase of a TIMEX watch above Rs. 845/- can get a Reliance India Mobile (RIM) handset with connection. Absolutely FREE!

The TIMEX festival offer is available for customers who purchase a TIMEX watch above Rs. 845/-(after all discounts). Under the Monsoon Hungama scheme, TIMEX customer gets an off of Rs. 501/- on a RIM Handset with connection. The offer is valid till November 31, 2003 or for 30 days from the date of purchase of the TIMEX watch, whichever is earlier. This offer is operational all across India.

Mr. V. D. Wadhwa, Vice President - Sales and Marketing, TIMEX Watches Limited, said TIMEX, over the years has always been bringing excitement into the lives of its customers. We are sure that this festive season our unique offer would be a great hit with everyone. With this offer we expect 100% boost in our sales.

About Timex Watches Limited

The Timex brand has been at the top of the popularity and sales graph for decades now both in the US and Canada and in many places around the world. The TIMEX story dates all the way back to 1857 when it was established as The Waterbury Clock Company. The first TIMEX wristwatch was introduced in 1950 and quickly became the generic name in the field. TIMEX has a multi-brand strategy ranging from the sporty and high-tech to the dressy. There are also a variety of watches in cool colours and shapes aimed at the young and hip.

TIMEX, headquartered in the United States, is one of the world's preeminent watch brands. It is the leading brand in the US and Canada and enjoys strong market positions in several other countries around the world. TIMEX has worldwide manufacturing, marketing and distribution facilities in order to service its global presence.

Recently, Timex celebrated its landmark achievement of selling a 1 Billion watches worldwide. The TIMEX watch is the top seller in the US and Canada & is a brand valued and desired all over the world.

For further information:

Anjali Batra/Geetanjali Sethi/Saurabh Gupta

e,Lexicon Public Relations and Corporate Consultants Ltd.

Tel.: 011-2623 4726/ 2622 3099

Fax : 011-2623 4725

Mob: 98109 37805/ 98109 67677/ 9818075578

e-mail : lexiconpr@vsnl.com