In a first instance of the UPA government approving a PSU revival plan that could result in privatisation, the Cabinet on Thursday gave approval in principle for reviving Tungabhadra Steel Products Ltd through either a joint venture with a public sector enterprise or disinvestment in favour of private parties. | |
| According to Parliamentary Affairs Minister Priyaranjan Dasmunshi, the company has been given the go-ahead for joint ventures with private companies, giving them 74 per cent shareholding and management control. |
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| Meanwhile, the Cabinet Committee on Economic Affairs (CCEA), today approved two hydroelectric projects for Jammu & Kashmir at a cost of Rs 1,232.27 crore. |
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| The Rs 621.6-crore Chutak hydroelectric project in Kargil will generate about 44-Mw while the Rs 611.01-crore Nimoo Bazgo project in Leh will generate about 45-Mw. |
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| Kargil, which is not connected with the northern grid, is expected to consume power generated from the projects. |
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| The minister said the Cabinet approved Oil India Refinery Ltd's plan to hike its equity in Numaligarh Refinery Limited (NRL) to 26 per cent by transferring 12.34 per cent of NRL equity from Oil Industry Development Board and 1.31 per cent from BPCL. |
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| OIL is expected to invest Rs 252.10 crore in the transaction. The CCEA has also approved a proposal to raise allocation of Plan fund from Rs 98 crore to Rs 295 crore for technology upgradation, modernisation or establishment of food processing industries. The CCEA okayed the Jute Technology Mission at a cost of Rs 355.55 crore. |
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| The Cabinet has approved the creation of National Spatial Data Infrastructure (NSDI). The NSDI is expected to be a pool of information collected by various organisations. |
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| The data will help better disaster management, land use planning and watershed management. |
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