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The government on Tuesday hiked the minimum support price for wheat by Rs 110 to Rs 2,125 per quintal and mustard by Rs 400 to Rs 5,450 per quintal for the current crop year with an aim to boost production and income of the farmers. The decision to increase the MSPs (minimum support prices) was taken at a meeting of the Cabinet Committee on Economic Affairs (<keyword id="56977" type="General" weightage="80" keywordseo="ccea" source="Orion">CCEA</keyword>) chaired by Prime Minister <keyword id="6354477" type="General" weightage="80" keywordseo="narendra-modi" source="Orion">Narendra Modi</keyword>. <keyword id="133827" type="General" weightage="80" keywordseo="msp" source="Orion">MSP</keyword> is the rate at which the government buys grain from farmers. Currently, the government fixes MSPs for 23 crops grown in both <keyword id="50318" type="General" weightage="80" keywordseo="kharif" source="Orion">Kharif</keyword> and rabi seasons. Sowing of rabi (winter) crops begins in October, immediately after the harvest of kharif (summer) crops. Wheat and mustard are major rabi crops. According to an official release, the CCEA has approved an increase in MSPs for six rabi crops for the 2022-23 crop year (July-June) and the 2023-24 marketing season. <keyword id="625304" type="General" weightage="80" keywordseo="wheat-msp" source="Orion">Wheat MSP</keyword> has been increased by Rs 110 to Rs 2,125 per quintal for this crop year from Rs 2,015 per quintal in the 2021-22 crop year. The cost of production of wheat is estimated at Rs 1,065 per quintal, the release said. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/finance/news/rupee-rises-22-paise-to-82-08/usd-tracking-positive-domestic-equities/articleshow/94935889.cms">Rupee rises 22 paise to 82.08/USD tracking positive domestic equities</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/corporates/news/two-in-three-ceos-in-india-expect-a-recession-in-12-months-says-survey/articleshow/94934951.cms">Two in three CEOs in India expect a recession in 12 months says survey</a>

Government hikes the minimum support price of wheat and mustard

New Delhi, Mar 25 () The Cabinet Committee on Economic Affairs (CCEA) on Wednesday approved a Rs 1,340-crore recapitalisation plan for regional rural banks (RRB).Information and Broadcasting Minister Prakash Javdekar said that the recapitalization of RRBs will improve their Capital to Risk Weighted Assets Ratio.The central government will provide Rs 670 crore and an equal amount will come from the banks for recapitalisation. ANZ MRMR

CCEA approves recapitalisation of RRBs

New Delhi, Nov 20 () The government on Wednesday approved amendments proposed to the Toll Operate Transfer (TOT) model for national highways. 
 The Cabinet Committee on Economic Affairs (CCEA) has given its approval to the amendments proposed in the TOT model by the National Highways Authority of India (NHAI), Finance Minister Nirmala Sitharaman said. 
 Public-funded national highway (NH) projects that are operational and have toll revenue generation history of one year after the commercial operations date (COD) will be monetised through the TOT model, she said after the CCEA meeting.
 The monetisation will be subject to approval of the competent authority in the Ministry of Road Transport and Highways/NHAI on a case to case basis, she added.
The corpus generated from proceeds of such project monetisation will be used by the government to meet its fund requirements regarding future development and O&amp;M (operations and maintenance) of highways in the country. 
The model would facilitate efficient toll realisation through private sector.
Around 75 operational NH projects have been identified for potential monetisation using the TOT model, and bundled into 10 separate bids to attract economics of scale for the private sector. 
This approval would ensure a wider set of assets for monetisation and providing a more attractive model for the investors. 
Further, the fund generated from such monetisation will be utilised for development/O&amp;M of highways in the country, which would benefit highway users throughout the country.
The approved TOT model authorised NHAI to monetise public funded NH projects, such as EPC/BOT (Annuity) projects, which are operational and have a proven toll collection history of at least two years.
 The approved TOT model provides for a fixed 30-year concession period, she said. 
 NHAI has already monetised one bundle of projects under TOT Model, generating a revenue of Rs 9,681.50 crore for the government. 
 However, the second bundle saw deviation in the market valuation of assets from NHAI's valuation. NHAI has conducted several rounds of discussions with the private sector to reduce uncertainty in the model. DP SR MKJ

