PRESS DIGEST - Indian Business News - July 25

MUMBAI, July 25 (Reuters) - Indian newspapers carried the following stories in their print or Web editions on Friday. Reuters has not verified these stories and does not vouch for their accuracy.

THE ECONOMIC TIMES (www.economictimes.com)

* The Securities and Exchange Board of India has sought details relating to issuance of participatory notes by foreign institutional investors during the past nine months.

* Liquor maker Diageo is in advanced talks to buy 30 percent stake in Cobra Beer for about $100 million. Some private equity firms are also keen on picking up stakes and Cobra would decide on the matter in the next few weeks.

* Reliance Infrastructure Ltd (RLIN.BO) is tying up with Chinese banks to fund its proposed $3 billion joint venture with Shanghai Electric that would manufacture boilers, turbines and generators in India.

BUSINESS STANDARD (www.business-standard.com)

* Oil and Natural Gas Corp Ltd (ONGC.BO) plans to enter uranium mining in alliance with state-run Uranium Corp of India, the sole entity allowed to undertake uranium mining in the country.

THE FINANCIAL EXPRESS (www.financialexpress.com)

* The federal finance ministry is considering amendments to the pricing formula for firms intending to issue American Depositary Receipts or Global Depositary Receipts.

* The finance and investment committee of the Employees Provident Fund Organisation has recommended HSBC (HSBA.L) and ICICI Prudential Asset Management Co as fund managers for its assets along with State Bank of India (SBI.BO).

MINT (www.livemint.com)

* Dawnay Day International plans to sell 50 percent stake in its Indian venture and is talks with Karvy Stock Broking and few other private equity investors. The Indian unit offers stock broking and sells third party financial products.

THE HINDU BUSINESSLINE (www.businessline.in)

* IFCI Ltd (IFCI.BO) has sued Emaar MGF for alleged non-refund of 500 million rupees invested by the financial institution in a pre-IPO placement transaction with the real estate developer.

($1= 42.14 rupees)

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(Compiled by Kaustav Roy; Editing by Prem Udayabhanu)