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The Tokyo Stock Exchange has devised a plan to list fundraising securities representing companies linked to Indian conglomerates, effectively making them India’s first attempt to tap the bourse, TSE sources said Thursday.

The plan will be finalized in July, when TSE President Taizo Nishimuro visits India with a Japanese delegation led by Economy, Trade and Industry Minister Akira Amari, they said.

The first-section listings would give India a new venue for India to raise funds as it prepares to carry out a 12-year plan to invest $90 billion (11 trillion yen) in its infrastructure starting in 2008, they said.

The securities may help India raise several hundreds of billions of, yen they said, adding that the bourse is thinking of allowing companies from such major conglomerates as Tata Group and Reliance Group to list such securities.

As part of the plan, the TSE is looking to ask Japanese trust banks to issue depository receipts based on the Indian firms’ shares. DRs, the Japanese version of American Depository Receipts, entitle the holder to earn dividends and capital gains.

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