CCEA approves amendments to 'Toll Operate Transfer' model for national highways

New Delhi, Feb 19 () The government on Wednesday approved setting up of 10,000 new farmer produce organisations (FPOs) by 2024 with budgetary support of nearly Rs 4,500 crore as part of its efforts to cut production cost and boost income of farming community. Further, an amount of Rs 2,369 crore has been estimated for hand-holding of these FPOs during 2024-25 to 2027-28 period, taking the total size to Rs 6,865 crore. "The Cabinet Committee on Economic Affairs (CCEA), chaired by Prime Minister Narendra Modi, has given its approval for 10,000 FPOs to be formed in five years period from 2019-20 to 2023-24 to ensure economies of scale for farmers. Support to each FPO to be continued for 5 years from its year of inception," Agriculture Minister Narendra Singh Tomar told reporters after the meeting. The CCEA has approved a new central sector scheme 'Formation and Promotion of Farmer Produce Organizations (FPOs)' to form and promote 10,000 new FPOs with a total budgetary provision of Rs 4,496 crore for five years (2019-20 to 2023-24), an official statement said. The scheme also envisages a further committed liability of Rs 2,369 crore for 2024-25 to 2027-28 period towards hand-holding of each FPO for five years from its aggregation and formation, taking the total size to Rs 6,865 crore. The minister said there will be three implementing agencies to form and promote FPOs, namely Small Farmers Agri-business Consortium (SFAC), National Cooperative Development Corporation (NCDC) and National Bank for Agriculture and Rural Development (NABARD). States may also, if they desire, nominate their implementing agency in consultation with Union Agriculture Ministry. The scheme is likely to create 1.5 lakh jobs. "Small and marginal farmers do not have economic strength to apply production technology, services and marketing including value addition. Through formation of FPOs, farmers will have better collective strength for better access to quality input, technology, credit and better marketing access through economies of scale for better realization of income," the statement said. Initially, the minimum number of members in FPO will be 300 in plain areas and 100 in North East and hilly areas. However, the minimum number of membership can be revised with approval of Union Agriculture Minister. Priority will be given for formation of FPOs in aspirational districts in the country with at least one FPO in each block of aspirational districts. The ministry will allocate cluster/states to implementing agencies, which in turn will form the cluster based business organization in the states. "FPOs will be formed and promoted through Cluster Based Business Organizations (CBBOs) engaged at the state/cluster level by implementing agencies. The CBBOs will have five categories of specialists from the domain of crop husbandry, agri marketing/value addition and processing, social mobilisation, law &amp; accounts and IT/MIS," it added. These CBBOs will be platform for an end-to-end knowledge for all issues in FPO promotion. The FPOs will be promoted under 'One District One Product' cluster to promote specialization and better processing, marketing, branding and export by FPOs. There will be a provision of equity grant for strengthening equity base of FPOs. "There will be a credit guarantee fund of up to Rs 1,000 crore in NABARD with equal contribution by DAC&amp;FW (Department of Agriculture, Cooperation and Farmers Welfare) and NABARD and Credit Guarantee Fund of Rs 500 crore in NCDC with equal contribution by DAC&amp;FW and NCDC for providing suitable credit guarantee cover to accelerate flow of institutional credit to FPOs by minimizing the risk of financial institutions for granting loan to FPOs," it said. NKD MJH RVK

CCEA okays formation of 10K FPOs by 2024 with Rs 4,496 cr outlay to boost farmers income

Healthcare major <keyword id="465560" type="ORGANIZATION" weightage="20" keywordseo="Lupin-Limited">Lupin Limited</keyword> has received in-principle approval from the Cabinet Committee of the Economic Affairs (<keyword id="56977" type="COMPANY" weightage="20" keywordseo="CCEA">CCEA</keyword>) for increasing investments in its equity capital. 
	 “We wish to inform that further Foreign Investment Promotion Board’s recommendation (FIPB) on January 28, 2015, the CCEA has approved the proposal to increase investments by foreign institutional investors (FIIs) from 33% to 49%,” the company said in a letter to the National Stock Exchange (<keyword id="6354646" type="CITY" weightage="20" keywordseo="NSE">NSE</keyword>). 
	 
