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Nod for coal-based power plant in Chhattisgarh

BS Reporter  |  New Delhi 

The today gave its approval for setting up a coal-based power plant and undertaking captive coal mining in Chhattisgarh at a cost of $1.22 billion.
The plant will be set up by and other affiliated entities of AES Corporation, US. It will be a greenfield plant and will undertake coal mining for captive consumption.
"AES expects to bring in $370 million as FDI and the remaining $852 million will be raised through loan from domestic and international banks and financial institutions," Finance Minister told reporters after the meeting.
The CCEA has also waived off the ceiling of Rs 1,000 crore for equity investments by NTPC Ltd to establish financial joint ventures with Bharat Heavy Electricals Ltd to bid for development of ultra mega power projects. The bidding will be limited to a maximum of two projects.
"The construction of 1000 km of expressways under Phase VI at a cost of Rs 16,680 crore has also been approved by CCEA. The government will seek Rs 9,000 crore through PPP and the balance of Rs 7,680 crore will be funded through viability gap funding," Chidambaram said. The project is likely to be completed by December 2015.
The government also relaxed the ceiling under the Market Access Initiative scheme to provide assistance to Seafood Exporters Association of India for anti-dumping investigations and Changed Circumstance Review for shrimp exports from India to the US.
The CCEA approved a Rs 137.58 crore project for modernisation and restructuring of patent offices in the four metros.
To boost the horticulture sector through setting up of market terminal projects for fruit, vegetables and other commodities, the CCEA allowed majority equity participation by the private sector.
It gave its approval for a new component within the ongoing centrally sponsored National Horticulture Mission for the purpose, Chidambaram said. Such participation would be by way of share in equity up to 49 per cent by the centre or state government, he said.
The financial outlay for the scheme during 2006-07 would be Rs 148 crore for participation in equity capital, Rs 1 crore as project development assistance, and Rs 1 crore for general awareness and publicity, he said.
Meanwhile, the Cabinet has decided to hike the minimum pension for MPs by Rs 2,000 to Rs 8,000 and family pension by Rs 1,000 to Rs 4,000 per month.
It also gave its nod for granting basic ex-gratia at an enhanced rate to surviving State Railway Provident Fund retirees who superannuated between April 1,1957 and December 31, 1985.
The amalgamation of Satara-based United Western Bank with Industrial Development Bank of India (IDBI) was also approved.
The government also decided to create an additional 7,051 posts in various cadres of the income tax department.