PRESS RELEASE

Tulip Telecom-Update on FCCB Redemption New Delhi, September 10, 2012 - Tulip Telecom Limited ("the Company"), India's leading Enterprise Data Services provider, has an outstanding obligation of USD 140mn on the existing Foreign Currency Convertible Bonds ("FCCBs"), with a face value of USD 97mn.

Over last few weeks, the Company has made significant progress in its fund raising exercise through various instruments and internal accruals. The Company is making all reasonable endeavours to meet its full redemption obligation. The Company will keep stakeholders updated on further progress on this front.
The Company's underlying business performance remains robust and it remains fully committed to meet its outstanding obligations in full.

About Tulip Telecom Ltd.:

Tulip Telecom Ltd. (BSE: 532691/NSE: TULIP) is India's leading Enterprise Communications Service provider. The Company's data network has the largest reach of over 2,000 locations globally. The Company has a global presence with over 5,000 employees and more than 2,500 customers. Tulip designs, implements and manages communication networks of large enterprises on long term contracts to include enterprise communications connectivity, network integration, managed services and Data Centers.

For more information on the Company, please log on to www.tulip.netor contact:

Shilpi Chaturvedi Tulip Telecom Ltd. shilpic@tulip.net

+91 8447330847

Naushi Ahmed Genesis BM Naushi.ahmed@bm.com

+ 91 9873570081

Note: Certain statements in this document may be forward-looking statements. Such forward-looking statements are subject to certain risks and uncertainties like government actions, economic developments, technological risks, and many other factors that could cause our actual results to differ materially from those contemplated by the relevant forward-looking statements. Tulip Telecom Limited will not be in any way responsible for any action taken based on such statements and undertakes no obligation to publicly update these forward- looking statements to reflect subsequent events or circumstances.
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