Assam To Set Up Investment Holding Companies For Oil And Gas Sector

GUWAHATI: The Government of Assam made an important announcement about the establishment of an investment holding company to pump in money into gas, oil and fertilizer organizations.

The set-up Investment Company will pump in money into these companies and manage the stakes. In a meeting by the state cabinet, it was decided to utilize the interest and take advantage of certain investments in the sector of gas and oil.

In an official statement the cabinet informed that in view of managing the portfolio of investment in the organizations of gas, fertilizers, oil and other such businesses, the state cabinet has made the decision of setting up an investment holding company.

This decision by the cabinet will push forward the growth and development in the sector of crucial energy and will also increase revenue stream to the RDSS (Revenue Distribution Sector Scheme) in the state with an investment expenditure of Rupees 8, 727 crores approved by the cabinet.

The Revenue Distribution Sector Scheme is meant to include a division of feeders, a high voltage distribution system, new substations & lines, remaking of already existing lines, aerial bunched cables and others.

An amount of Rupees 130.64 crores has been sanctioned by the Assam cabinet towards interest subvention of people employed under the Assam government for the construction of houses under the Apon Ghar Scheme. It is a scheme of the Assam government aiming to give house loans to state employees through SBI.

The cabinet also provided indication regarding the payment of Rupees 137 crore for the tariff subsidies to the APDCL (Assam Power Distribution Company Ltd).

A total of Rupees 1097 crores interest that is not paid on loans to the AEGCL (Assam Electricity Grid Corporation Limited) and APGCL (Assam Power Generation Corporation Ltd) has been waived by the Government of Assam.

The cabinet made the decision to transform the grants of APGCL and AEGCL along with government loans into equal ownership and the loan interest will be waived so that this can lead to gain profit by the power utility entities. The cabinet mentioned that Rupees 3,280 crores are the grant to APGCL and AEGCL, the two state-run companies and Rupees 1,286 crores is in the form of government loans.

The cabinet also gave the approval of one-time terminal benefit to the workers of Aganwadi during their retirement period after completion of their 60 years. The decision has been taken in focusing the services of government towards children and women welfare.

In the cabinet meeting, the Assam government also approved to give 2% reservation in Grade- III and IV Posts for ex-servicemen in recognition of their role and contribution to the country. Among this reservation, 25% will be for the families of deceased army personnel and the disabled servicemen and the rest of the 75% will be reserved for all other categories of ex-servicemen.

Also read: Assam To Provide 2% Reservation In Grade- III And IV Posts For Ex-Servicemen

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