Seeking to push investment and growth, the Cabinet Committee on Investment (CCI) headed by the Prime Minister is likely to consider seven stalled mega infrastructure projects, envisaging investment of around Rs 1.6 lakh crore, on September 17.
The Cabinet note for CCI meeting scheduled for September 17 has been circulated for consideration, a senior finance ministry official said.
The proposed projects have an average size of about Rs 25,000 crore.
The finance ministry will seek “expeditious” clearance of these projects, which involve companies such as Mangalore Refinery and Petrochemicals, JSW Steel, Indian Oil Corporation among others.
JSW Steel project in Jharkhand is worth Rs 35,000 crore, while Indian Oil Corporation Paradip Refinery project entails investment of Rs 29,777 crore.
Besides, JSPL Angul project with investment of Rs 29,285 crore, Mangalore Refinery and Petrochemicals Phase III project investment of Rs 12,160 crore, Tamnar Power Plant worth Rs 13,600 crore are scheduled to be taken up for consideration.
These projects have been stalled because of lack of various regulatory clearances.
CCI has been set up to fast-track key projects. So far, it has cleared 209 projects with an aggregate investment of Rs 3,84,203 crore.
In its effort to encourage investment, the government has been asking public sector enterprises to achieve their capital expenditure plans.
In May this year, the Prime Minister’s Office had met the heads of all major PSUs and capital expenditure plans for 23 companies, which included heavyweights such as ONGC, Gail, NMDC, NTPC, Coal India, were finalised.
The capital expenditure target set for the 23 PSUs this fiscal is Rs 1.41 lakh crore.
Last month, CCI has approved 36 infrastructure projects worth Rs 1.83 lakh crore.
Of this, 18 power projects worth Rs 83,773 crore, which were stalled because of lack of fuel linkages, will sign supply accords with Coal India Ltd by September 6.
The projects which will get coal include Adani Group’s Maharashtra plant, GMR’s 1,400 MW Kamalanga unit in Dhenkanal district of Odisha, Lanco’s Badandh power plant in Odisha and Talwani Power of Punjab.
Besides, the CCI cleared hurdles for projects like Reliance Power’s 4,000 MW ultra mega power project at Sasan in Madhya Pradesh, L&T’s Metro Rail project in Hyderabad, Hindalco Industries project and Essar Power’s Jharkhand project.
Another nine projects reviewed by the CCI involved an investment of over Rs 85,000 crore.