PRESS DIGEST - Indian Business News - Nov 9

MUMBAI, Nov 9 (Reuters) - Indian newspapers carried the following stories in their print or Web editions on Monday. Reuters has not verified these stories and does not vouch for their accuracy.

ECONOMIC TIMES (www.economictimes.com)

* Reliance Industries (RELI.BO: Quote, Profile, Research) may soon announce the acquisition of a part of the assets owned by troubled petrochemical major LyondellBasell, which is undergoing reorganisation under the protection of a U.S. court.

* Pfizer India (PFIZ.BO: Quote, Profile, Research) will hire an additional 200 people in the next few months and will continue to raise its headcount as it sees minimal overlap when its operations are merged with Wyeth (WLED.BO: Quote, Profile, Research) in India. Pfizer has no immediate plans to merge its operations with Wyeth in India.

* The Insurance Regulatory and Development Authority has proposed a new consolidated health and life cover for over 60 million poor families, estimated to cost 120 billion rupees, that will replace all existing state-sponsored insurance schemes.

* The federal government may end the practice of using cess as means of raising funds for specific purposes as it reforms the country's indirect tax structure through a comprehensive goods and services tax.

* Regulator Securities and Exchange Board of India (SEBI) plans to increase investor participation in mutual fund schemes to protect retail investors from the impact of selloffs by large investors and corporates. SEBI is likely to raise the minimum number of investors required in a mutual fund scheme from 20 at present and bring down the maximum holding by a single investor from the current level of 25 percent.

BUSINESS LINE (www.businessline.in)

* Oil and Natural Gas Corp (ONGC.BO: Quote, Profile, Research) may be allowed to sell gas from its marginal C-series field at the current market determined price of $4.75 per mBtu as against $5.5 firmed up by the company earlier.