Briefing newsmen about the CCEA decision, Information Technology Minister Pramod Mahajan said nuclear power projects will attract fiscal concessions like customs duty waiver on import of equipment, income tax holiday for ten years, deemed export status for indigenous supplies and guaranteed power offtake by the Power Trading Corporation (PTC).

The CCEA also cleared the proposal of Grasim Industries to set up a 1,800 mw power plant and a LNG terminal at Ennore in Tamil Nadu. The total project cost has been estimated at $1.42 billion.

The project is being set up by Tamil Nadu LNG and Power Company Ltd, which was selected as the preferred bidder through an international competitive bid. Electricity would be produced using LNG as a fuel which will be imported.

Mr Mahajan said that the CCEA cleared the proposal of Satyam Computer Services to issue American Depository Shares (ADS) aggregating $310 million. The company has also been allowed to issue ADS-linked stock option for $25 million. The company has been permitted to issue ADS to their customers and strategic partners totalling $50 million.

The CCEA allowed Hindustan Petroleum Corporation (HPCL) to execute the Punjab Refinery Project without induction of a joint venture partner. The HPCL, however, has been permitted to induct a joint venture partner into the project, if so required, at a later date. The HPCL would be executing the 9 million tonne grassroot refinery through a 100 per cent subsidiary. Earlier, the HPCL was asked to set up a refinery with a joint venture partner as co-promoter.