| The Board of Ludhiana-based Ritesh Properties & Industries Ltd (RPIL) today approved a stake of 8 per cent to Bennett, Coleman & Co Ltd (BCCL). |
| According to the agreement, RPIL would be issuing 840,000 shares of Rs 60 each to BCCL amounting to Rs 5 crore. This initiative will take RPIL’s equity capital to 1,050,000 shares against the earlier 920,000 shares. |
| RPIL will infuse these funds for marketing of its proposed retail chain business to further ramp up the operations. |
| Sanjeev Arora, managing director, RPIL, said, “We are launching a retail chain of stores, especially targeting the women’s segment. We have plans to launch a brand called Femella across the country. By this year, we will have our stores opened in New Delhi.” |
| The company plans to have around 100 stores across India by the end of 2008 of which at least 35 stores will be company-owned and the rest will be franchise stores. |
| In real estate, currently, the company is developing a Rs 800-crore project jointly with Ansal Properties and Infrastructure. |
| Further, the company has commissioned Technopak for feasibility study of its next project, which will be worth over Rs 1,000 crore. |
Source: Business Standard