FIPB nod for Caltex, Nagarjuna proposals

NEW DELHI, Sept 26: The Foreign Investment Promotion Board (FIPB) approved foreign investment totalling Rs 251 crore including proposals ...

NEW DELHI, Sept 26: The Foreign Investment Promotion Board (FIPB) approved foreign investment totalling Rs 251 crore including proposals of the Nagarjuna group and Caltex on Saturday.

The FIPB cleared a joint venture between the Nagarjuna group, Hindustan Oil Exploration and the UK-based Hardy Oil to set up a liquid natural gas (LNG) terminal at Kakinada in Andhra Pradesh. While the Nagarjuna group will hold 51 per cent stake of the Rs 533 crore equity in the company, which amounts to Rs 282 crore, Hardy Oil will have a 30 per cent holding worth Rs 166 crore. The rest would be held by Hindustan Oil Exploration Company.The capacity of the terminal would go up from one million tonnes to 2.5 million tonnes and the LNG would replace naphtha used in Nagarjuna fertiliser plants.

This is the second LNG terminal at Kakinada to get FIPB clearance this month. The FIPB also cleared the proposal of Caltex to acquire 49 per cent stake of IBP in their joint venture for LPG (cooking gas) storage facility and parallelmarketing.However, industry ministry sources said the clearance to Caltex was subject to policy parameters as it involved disinvestment of a public sector holding.Multinational Caltex holds 51 per cent stake in the joint venture company with an investment of Rs 58 crore, which would go up to about Rs 114 crore once it takes over IBP’s 49 per cent equity.

Board also cleared a proposal from UPS worldwide Asia for multi-modal transport subject to the condition that it would handle only export and import cargo. The Rs 2.75 crore foreign investment in the venture is similar to the one between German airline Lufthansa and Ashok Leyland. Meanwhile, decision on all three information and broadcasting applications, including a proposal by Sony Picture Entertainment Ltd was deferred for four weeks.

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