Investment proposals worth $40 billion await clearancenews
08 December 2006

Mumbai: The Investment Commission headed by Ratan Tata has identified more over a dozen projects entailing total investments of $40 billion, Pawan Kumar Bansal, minister of state for finance, said.

These include investment proposal for an estimated $10 billion by US chemical giant Dow, a $2-$3 billion equity investment in the banking sector by Citigroup, Barclays and Royal Bank of Nova Scotia, he informed the Lok Sabha in a written reply.

The commission has identified a number of proposals, which are awaiting clearance from partners, corporate bodies or state governments, Bansal said. The recommendations of the commission, set up by prime minister Manmohan Singh have been sent to the state governments for follow-up action, he added.

South Korean steel giant Posco has planned a $10 billion investment in Orissa, Reliance Energy has proposed investment of $12 billion for setting up a 10,000 MW coal-fired power plant in that state, he said.

Among other proposals are: AES group's $400-500 million investment in the power sector to expand OPEG's capacity by 500 MW and another $1 billion for setting up a 1,000 MW project in Chhattishgarh.

Besides, Space TV has planned an investment of about $650 million in the media sector, the minister pointed out.

The Commission has also identified $300-500 million equity investment in real estate projects by projects by Trikona Capital and others, Lafarge's plan to invest $200 million in India's mining sector and $400 million by Metro Cash & Carry in trading.

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Investment proposals worth $40 billion await clearance