Cabinet clears ONGC’s ₹5,000-crore investment in arm

Our Bureau Updated - January 22, 2018 at 01:49 PM.

ongc-videsh

The Cabinet Committee on Economic Affairs on Tuesday cleared an investment of ₹ 5,000 crore by ONGC into ONGC Videsh. 

The investment will be done via conversion of the existing loan amount into equivalent equity. 

"The approved investment will strengthen the capital base of ONGC Videsh. It will enhance the ability of ONGC to undertake overseas Exploration and Production (E&P) business, thereby improving the energy security of the country," an official statement said. 

Salma Dam Project

Meanwhile, the Union Cabinet approved the reconstruction and completion of Salma Dam Project in Afghanistan at the Revised Cost Estimates (RCE) of ₹ 1,775.69 crore. 

"The project is scheduled to be completed by June, 2016. WAPCOS, a central Public Sector Unit under the Ministry of Water Resources, is executing the project," an official statement said. 

Lucknow Metro Rail project

Further, the Cabinet also approved the Lucknow Metro Rail Project Phase - 1 A covering a length of 22.878 km with 22 stations.  

The cost of the project will be ₹ 6,928 crore which will be supported by Central Government with ₹ 1,300 crore in the form of equity and subordinate debt. 

"The Project will be implemented by Lucknow Metro Rail Corporation (LMRC), which will be reconstituted into a 50:50 jointly owned company of Govt. of India and Govt. of Uttar Pradesh," an official statement said. 

Out of the total route length, elevated route will be 19.438 km while underground route length will be 3.440 km, with total 19 elevated and three underground metro stations. 

The metro train will ply between Chowdhary Charan Singh Airport and Munshi Pulia. 

"The project will come under the legal framework of the Metro Railways (Construction of Works) Act, the Metro Railways (Operation and Maintenance) Act  and the Railways Act, as amended from time to time," the statement added.

Published on December 22, 2015 16:15