PRESS DIGEST - Indian Business News - Feb 25

MUMBAI, Feb 25 (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)

* Dr Reddy's Laboratries (REDY.BO) is scaling back its non-US global operations and will shut down operations in China due to a global economic meltdown.

* Sun Pharmaceuticals (SUN.BO) is learnt to have decided to offer $9.5 a share, 22 percent higher than the existing offer, to acquire Israel-based Taro Pharmaceuticals.

DNA (www.dnaindia.com)

* A joint venture between realtor DLF Ltd (DLF.BO) and UK-based construction firm Laing O'Rourke is falling apart as the latter wants to bid aggressively for infrastructure and construction projects but DLF is apprehensive about investing money.

* Parsvnath Developers Ltd (PARV.BO) has postponed its luxury mall-cum-office complex in Delhi as it has not received government clearances for the project including environment clearance.

BUSINESS STANDARD (www.business-standard.com)

* Delhi-based Monnet Ispat (MNET.BO) has joined the race to acquire Orissa Sponge Iron and Steel (OSSP.BO) and has bought a 27 percent stake in the company. The Bhushan group is also in the fray to acquire control over the company.

* Unitech Ltd (UNTE.BO) has sold its 200-room budget hotel, Courtyard by Marriott, in Gurgaon to Delhi-based Roop Madan, a high networth individual, for 2.3 billion rupees. The firm has also withdrawn its proposal to raise 50 billion rupees through issues in overseas markets.

MINT (www.livemint.com)

* Swedish car maker Volvo AB's (VOLVb.ST) Indian arm, Volvo Car India Pvt Ltd, which sells the S80 and XC90 models in the country, has sold 100 cars in 2008, far short of its target of 500.

* State-run Shipping Corp of India (SCI.BO) has scrapped a tender to buy four dry-bulk carriers as demand for ships has declined.

($1= 49.87 rupees)

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