Assam govt to set up investment holding firm for oil & gas sector

 The Assam government on Friday announced it will set up an investment holding company to pump in oney into oil, gas and fertilizer entities and manage those stakes.

At a meeting of the state cabinet, it was decided to harness the benefit of certain investments in the oil and gas sector.

“Cabinet decided to set up an investment holding company to hold and manage the portfolio of investment in oil, gas, fertilizer, etc companies,” an official communique said.

The decision will propel growth in the crucial energy sector and add to the revenue stream of the government, it added.

The cabinet also approved the implementation of a Revamped Distribution Sector Scheme (RDSS) in Assam with an investment outlay of Rs 8,727.08 crore.

The RDSS will include construction of a high-voltage distribution system, aerial bunched cables, new sub-stations and lines, bifurcation of feeders and reconstruction of existing lines among others.

Besides, the cabinet gave its nod to payment of Rs 137 crore for tariff subsidy to the Assam Power Distribution Company Ltd (APDCL).

The government also waived a total of Rs 1,097 crore unpaid interest on loans to the Assam Power Generation Corp Ltd (APGCL) and the Assam Electricity Grid Corp Ltd (AEGCL).

To make the power utility companies profit-making, the cabinet decided to convert the government loans and grants to AEGCL and APGCL into equity and waive the loan interests.

It mentioned that Rs 1,286 crore is in the form of loans and Rs 3,280 crore is the grant to these two state-run entities.

The cabinet also sanctioned Rs 130.64 crore towards interest subvention for state government employees to build houses under Apon Ghar scheme.

Besides, in recognition of their services towards women and children welfare, the cabinet approved a one-time terminal benefit to anganwadi workers at the time of retirement on their attaining 60 years.

In recognition of their contribution to the nation, the Assam cabinet approved to provide two per cent reservation in Grade-III and IV posts for ex-servicemen.

Out of this reservation, 25 per cent will be for disabled ex-servicemen and family of deceased soldiers, while the remaining 75 per cent will be kept for all other ex-servicemen.

The cabinet also approved the requirement for residential status certificate or domicile certificate for candidates selected for various posts in Assam Police.

However, SC, ST and OBC candidates have been excluded from giving such residence proof certificates.