PRESS DIGEST - Indian Business News - July 29

MUMBAI, July 29 (Reuters) - Indian newspapers carried the following stories in their print or Web editions on Tuesday. Reuters has not verified these stories and does not vouch for their accuracy.

THE ECONOMIC TIMES (www.economictimes.com)

* Two executives of Indian origin, Manvinder Singh Banga and Harish Manwani, are in the race to bag the top job at Unilever (UNc.AS: Quote, Profile, Research) (ULVR.L: Quote, Profile, Research). The post would fall vacant sometime next year when the current group chief executive, Patrick Cescau, who is French, steps down.

* Lehman Brothers' LEH.N captive backoffice unit in Mumbai, Lehman Brothers Financial Services (India), which employs around 700 people, has asked about 180 employees to leave.

* Mid-size IT and engineering services firm Rolta (ROLT.BO: Quote, Profile, Research) is close to acquiring a Chicago-based software firm at an expected deal size of $40-50 million.

* The finance ministry has brushed aside Reserve Bank of India's concerns of real estate mutual funds violating foreign direct investment (FDI) norms in the realty sector.

* The founders of realty firm, Modern India (MDRM.BO: Quote, Profile, Research), who control more than 85 percent, have decided to sell 10 percent to raise funds for expansion and have initiated talks with various financial institutions and private equity (PE) firms.

* Taro Pharmaceuticals (TAROF.PK: Quote, Profile, Research) has recommended its shareholders to reject the unsolicited tender offer of Sun Pharma (SUN.BO: Quote, Profile, Research). The Israeli company also said that the Tel Aviv court would, in all probability, declare the Sun bid illegal before the expiry of the offer.

BUSINESS STANDARD (www.business-standard.com)