	It added that the company had received its Board’s approval in November 2014, following which the company had applied to the FIPB. 
	 In another development, the company has also received the US healthcare regulator Food and Drug Administration’s (<keyword id="6354656" type="ORGANIZATION" weightage="20" keywordseo="FDA">FDA</keyword>) approval for marketing the generic drug Vancomycin Hydrochloride Capsules, 125 mg and 250 mg. The medicines are a generic version of Vancocin® capsules 125 mg and 250 mg strengths and will be sold through its US subsidiary, Lupin Pharmaceuticals Inc. (LPI). It should be noted that Vancocin® Capsules had annual U.S sales of US$ 164.2 million last year. 
	 
	Representational Image

Double Cheers For Lupin, CCEA Approves Raising
Investment In Equity Capital

New Delhi, The government on Wednesday announced hiking the <keyword id="20069652" type="General" weightage="20" keywordseo="sugarcane" source="keywords">sugarcane</keyword> <keyword id="20544473" type="General" weightage="20" keywordseo="frp" source="keywords">FRP</keyword> by Rs 25 to Rs 340 per quintal for the 2024-25 season starting October. Fair and Remunerative Price (FRP) is the minimum price that mills have to pay to sugarcane growers. The decision to increase the FRP of sugarcane was taken at the meeting of the Cabinet Committee on Economic Affairs (CCEA), chaired by Prime Minister <keyword id="19895781" type="General" weightage="20" keywordseo="narendra-modi" source="keywords">Narendra Modi</keyword>. The Rs 25 per quintal hike is the highest by the Modi government and the move comes ahead of the general elections. Sugarcane is grown mainly in Maharashtra, <keyword id="19894922" type="General" weightage="20" keywordseo="uttar-pradesh" source="keywords">Uttar Pradesh</keyword>, and Karnataka. "Keeping in view interest of sugarcane farmers (GannaKisan), the Cabinet Committee on Economic Affairs has approved Fair and Remunerative Price (FRP) of sugarcane for sugar season 2024-25 (October - September) at Rs 340 per quintal for a basic recovery rate of 10.25 per cent," I&amp;B Minister <keyword id="19895497" type="General" weightage="20" keywordseo="anurag-thakur" source="keywords">Anurag Thakur</keyword> said at a media briefing. The FRP has been determined on the basis of recommendations of the Commission for Agricultural Costs and Prices (CACP) and after consultation with state governments and other stakeholders.

Cabinet approves hike in sugarcane FRP by ₹25 to ₹340 per quintal for 2024-25 season

New Delhi, Dec 24 () The Cabinet Committee on Economic Affairs (CCEA) on Tuesday approved the transfer of administrative control of Brahmaputra Cracker and Polymer Ltd (BCPL) from the Department of Chemicals and Petrochemicals to the Ministry of Petroleum and Natural Gas.
 BCPL, a central public sector undertaking, is implementing the Assam Gas Cracker Project (AGCP), which is seen as part of the implementation of the Assam peace accord, and would give impetus to the development of the northeastern region.
 The CCEA, headed by Prime Minister Narendra Modi, approved the change of the administrative control, an official statement said here.
 It also approved feedstock subsidy to BCPL for 15 years of plant operation to maintain minimum internal rate of return on equity investment (IRR) of 10 per cent (after tax).
 "To bring the IRR to 10 per cent, BCPL has estimated feedstock subsidy of approximately Rs 4,600 crore for the project for 15 years of plant operation. BCPL will submit the proposal on yearly basis from the next financial year onwards and the administrative ministry/ department will devise a mechanism to examine the proposal in consultation with the Ministry of Finance," it said.
 The Ministry of Petroleum and Natural Gas will make firm arrangements through concerned public sector undertakings (PSUs) for supply of committed quantity and quality of feedstock to the project as envisaged in the earlier CCEA approval of 2006, it added.
 The Assam Gas Cracker Project involves setting up of facilities for the manufacture of two lakh tonnes of ethylene annually using gas as feedstock.
 The first phase of long-delayed Rs 9,285-crore project, the first petrochemical project in the northeastern region, was commissioned in late 2015.
 Then prime minister Manmohan Singh on April 9, 2007, had laid the foundation stone of the project at Lepetkata, 15 km from Dibrugarh. It was said at that time that the project will take 60 months to complete - by April 2012.
 But, the target declines were delayed -- first to December 2013, than to January 2014 and to June 2015. The project is finally being commissioned in November 2015.
 The delay resulted in the project cost going up. From an initial Rs 5,460 crore, it was revised to Rs 9,285 crore. Apart from changes in design, escalating costs of steel, cement and other construction materials were cited as the main factors responsible for the hike.
 State-owned gas utility GAIL holds 70 per cent interest in BCPL, while the remaining 10 per cent is equally split between Oil India Ltd, Numaligarh Refineries Ltd and the Assam government.
 The project came as part of the historic Assam Accord signed on August 15, 1985, with a view to bring socioeconomic development of the region. It was approved by the CCEA on April 18, 2006.
 Subsequently, a joint venture, BCPL was incorporated on January 8, 2007.
 The feedstock for the project is natural gas and naphtha. OIL and ONGC supply natural gas and naphtha is supplied by NRL. ANZ HRS

