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More powers for NPCL

NEW DELHI: The Union Cabinet on Thursday decided to enhance the powers of the board of directors of Nuclear Power Corporation of India Ltd (NPCIL) in terms of incurring capital expenditure and investments towards establishing financial joint ventures and wholly-owned subsidiaries within the country and abroad.

Announcing this, Union Minister and Cabinet spokesperson, Priyaranjan Dasmunsi, said NPCIL would now be able to incur capital expenditure up to Rs. 500 crore without Government approval with an overall ceiling of 15 per cent of the networth of the company for one project and 30 per cent for all projects put together.

The decision was designed to reduce gestation periods of NPCIL’s projects and enable it to invest its surplus funds in establishing joint ventures and subsidiaries within the country and abroad.

The Union Cabinet’s Committee on Economic Affairs also met on Thursday and gave its approval for a one-time grant of Rs. 200 crore to Fertilisers and Chemicals Travancore Limited (FACT) to enable it to sustain its operation till such time as it started getting liquefied natural gas (LNG) supplies.

The public sector unit is expected to start getting LNG supplies from 2011-12.

Chaired by Prime Minister, Manmohan Singh, the panel also approved a restructuring plan for the Patna-based Bharat Wagon and Engineering Company and gave its nod for a proposal to transfer the administrative control of the PSU to the Railway Ministry from the Department of Heavy Industries after the revamp was completed.

The financial restructure plan includes provision of Rs. 23 crore towards discharging employees-related dues, conversion of the Rs. 77.60 crore loans of the Central Government and the Bharat Bhari Udyog Nigam Limited (BBUNL) to the company into equity, and waiver of normal and penal interest of Rs. 45 crore on the outstanding loans.

The CCEA also gave its approval for the continuation, in the XI Plan period, of the Central sector scheme of the Rajiv Gandhi National fellowship scheme for students belonging to scheduled tribes to pursue higher studies such as M.Phil and Ph.D.

The financial expenditure for the scheme for the XI Plan is estimated at Rs. 176 crore.

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