The Cabinet yesterday approved a RITES Ltd plan to invest in Tanzania, cleared an investment pact with the Slovak Republic and accepted a recommendation for winding up state-owned Bharat Ophthalmic Glass. |
RITES Ltd has been allowed to invest up to $8 million, its equity stake of 51 per cent, in a strategic company for execution of a Tanzania Railway Corporation project. |
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The project involves rehabilitation of the Tanzanian railways and its operation and management for 25 years. The Cabinet gave the go-ahead to an investment promotion and protection agreement with the Slovak Republic. India has signed such agreements with 58 countries. |
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The Cabinet accepted the recommendation of the Board for Reconstruction of Public Sector Enterprises for winding up Bharat Opthalmic Glass. A budgetary provision of Rs 9.80 crore would meet the employees' dues. |
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It also approved signing of the International Convention for Supression of Acts of Nuclear Terrorism which was adopted by the UN General Assembly in April 2005. |
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The Cabinet Committee on Economic Affairs, which met today, approved the strengthening of the power grid between the eastern and western regions, increased the outlay for a social sector programme and provided financial relief to the beleaguered Mazagon Dock Ltd. |
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Briefing the media after the committee's (CCEA) meeting, Defence Minister Pranab Mukherjee said the implementation of the Rs 803.70-crore east-west transmission corridor strengthening scheme of the Power Grid Corporation has been cleared. The project is to be commissioned within three years of the date-of-investment approval. |
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The CCEA also cleared a move to hike the Centre's contribution to the centrally sponsored national programme on the mid-day meal scheme. |
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Central assistance to states and Union territories for meeting the cooking cost for mid-day meals has been hiked to Rs 1.50 per child per school day from the existing Re 1. |
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The CCEA decided to clear a proposal to reschedule the dates for redemption of preference shares of Mazagon Dock Limited (MDL) from the original date of 1999-2000 to 2007-08. |
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MDL's performance had been adversely impacted for a few years when orders from the Navy and ONGC dried up, Mukherjee said at the briefing. Since then, the situation had changed for the better, he added. |
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Consequently, the CCEA had granted an extension to MDL to redeem its outstanding preference shares of Rs 98.98 crore in four equal installments, beginning 2007-08. MDL will have to start paying the dividend on the outstanding preference shares from the current financial year. |
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