Assam Gas Cracker Project moved to oil ministry

New Delhi, Nov 20 () In a boost to the construction sector, the Union Cabinet on Wednesday said the government entities will be permitted to pay 75 per cent of arbitral amount to contractors against bank guarantees in cases where the entities have challenged the arbitration awards.
 The measures approved by the Cabinet Committee on Economic Affairs (CCEA) would help in ensuring that the remedies of challenge/appeal are resorted to in a prudent and judicious manner, and in furthering the objective of infusion of liquidity into the construction sector.
 "Where a government entity has challenged an arbitral award, resultant of which the amount of the arbitral award has not been paid, 75 per cent of such award will be paid by the government entity to the contractor/concessionaire against a bank guarantee only for the said 75 per cent and not for its interest component," said Finance Minister Nirmala Sitharaman at a press briefing.
 The CCEA also decided that government entities will take the decision to initiate proceedings for setting aside of the arbitral award, and any appeal thereto, with the opinion of the Attorney General for India, the Solicitor General for India or the Additional Solicitor-General for India.
 "Challenge of the award, in most cases, defers the payment of the arbitral award pending the decision in challenge/appeal, which process then takes years to attain finality," said an official release.
 This is seen to cause severe liquidity constraints in the construction sector as the large sums of money raised by contractors/ concessionaires for execution of projects get blocked -- stressing their balance sheets.
 The foregoing then causes a ripple effect throughout the financial ecosystem, directly impacting the repayment of debt to lenders, leading to increasing non-performing assets (NPAs) in their balance sheets.
 To address the issue, the CCEA had, pursuant to a proposal put forward by NITI Aayog, in 2016, approved various short-term and long-term measures including for government entities to pay 75 per cent of the award against a bank guarantee.
 "However, this policy decision of interim payment of 75 per cent has been falling short of its intended objective of infusion of liquidity into the construction sector on account of insistence on bank guarantee for the interest component, should the subsequent court order require refund of the amount paid by the government entity," the release said.
 As a result of which, contractors/concessionaires continue to be marred by financial stress, ultimately affecting the entire commercial ecosystem and the broader economy.
 The measures approved by the CCEA would now help in ensuring that the remedies of challenge/appeal are resorted to in a prudent and judicious manner, and in furthering the objective of infusion of liquidity into the construction sector, it added. DP NKD CS HRS

Govt entities permitted to pay contractors in case of challenge against arbitration awards

New Delhi, Jan 27 () State-owned power giant NTPC on Monday said its board has given in-principal approval to acquire government's 100 per cent stake in North Eastern Electric Power Corporation Ltd(NEEPCO) and 74.5 per cent stake in THDC India Ltd.
"The Board of Directors (in its meeting held on January 27, 2020) has accorded in-principle approval for the acquisition of entire equity stake of Government of India in NEEPCO (100 per cent of paid up share capital of NEEPCO) and THDC (74.5 per cent of paid up share capital of THDC)," a BSE filing said.
According to the statement, the Board of Directors of NTPC Ltd, in its meeting held today has noted that the in-principle approval accorded by the Cabinet Committee on Economic Affairs (CCEA) in their meeting held on November 21, 2019, for strategic sale of entire equity stake held by the Government of India in NEEPCO and THDC to the NTPC Ltd, along with transfer of management control.
The decision of CCEA was conveyed to us by the Ministry of Power on December 2, 2019, the company added. KKS BAL

