Assam government to establish oil and gas investment holding company

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The Assam government announced on Friday that it would create an investment holding company to inject money into oil, gas and fertilizer entities and manage those stakes.

At a state cabinet meeting, it was decided to leverage some investments in the oil and gas sector.

“The Cabinet has decided to create an investment holding company to own and manage the portfolio of investments in oil, gas, fertilizer companies, etc.,” an official statement said.

The move will propel growth in the crucial energy sector and increase government revenues, he added.

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

The RDSS will include the construction of a high voltage distribution system, bundled overhead cables, new substations and lines, branching of power lines and reconstruction of existing lines, among others.

In addition, the cabinet gave the green light for payment of Rs 137 crore for the tariff subsidy to Assam Power Distribution Company Ltd (APDCL).

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

To make the electricity distribution companies profitable, the cabinet decided to convert government loans and grants to AEGCL and APGCL into shares and to waive the interest on the loan.

He 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 130.64 crore rupees for an interest subsidy for state government employees to build houses under the Apon Ghar program.

In addition, in recognition of their service to the welfare of women and children, the cabinet approved a one-time final benefit to Anganwadi workers upon retirement at age 60.

In recognition of their contribution to the nation, the Assam cabinet approved the granting of 2% reservation to grade III and IV posts for veterans.

Of this reserve, 25% will be reserved for disabled veterans and families of deceased soldiers, while the remaining 75% will be reserved for all other veterans.

The cabinet also approved the requirement for a Certificate of Residential Status or Certificate of Domicile for successful applicants for various positions in the Assam Police Force.

However, applicants SC, ST and OBC were excluded from issuing such proof of residence certificates.

Read also: The growth rate of Assam decreases, the public deficit, the debts increase: CAG

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