Cabinet clears Mitsubishi PTA project at Haldia

NEW DELHI, AUG 24: The Cabinet committee on foreign investment (CCFI) cleared several foreign investment proposals including that of the Mi...

NEW DELHI, AUG 24: The Cabinet committee on foreign investment (CCFI) cleared several foreign investment proposals including that of the Mitsubishi Corporation to set up a purified terephthalic acid (PTA) having 3.5 lkh tonne annual installed capacity at Haldia with a total cost of Rs 1400 crore.

In the proposed joint venture, Mitsubishi will hold 95 per cent stake and the balance five per cent will be held by the West Bengal Industrial Development Corporation.

The committee on Saturday also cleared RPG Telecom proposal to include Fairlawn Holdings of Mauritius as another collaborator. The proposal of Kondapalli Power corporation envisaging a foreign investment of Rs 247.50 crore for its naphtha based power project in Andhra Pradesh has also been cleared.

Besides, Ambitious Portfolio Private Limited has been allowed to change its foreign collaborator. Instead of Asian Infrastructure, which was supposed to bring in 48 per cent equity amounting to Rs 25.26 crore, the project’s foreign collaborator will now be Extreme Telecom of Mauritius which will have 49 per cent stake amounting to Rs 21.58 crore.The cabinet committee on economic affairs (CCEA) also met on Saturday and approved the proposal to create India Environment Management Capacity Building Assiatance Project.

The $60 million project will be funded to the extent of $ 50 million by International Development Assistance (IDA) and the rest by the government. The CCEA also approved the Bharat Petroleum proposal for setting up a product terminal at Bina in Madhya Pradesh for Central India Refinery at a total cost of Rs 463 crore.

The committee also approved the proposal for allocation of funds directly to BHEL out of the Central Plan assistance to states, amounting to Rs 821 crore against clear outstanding dues from states electricity boards.The CCEA also cleared the proposal of the ministry of health and family welfare for implementing a family welfare programme in three Tamil Nadu districts at a total cost of Rs 51.50 crore.