Tata panel recommends $40-b projects for govt clearance

NEW DELHI: The Ratan Tata-headed Investment Commission has identified more than a dozen projects entailing a total investment of $40 billion, including an estimated $10 billion by the US chemical giant Dow. Other proposals include $2-3 billion as equity investment in the banking sector by Citigroup, Barclays and Royal Bank of Nova Scotia.

In a written reply to the Lok Sabha on Friday, state minister for finance Pawan Kumar Bansal said the commission has identified a number of proposals which are awaiting action from different state governments, Indian partners or corporate bodies. While South Korean steel giant Posco has planned an investment of $10 billion, Reliance Energy has estimated an investment of $12 billion for setting up a 10,000 MW coal-fired power plant in Orissa.

Other proposals include AES group’s $400-500 million in the power sector to expand capacity of OPGC (Orissa Power Generation Corporation) by 500 MW, and around $1 billion for setting up a 1,000 MW project in Chhattisgarh. Besides, Space TV has planned an investment of about $650 million in the media sector.

The commission has also identified $300 to $500 million equity investment projects by Trikona Capital and others in real estate, $200 million by Lafarge India in mining and $400 million by Metro Cash & Carry in trading. Mr 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.