1) Upgradation of 100 ITIs into Centres of Excellence
The Cabinet Committee on Economic Affairs (CCEA) on Thursday approved the proposal for reckoning the period of Centrally Sponsored Plan Scheme, ‘Upgradation of 100 ITIs into Centres of Excellence” with effect from 2005-06 to 2009-10 on the same terms and conditions without any change in the cost and scope. The total cost of the scheme of upgradation of 100 ITIs into Centres of Excellence is Rs.160 crore (on cost sharing basis of 75%:25% between Centre and State Governments). 22 States (except for North Eastern States, J&K, Sikkim and 4 UTs – Lakshadweep, A&N Islands, Daman & Diu, D&N Haveli) are covered under the scheme.
Courtesy: Cabinet Committee on Economic Affairs
2) CCEA authorizes ONGC Videsh Limited (OVL) for Additional Project Investment of USD 149.46 million in Block 06.1, Vietnam
The Cabinet Committee on Economic Affairs on Thursday authorised OVL to make an additional project investment of USD 149.46 million for further development and exploration of Block 06.1 Project, Vietnam from the revenue proceeds of the project without any funding from Government of India. In the event of any cost overrun beyond the above amount (USD 149.46 million), OVL shall bring a fresh proposal to the Empowered Committee of Secretaries. ONGC Videsh Limited (OVL), a wholly owned subsidiary of Oil & Natural Gas Corporation Limited (ONGC) has a 45% Participating Interest (P1) in a gas producing shallow water offshore Block 06.1 under a Petroleum Production Sharing Contract (PSC) with Petro Vietnam (PVN), the National Oil Company (NOC) of Vietnam having 20% P1 and BP Exploration (Vietnam) Ltd. (BPEVL) – the Operator having 35% P1. OVL had an initial investment commitment of USD 228 Million. The production from the Lan Tay (LT) field in Block 06.1 in Vietnam commenced on 21st January 2003 after completion of Phase-I of the project. The initial production at 0.81 Billion Cubic Meter (BCM) in 2003 has increased to 4.106 BCM in 2008-2009 and 45% share of OVL in the year 2008-2009 was 1.848 BCM.
Courtesy: Cabinet Committee on Economic Affairs
3) CCEA brightens the prospects of R&D in food processing segment
The Cabinet Committee on Economic Affairs on Thursday gave its approval for continuation of the Scheme for “(i) Research and Development in Processed Food Sector, (ii) Setting up / Upgradation of Quality Control / Food Testing Laboratories, (iii) Implementation of Hazard Analysis and Critical Control Points (HACCP) / ISO 22000, ISO 14000 / Good Hygiene Practices (GHP) / Good Manufacturing Practices (GMP) quality / safety management systems and (iv) Promotional activities” for implementation during 2007-2012. The total funds allocated by the Government over a period of 5 years for the scheme are Rs.250 crore. The Scheme has four components viz. (i) Research and Development in Processed Food Sector, (ii) Setting up / Upgradation of Quality Control / Food Testing Laboratories, (iii) Implementation of Hazard Analysis and Critical Control Points (HACCP) / ISO 22000, ISO 14000 / Good Hygiene Practices (GHP) / Good Manufacturing Practices (GMP) quality / safety management systems and (iv) Promotional activities.
Courtesy: Cabinet Committee on Economic Affairs
4) CCEA gives nod to proposal of Forum Synergies (India)PE Fund Managers
The Cabinet Committee on Economic Affairs on Thursday gave its approval to the proposal of M/s. Forum synergies (India) PE Fund Managers P Ltd. to accept contribution upto a limit of US$ 135 million from India Knowledge-Manufacturing Company under the foreign direct investment route and to issue Class B units and Class C Units of Forum Synergies India Trust to the Knowledge-Manufacturing Company. It would result in Foreign Direct Investment amounting to Rs.650 crore (approx.) in the country.
Courtesy: Cabinet Committee on Economic Affairs
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