NTPC Board okays acquisition of govt stake in NEEPCO, THDC

New Delhi, Feb 19 () The government on Wednesday increased the interest subvention or subsidy on loans given to the dairy sector from 2 per cent to 2.5 per cent, a move aimed at taking the white revolution to the next level. Giving details about the decision taken at the Cabinet Committee on Economic Affairs (CCEA), Union Minister Prakash Javadekar said upward revision in the interest subvention would benefit 95 lakh farmers spread over 50,000 villages. The increased interest subsidy under the scheme Dairy processing and Infrastructure Development Fund (DIDF) with the revised outlay of Rs 11,184 crore will take the "the white revolution (associated with milk production) to the next level, the minister said. Under DIDF, the central government will provide an interest subvention up to 2.5 per cent to Nabard from 2019-20 (with effect from July 30, 2019) to 2030-31 and in case there is any further increase in the cost of funds, it would be borne by the end borrowers themselves. "The funding period (2017-18 to 2019-20) of the scheme is revised to 2018-19 to 2022-23 and the repayment period to be extended up to 2030-31 with spillover to first quarter of the FY 2031-32," said an official release in this regard. Altogether 37 sub-projects have been submitted with an estimated cost of Rs 4,458 crore, of which loan component would be Rs 3,207 crore for the scheme. Out of Rs 3,207 crore, as on date, Rs 1,110 crore has been disbursed in two instalments of loan by Nabard to the National Dairy Development Board (NDDB). The CCEA decision, Javadekar said, will benefit 95 lakh milk producers covering 50,000 villages. Besides, 28,000 bulk milk coolers with 140 lakh litres per day as additional milk chilling capacity will be established. There will also be creation of additional 210 tonnes per day milk drying capacity, modernisation, expansion and creation of milk processing capacity of 12.6 tonnes litres a day. NKD MJH CS HRS

Interest subvention for dairy farmers raised to 2.5 pc

New Delhi, Jan 22 () The Union Cabinet on Wednesday approved closure of Hindustan Fluorocarbons Ltd (HFL), a central public sector enterprise with just 88 employees.
 The decision was taken in a meeting of Cabinet Committee on Economic Affairs (CCEA), chaired by Prime Minister Narendra Modi.
 "CCEA approves closure of HFL, a central public sector enterprise under the department of chemicals and petrochemicals," an official statement said.
 HFL has been making losses since 2013-14 and has negative net worth. As on March 31, 2019, it had accumulated losses of Rs 62.81 crore and net worth of (-) Rs 43.20 crore.
 It was also registered with the erstwhile Board for Industrial and Financial Construction (BIFR) as a sick company.
 According to the statement, financial implications of the proposal for the closure involve providing a support of Rs 77.20 crore to the company in the form of interest free loan for settling closure related liabilities of HFL.
 The liabilities include implementation of VRS/VSS, payment of outstanding salary and statutory dues, and repayment of SBI working capital credit and salary/wages and administrative expenses of HFL skeletal staff to be retained for implementing the closure plan for two years.
 It said the interest free loan is proposed to be repaid from the proceeds of the disposal of land and other assets of HFL after settling all the liabilities relating to closure of the company.
 If the land/assets sale proceeds are not sufficient to fully repay the loan amount, then the balance loan amount is to be written off, it said.
 "With unviable scale of operations, very old plants and technology and only one revenue earning product but of no strategic significance, sustainable revival of HFL is not economically viable," it said.
 Further the inevitable reduction in quota of HFL in 2020 will make the company's operations completely non-viable from March this year onwards.
 "Closure of the company's operations will not only avoid any future risks / liabilities but also protect the interest and welfare of HFL employees by separating them through VRS/VSS," it added.
 Thereafter, it said disposal of the company's land assets will enable their redeployment for more productive use which can attract both domestic and foreign investments.
 The statement said NBCC (India) will be appointed as land management agency for facilitating disposal of land assets.
 Disposal of plant/machinery and movable assets will be done by HFL through e-auction by MSTC, it added.
 HFL, which is a subsidiary of Hindustan Organic Chemicals, is engaged in the manufacture of Poly Tetra Fluoro Ethylene and Chloro Di Fluoro Methane. RR ANU
ANU

