Additional capital of Rs 5,000 cr for renewable energy agency via share sale

The Cabinet on Wednesday approved raising the authorised share capital of Indian Renewable Energy Development Agency to Rs 6,000 crore from Rs 1,000 crore.

The additional capital of Rs 5,000 crore will be infused through rights issue and initial public offering during the 12th five-year Plan, according to a government statement. The approval does not immediately involve any requirement of funding. Infusion of equity, as and when required, would be based on the level of operations, the statement noted.

The Cabinet also approved changes to the Merchant Shipping (Amendment) Bill 2013, which will enable all Indian merchant ships to get anti-fouling system certificates and maritime labour certificates from the International Maritime Organization. Such certificates will make it easier for Indian ships and crew to operate in international waters and territorial waters of other nations.

Among other decisions, the Cabinet approved withdrawing the Food Safety and Standards (Amendment) Bill, 2014, which was introduced in the Rajya Sabha in February by the previous government. Based on further examination, a fresh set of amendments will be finalised by the health ministry

The Cabinet also cleared the revival of 23 unlicensed district central cooperative banks (DCCBs) in Uttar Pradesh, Jammu & Kashmir, Maharashtra, and West Bengal. The total capital infusion required for the revival of these DCCBs would be Rs 2,375 crore - Rs 673 crore from the Centre, Rs 1,465 crore from states, and Rs 237 crore from National Bank for Agriculture and Rural Development.