PRESS DIGEST - Indian Business News - Aug 29

MUMBAI, Aug 29 (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)

* Karan Billimoria may exit from Cobra Beer after liquor giant Diageo Plc (DGE.L: Quote, Profile, Research) called off a transaction to pick up a minority stake in the company on profitability concerns. InBev NV INTB.BR, SABMiller Plc (SAB.L: Quote, Profile, Research), UB and private equity funds may be interested in the acquisition, sources said.

* Jewellery maker and retailer Gitanjali Gems (GTGM.BO: Quote, Profile, Research) has pulled out of the race to buy US-based jewellery retail chain Whitehall due to differences on pricing.

* Steel maker Jai Corp (JAIC.BO: Quote, Profile, Research) plans to get into distribution and supply of city gas and liquified petroleum gas, an area primarily dominated by government-owned companies.

BUSINESS STANDARD (www.business-standrad.vom)

* Great Eastern Energy Corp (GEECq.L: Quote, Profile, Research) is planning a public issue in India, part of which will be sponsored by foreign shareholders who will also tender their shares for sale. The company is listed on the London Stock Exchange's Alternative Investment Market.

* Bharat PetroResources, an exploration and production subsidiary of Bharat Petroleum Corp (BPCL.BO: Quote, Profile, Research), has bought 10 percent stake in an oil block in Mozambique for $75 million.

MINT (www.livemint.com)