Nine projects worth Rs 85,000 cr taken up for review
The Prime Minister-headed Cabinet Committee on Investments (CCI) on Monday set rigid datelines to clear bottlenecks hampering nine private projects including those in power sector with envisaged investments of Rs 85,141 crore.
Finance Minister P. Chidambaram on Tuesday said that the CCI took up the nine private projects on case-to-case basis. Of the total investment involved in these projects, Rs 25,034 crore has been released by banks and other financial institutions.
These projects include Sasan Power, L&T Metro Rail, Hindalco Industries (project in Odisha would be placed before the SEZ approval Board on August 30), Jaiprakash Power Ventures, GMR Kishangarg express way (the matter would be taken to the Cabinet by September 15).
JAS Infra and Power, Utkal Alumina, Athena Chhattisgarh Power (fuel supply agreement would be signed by September 9), and Essar Power’s Tori-I power plant (to get all approvals by September 20) were the other projects which were reviewed.
Chidambaram said the high-level panel reviewed 36 infrastructure projects with total investments of Rs 1.83 lakh crore. These projects are categorised into three groups.
“Disbursements would start as the approvals are being given. Clearly the signal is projects are not being stalled. Stalled projects have been un-blocked. What I say today, would be heard by banks also,” Chidambaram told media persons.
The another group of projects taken up by the CCI include 18 power projects that are in the queue to seal fuel supply agreements with Coal India Ltd.
These projects have total investments of Rs 83,772 crore. Of this, the banks and financial institutions have already disbursed Rs 30,313 crore.
“All these projects were supposed to get FSA by August 31. Bulk of them would be completed by this date. But, there is likely to be some slippage. And we therefore stipulated September 6, by which time the FSAs should be signed,” the Finance Minister said.
Chidambaram said that another nine projects in sectors such as petroleum, roads, railways and steel have been reviewed and there are no pending issues.
These projects have investments worth Rs 14,084 crore. Of this Rs 1,484 crore have been disbursed.
The project would come back to CCI only as action taken reports, he added.