Fortune Park Hotels Pvt Ltd has made announcement about the opening of four new hotels in India by July 2009.

A top company representative said that the wholly-owned subsidiary of ITC Ltd will be set up in Mussoorie, Jaipur, Bangalore and Manipal by July.

The hospitality firm also announced that it plans to build two such hotels in Bangalore and Coimbatore in the next two years with a total investment of Rs 120-150 crore.

The company opened Fortune Inn Grazia at Noida on Friday.

In spite of the recent drop in gold prices in India to slightly over Rs 14,200 per

Industrial Development Bank of India Limited (IDBI) a leading public sector bank, has revealed its plan to raise capital worth Rs 5,000 crore through senior, upper and lower Tier II bonds in 2009-10.

The decision was taken by the company to shore up its capital adequacy ratio for supporting business growth.

ICICI Home Finance, the housing finance arm of the largest private sector bank in the country, on Thursday began selling subordinated bonds to raise Rs 100 crore.

The latest move was taken by the company to meet its fund requirements.

According to company official, the amount is being raised as subordinated debt and carries a coupon rate of 9.75 per cent, payable annually. The issue will close on April 20.

ICICI Securities Primary Dealership, ICICI Bank and IDFC-SSKI are reported as arrangers to the deal.

Bajaj Allianz Life Insurance, one of the leading private insurance companies in India, is eyeing to double its market share to 10 per cent in the health insurance segment over the next three years.

The latest information was revealed by a senior executive of the company, during launching of new insurance plan.

Presently, the company's market share in health insurance, among all the life insurers, is around 5%, which it plans to increase it to 10% in a three-year period.

That there is an apparent slide in deposit rates has become all the more obvious with two of India’s leading public sector banks – State Bank of India (SBI) and IDBI Bank – slashing their deposit rates, with the revised rates taking effect from April 13. The state-owned IDBI Bank also intends cutting its yardstick prime lending rate (BPLR) from April 15 onwards.