GIIC chairman SK Shelat, who was leading a team of officers to meet local industrialists to extend term loans, told reporters on Thursday that 25 per cent equity will be offered to the public next year, taking into account the market situation. "Ultimately, GIIC's stakes will be reduced to 49 per cent. ICICI will be the strategic partner in implementing various infrastructure projects in the state," he added.

Shelat said that the state government has already started restructuring and divestment of its loss-making undertakings as per the conditions laid down by the Asian Development Bank while sanctioning the direct loan of $250 million for public sector restructuring.He said that of the $250 million, $100 million has already been disbursed while $50 million will come by the end of this year and $100 million next year. The state government expects to get a total assistance of $1 billion from ADB.

Shelat said that the Tariff Regulatory Commission will be in place by December this year and added that the Gujarat State Electricity Board has taken steps to privatise distribution initially at Kheda, Mehasana and Rajkot on an experimental basis. He said that the Gujarat State Electricity Company has been formed to privatise transmission at Gandhinagar, Utran and Vanak.

Shelat said that GESB's efforts to involve the private sector in power generation has paid off with two turbines of Gujarat Torrent going on stream. The third combined cycle turbine will be operational by the end of this year. The total capacity of Gujarat Torrent project is 615 mw. Moreover, Essar and Reliance will have power projects with a capacity of 500 mw each and Essar will go for an additional 500 mwat Jamnagar.

GIIC managing director R Bannerji said that the Gujarat Infrastructure Development Board has been set up to give a boost to various infrastructure projects in the state. He said that Tata Consultancy Services has been appointed to prepare a report on Gujarat Investments for 2012.

Bannerji said that Enkay Texofood Industries, the suppliers of Onjus, proposes to go in for various brandnames for its banana, mango, ber, grapes and sugarcane juices. GIIC will finance through venture capital to Sun Pharmaceutical's project in molecule synthesis.