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Govt clears 6 infrastructure projects worth Rs 150 billion

The Cabinet Committee on Foreign Investment has approved six infrastructure projects involving an investment of Rs 150 billion.

Among the projects cleared are the Cuddalore Power Company Limited and Essar Oil Limited.

The CPCL will set up a 660 MW thermal power plant at Cuddalore, on the east coast of Tamil Nadu. The Rs 63 billion project will be executed on build-own-and-operate basis.

The EOL refinery project will come up at Vadinar in Gujarat, with an installed capacity of nine million tonne per annum.

Prime Finance Company Limited, a member of the Switzerland-based Chanderia group of companies, will produce LPG, naptha, motor gasoline, kerosene, diesel, fuel oil, bitumen and sulphur.

The CCFI has also approved the Rameshwar Vaibhav Development Private Limited's proposal to build an international tourist city at Pen-Alibag in Raigadh district of Maharashtra with non-resident Indian investment to the tune of Rs 4.12 billion. The company has been allowed to pay Rs 19.19 billion to its foreign collaborators.

The state government has approved the project and notified the Rameshwar Vaibhav hill station for promoting tourism.

The CCFI also approved the proposal of Mangalore Refinery and Petrochemicals Limited for foreign investment for expanding its capacity from three million tonnes per annum to nine million tonnes.

The foreign investment, amounting to Rs 6.71 billion, will be raised through the issue of global depository receipts or the issue of 34,79,51110 equity shares of Rs 10 each and at a premium of Rs 9.26 per share to overseas foreign investors, subject to the condition that foreign equity will not exceed 51 per cent of the paid-up capital of the company.

The CCFI also approved the proposal of Essar Commvision Limited for amending foreign equity clause. It has informed the government that Asia Pacific Infrastructure Limited, Mauritius, is no longer an overseas corporate body as more than 60 per cent of the equity is held by NRIs. The amendment required was that the APIL be recognised as a foreign corporation.