Tata Investment Corporation Ltd.

Tata Investment Corporation Ltd. has informed the Exchange vide their letter dated September 14, 2007, that: "Our Company has today received (at 5 p.m.) a letter from Tata Sons Ltd. stating their intention to make an Open Offer to the public shareholders of our Company under the relevant SEBI Regulations. Tata Sons Ltd. and other Tata Companies presently hold 60.61% of our Equity Capital and the Open Offer is proposed to be made by Tata Sons Ltd. alone to acquire additional Equity shares of upto 29.29% from the public shareholders who presently hold 39.39%. This will not result in de-listing the Company's shares from the Stock Exchange. The offer will be made at a price of Rs.600/- per share which represents a premium of 33.33% over today's closing price of our Company's share of Rs.450/- on the Bombay Stock Exchange. This price is also well in excess of the minimum price of Rs. 439/- computed on the basis of the relevant SEBI pricing formula under the Regulations".