Life Insurance Corporation of India (LIC), the largest insurance organizations in the country is all set to open a representative office in Singapore next month.

According to the source, the upcoming office will initially explore opportunity for selling insurance products to the people of Indian origin.

Additionally, the insurance giant is also planning to expand its footprints into Australia and New Zealand. At present, LIC has international operations in seven countries - UK, Mauritius, Fiji, Nepal, Gulf, Saudi Arabia and Bahrain.

State-run gas utility Gas Authority (India) Limited has signed a Memorandum of Understanding (MoU) with Indian Oil Corporation Limited (IOCL) to explore possibility of setting up a Rs 10,000 crore petrochemical plant at Barauni in Bihar.

Under the arrangement, a joint working committee consisting of two representatives from each company shall be formed for undertaking techno-economic feasibility study of the project including feedstock (naphtha and natural gas) management.

British telecom firm Vodafone has clinched a strategic partnership with Russia-based Mobile TeleSystems (MTS) OJSC, which includes collaboration on future technological developments.

According to the sources, the non-equity partnership agreement has been signed to offer clientele with high quality communication services.

The pact would also offer Mobile TeleSystems (MTS) access to products, services and devices from Vodafone for its markets of operation in Russia, Ukraine, Uzbekistan, Turkmenistan and Armenia.

Religare Enterprises, the financial services arm of Ranbaxy Group, is planning to rise more than Rs 1,000 crore through rights offering to its existing shareholders.

The company's board is expected to meet on 30th October to consider raising of funds over Rs 1,000 crore at around current price level by further issue of equity shares on rights basis.

Religare Enterprise Limited, through its subsidiaries, offers a range of financial products and services to retail investors, high net worth individuals, and corporate and institutional clients in India.

LG Electronics India, a global leader and technology innovator in consumer electronics, has decided to hike prices of its products in almost all categories from November 1 to offset the sharp depreciation of rupee against the dollar.

Amitabh Tiwari, Head of Electronics Department, LG Electronics India said,, “We have decided to hike prices from November 1 ranging from up to 5 per cent across almost all product categories, as we are unable to take further hits on account of rupee depreciation.”