CCFI to take up Rs 2000 cr FDI plans

The list of proposals include Tata Communications, BPL Cellular, Sterling Cellular, Gazde, Tidco, BHP Petroleum, US West and Srinivas Cellcon, the sources said. Significantly, mega proposals by Reliance Communications and Tractabel may not be taken up at the meeting, they said.

Among the eight proposals, the largest one is by BHP Petroleum to set up a holding company with equity investment of Rs 1,050 crore. The proposed wholly-owned holding company of the Australian giant would invest in various downstream ventures in petroleum, LNG and mining sectors.

The largest telecom proposal likely to be taken up isthe one by US WEST for bringing in Rs 400 crore to increase equity capital base of the company. Among other telecom FDI proposals is that of BPL Cellular, to sell four per cent stake in the company, held by BPL Mobile to Aidtel holding, which is co-promoted by Asian Development Bank (ADB).

Following the sale, the stake of Nambiars in BPL Cellular would come down to 60 per cent. The sale of 2.85 million equity shares of BPL Cellular involves an FDI of about Rs three crore. Another proposal is of Sterling Cellular to restructure equity through issue of redeemable preference shares to the foreign collaborator, envisaging an FDI of Rs 13 crore.

The proposals by Tata Communications and Srinivas Cellcon are for amendments to the original approvals and does not involve in any fresh FDI, sources said. The application by Gazde of France is for an initial investment of Rs 231 crore in Petronet LNG company, which would be later transferred to subsidiary companies of Petronet at Dahej and Kochi.

The proposal byTamil Nadu Industrial Development Corporation (TIDCO) involves a FDI of Rs 245 crore from two American companies for setting up hi-tech industrial park. The proposal envisages a total investment of Rs 850 crore where the American companies will hold 89 per cent stake.