PRESS DIGEST-Indian Business News - Nov 18

NEW DELHI, Nov 18 (Reuters) - Indian newspapers carried the following stories in their print or Web editions on Wednesday. Reuters has not verified these stories and does not vouch for their accuracy.

ECONOMIC TIMES (www.economictimes.com)

* The Mittal group has pulled out of a joint venture with the overseas investment arm of the state-run Oil and Natural Gas Corp (ONGC.BO: Quote, Profile, Research) to develop an oil block in Kazakhstan. The group, which runs the world's top steel maker ArcelorMittal (ISPA.AS: Quote, Profile, Research), is also seeking buyers for its oil assets in that country.

* Japan's Nippon Telegraph and Telephone (9432.T: Quote, Profile, Research) is in talks to take a 66 percent stake in software-services firm Patni Computer Systems (PTNI.BO: Quote, Profile, Research) (PTI.N: Quote, Profile, Research).

BUSINESS STANDARD (www.business-standard.com)

* State-run telecoms firms Bharat Sanchar Nigam and Mahanagar Telephone Nigam (MTNL.BO: Quote, Profile, Research) are likely to pull out of a consortium that seeks to take a 46 percent stake in Kuwaiti telecoms firm Zain (ZAIN.KW: Quote, Profile, Research).

* Hyundai Motor Co (005380.KS: Quote, Profile, Research) will spend 8 billion rupees to develop a small car for the Indian market, which it expects will take 24 months to launch.

FINANCIAL CHRONICLE (www.mydigitalfc.com)

* JK Lakshmi Cement (JKLC.BO: Quote, Profile, Research) will invest 12 billion rupees by 2012/13 to set up a 2.7-million-tonne cement plant in the central state of Chhattishgarh.

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