MUMBAI, Dec 27 Indian newspapers carried the following stories in their print or Web editions on Thursday.
ECONOMIC TIMES
* Daimler will hold a 60 percent stake in the commercial vehicle joint venture with the Hero group. The total investment in the JV is expected to be 35 billion rupees and Daimler will invest about 16.5 billion in equity in the project.
* The federal government and the central bank have approved a proposal to form a company in London that will lend part of India's $272 billion foreign exchange reserves for capital expenditure spend abroad for infrastructure projects.
* The capital market regulator will soon unveil norms for real estate mutual funds and Real Estate Investment Trusts. The norms allow local asset management firmks to raise money from investors to invest in realty projects.
* The federal government is considering bringing hotels under the Factories Act 1948. If brought under the act, Hotels may no longer be able to retrench employees or close units without the approval of the authorities.
* The federal government plans to extend crucial research sops given to pharmaceutical firms to agrochemical makers such as United Phosphorous and Excel Crop Care Ltd . (UNPO.BO )( EXCR.BO )
* State-run State Bank of India will invite partnership bids from global insurance firms for its foray into non life insurance.
FINANCIAL EXPRESS
* State-run explorer Oil & Natural Gas Corp will earmark $20 billion to buy stakes in oil and gas properties overseas and would announce some deals soon. It expects to finalise agreements in Turkmenistan, Iran, Latin America and west Africa. ( ONGC.BO )
BUSINESS STANDARD
* Vivimed Labs is close to buying the cosmetics and related ingredient manufacturing division of a German speciality chemcal and pharmaceutical firm. ( VVMD.BO )
Daily News & Analysis (www.dnaindia.com)
* Cairn India plans to invest $150 million over the next two years on exploration activities. (CAIL.BO )
* Daimler's India joint venture plans may face the Press Note 1 hurdle -- Overseas firms that already have a partnership with an Indian firm and planning new joint ventures in India need to get a no objection from the partner. Daimler owns a stake in Tata Motors Ltd and will need to get the nod from the Indian truck maker. ( DAIGn.DE )(TAMO.BO )
TIMES OF INDIA
* Telecoms firm Videsh Sanchar Nigam Ltd plans to sell a 20 percent stake in its broadband unit. (VSNL.BO )
MINT (www.livemint.com)
* GVK Power and Infrastructure Ltd plans to buy coal mines in Indonesia to feed its merchant power plants. (GVKP.BO )
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