Following are the important business news carried by leading financial dailies on Monday, Nov. 23, 2009.

Business Standard

Emami eyes acquisitions, domestic and foreign

Kolkata-based FMCG major Emami is scouting for acquisitions in the domestic and overseas markets and says it can spend up to Rs 8 billion on this. The company, which acquired Zandu Pharmaceuticals, last year for around Rs 7 billion, said it would be a debt-free company soon and could raise more funds for inorganic growth. ``We are in a better position for acquisitions. Soon we will be a debt-free company. Our balance sheet is strong and we will try to acquire some brands and companies now,`` Emami Group Joint Chairman R S Agarwal said.

Nalco in talks with bank for Rs 100 bn Iran project

State-owned National Aluminium Company (Nalco) is in talks with an Islamic bank in Indonesia for a loan to revive its Rs 10 billion Iran project, on hold due to the aluminium maker`s inability to secure finances for the venture. The company plans to set up a 330,000-tonne aluminium smelter and an 800-Mw captive power plant in Iran. Now, it is talking to an Islamic bank in Indonesia, two investment banking sources said. When contacted, Nalco Director (Finance) B L Bagra said: ``A bank from Indonesia has contacted Nalco for funding the Iran project.`` But he did not name the bank and refused to elaborate on the quantum of loan sought.

L N Mittal doubles his stake in Ophir Energy

Steel magnet Lakshmi N Mittal has paid over USD 10 million to double his stake in Africa- focused Ophir Energy Plc to 21.2%, even as he exited the oil and gas business in the Central Asian nation Kazakhstan. ``We would like to confirm that we recently doubled our investment in this (Ophir Energy) company,`` said Sudhir Maheshwari, Managing Director of Mittal Investment Sarl, the holding company of Mittal family interest. He, however, refused to divulge financial details, saying both Mittal Investment and Ophir were private companies.

Bajaj to raise Pulsar production

Bajaj Auto is betting big on its Pulsar bike and plans to raise production to 90,000 units per month, in the next six months with a sales target of one million units per annum by the end of next financial year. ``We are witnessing a resurgence of sales in Pulsar. From a low of 25,000 units sales per month last year, sales have now shot up to 45,000 units per month,`` Bajaj Auto`s CEO for two-wheelers, S Sridhar said.

Economic Times

JK Lakshmi to mop up Rs 8 bn for expansion

JK Lakshmi Cement, the flagship of the Hari Shankar Singhania Group, will raise nearly Rs 8 billion through debt and equity, to part finance its greenfield project in Chhatisgarh. The new project will help the company get a foothold in the central and eastern markets. Whole-time director Shailendra Chouksey told ET that the remaining fund required for the Rs 12 billion projects would come from internal accrual. The company, he said, is sitting on a cash pile of Rs 4.5 billion. However, he did not divulge the exact time-frame of the fund rising.

IDBI scraps plan to sell home finance biz

IDBI has decided not to sell its housing finance company - IDBI Homefinance - due to differences with the government over the stake sale. About a year back, the bank kicked off the sale process by inviting bids. Dewan Housing had emerged as the highest financial bidder among those who qualified under the technical bids. Other companies that had shown interest included Tata Capital and Religare.

RIL may pay up to USD 12 bn for Lyondell

Reliance Industries could pay up to USD12 billion for bankrupt petrochemicals company LyondellBasell, bankers familiar with the transaction said on Sunday. The deal, if consummated, would take Reliance`s topline to more than USD 80 billion, greater than industry titans such as Dow Chemicals. One person close to Reliance Industries said the final valuation would likely be linked to the value of the total traded debt of LyondellBassell. The company has total debt of around USD20 billion, the market value of which is less than half because of LyondellBasell`s bankrupt status.

Ranbaxy recalls over 4,000 cartons of acne drug in US

Ranbaxy Laboratories has initiated a voluntary recall of 4,348 cartons of its best-selling drug Sotret (isotretinoin, 40 mg) used to treat acne in the US, as they are a part of one batch of tablets which were found to be `out of specification`. The revenue impact due to the recall is insignificant to the company, a person familiar with the matter said.

BSNL launches 3G telephony in Itanagar

BSNL on Saturday launched its 3G mobile telephony here today enabling the people to avail video, voice and web access at a great speed. Launching the service R Sanyal, Chief General Manager of BSNL NE-II telecom circle, told reporters that the 3G service would be extended to some other district towns including Pasighat within a few months.

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