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Tata Investment Corporation, a unit of Tata Sons Limited, has informed that company’s board has approved its plan to raise a sum of Rs 448 crore in 2008 via rights issue of zero-coupon convertible bonds. The company has decided to offer one ZCB for every five shares at the face value of Rs 650. Further, the board of directors of the company have recommended the payment of a dividend of 150% on the ordinary share capital i.e. Rs 15 a share of the face value of Rs 10. Tata Investment Corporation Limited operates as an investment company in India. Its activities primarily include investing in long-term investments in equity shares and other securities of companies in a range of industries. The company also distributes mutual funds and other investment related securities. The company’s net profit declined 7% to Rs 44.71 crore on 7.1% fall in net sales to Rs 52.32 crore in Q3 December 2007 over Q3 December 2006.

Aditya Birla Nuvo plans to invest Rs 400 crore to open 80 Peter England People stores, spread across 10,000 -12,000 sq ft, in next five years. It would launch the brand in Bangalore by June this year and later in cities like Delhi, Hyderabad, Chennai and Kolkata by end of 2008. The market for apparel segment for organized players is estimated at Rs 4,900 crore and is expected to grow to Rs 1,30,000 crore in the next five years. The company expects to collect Rs 4,500 crore ($1.5 billion) revenue from the apparel retail business in next five years. Madura Garments, the apparel retail business of the group, is looking to emerge as one of the top three retailers in the country in five years. Madura has 250 flagship stores for brands such as Louis Philippe, Van Heusen, Allen Solly and Peter England. Last year, the company had posted revenue of Rs 1,025 crore. Aditya Birla Retail currently operates 550 super markets and two large format stores under the More brand. The company is slated to

Indian tyre manufacturer Ceat Limited, has decided to set up its proposed Rs 500-600 crore greenfield radial facility in Gujarat. According to sources close to the State Government, the company has recently filed an application for the allotment of approximately 100 acres at either Halol near Baroda or Bharuch for setting up the proposed 36-lakh radial tyre facility. Apart from passenger tyres, the proposed plant would also host a pilot facility to manufacture 2.5 lakh truck-bus radials per annum. Ceat has lauched a new website. The newly launched website features information about the company, the product range, along with tyre maintenance and information pages. The company has reported a net profit of Rs 148.6 crore for the year-ended March 31, 2008, against Rs 29.25 crore a year ago. The company's board has recommended a dividend of Rs 4 per share.