New Delhi: Leading industrialist Ratan Tata will head the three-member newly constituted Investment Commission aimed at attracting $ 150 billion of foreign direct investment (FDI), particularly, in infrastructure in the next few years, Finance Minister P Chidambaram announced in New Delhi today (Dec 5, 2004).

The two other members are the HDFC chairman Deepak Parikh and chairman of board of directors of I-OneSource Ashok Ganguly, Chidambaram said at the inauguration of the three-day India Economic Summit organised by World Economic Forum.

The Investment Commission will act as an interlocutor of the Government to attract domestic and foreign investment.

Chidambaram said the Government will notify tomorrow the constitution of the Investment Commission.

Stressing on investment in the country, he said "there is no country in the world which requires such vast investment in ports, roads, telecom, power, airports and petroleum sectors," he said.

The telecom sector requires investment worth $ 40 billion, the road sector will need $ 13 billion for developing 13,146 km of roads, power sector needs $ 12 billion investment annually for the next 12 years, the Minister said.

He said the country requires six international airports and sea ports.

The steel production capacity needs to be doubled or trebled in the coming years, he said adding mineral wealth needs to be explored in Bihar, West Bengal and Orissa.