Cabinet approves closure of Hindustan Fluorocarbons Ltd

New Delhi, Mar 25 () Following are the top business stories at 1845 hours: DEL89 BIZ-VIRUS-LD FLIPKARTCOVID-19 lockdown: Flipkart, Amazon India's Pantry suspend operations temporarilyNew Delhi: Walmart-owned Flipkart and Amazon India's Pantry have been suspended temporarily as India entered a 21-day lockdown to contain the spread of the coronavirus pandemic.DEL79 BIZ-LD STOCKS-CLOSESensex, Nifty log best day in over 10 years; investors eye stimulus packageMumbai: Indian stock benchmarks Sensex and Nifty posted their best single-day rise in over a decade on Wednesday, mirroring buoyancy in global markets and anticipating a stimulus package by the government to tide over the financial turmoil caused by the coronavirus pandemic. DEL20 BIZ-VIRUS LD PASWANGovt monitoring availability of essential commodities in market: PaswanNew Delhi: Union Food Minister Ram Vilas Paswan on Wednesday said the government is monitoring the availability of essential commodities in the market amid nationwide lockdown for DEL22 BIZ-LD VIRUS-EXPORT BANGovt bans export of anti-malarial drug hydroxycloroquineNew Delhi: Amid coronavirus outbreak, the government on Wednesday banned export of anti-malarial drug hydroxycloroquine with immediate effect to ensure sufficient availability of the medicine in the domestic market. DEL23 BIZ-VIRUS-LOCKDOWN COSTExperts peg India's cost of COVID-19 lockdown at USD 120 bnMumbai: Pegging the cost of the COVID-19 lockdown at USD 120 billion (approximately Rs 9 lakh crore) or 4 per cent of the GDP, analysts on Wednesday sharply cut their growth estimates and stressed on the need to announce an economic package. DCM39 BIZ-CAB-LD EXPORTSCabinet approves extension of tax rebate scheme for export of garments, made-upsNew Delhi: The government on Wednesday approved the continuation of the scheme for Rebate of State and Central Taxes and Levies (RoSCTL) on export of garments and made-ups from beyond March 31 till it is merged with the Remission of Duties and Taxes on Exported Products scheme. DCM34 BIZ-ONGC-GASONGC gas output drops by one-tenth as shut factories refuse suppliesNew Delhi: With the unprecedented nationwide lockdown shutting down factories, ONGC has been forced to cut natural gas production by up to one-tenth as customers refused to take supplies because of business disruption. DCM24 BIZ-CCEA-RRBCCEA approves recapitalisation of RRBsNew Delhi: The Cabinet Committee on Economic Affairs (CCEA) on Wednesday approved a Rs 1,340-crore recapitalisation plan for regional rural banks (RRB).DCM13 BIZ-VIRUS-TELECOM-COAICOAI urges subscribers to use data networks responsibly to free up infra for critical servicesNew Delhi: With the government imposing 21-day lockdown to tackle coronavirus spread, industry body COAI on Wednesday urged mobile consumers to use data networks responsibly, so that critical services can run smoothly on communications infrastructure. DCM40 BIZ- MCAP- LD RILReliance Industries shares zoom nearly 15 pc; reclaims most valued firm tagNew Delhi: Shares of Reliance Industries Limited on Wednesday zoomed nearly 15 per cent, reclaiming the tag of the most valued domestic firm by market valuation surpassing TCS. SHWSHW

Business highlights

New Delhi, Mar 26 () The government will supply over next three months additional 2 kg subsidised foodgrains under the PDS, taking the total monthly quota to 7 kg per person, a senior Food Ministry official said on Thursday.On Wednesday, the Cabinet Committee on Economic Affairs (CCEA) headed by Prime Minister Narendra Modi had approved the Food Ministry's proposed to supply extra two kilo subsidised foodgrains to over 80 crore people registered under the Public Distribution System (PDS) amid nationwide lockdown to contain the spread of COVID-19.The official said the extra two kilo subsidised foodgrains over and above the existing monthly quota will be supplied for only the next three months to all ration card holders.Under the National Food Security Act (NFSA), the government is supplying 5 kg of foodgrains per month to over 80 crore people at a highly subsidised price. Wheat is supplied at Rs 2/kg and rice at Rs 3/kg. LUX BALBAL

Govt to supply 7kg/person subsidised foodgrains under PDS for 3 mths: Food Min official

New Delhi, Feb 16 () An inter-ministerial group has approved sale bid documents for privatisation of India's second biggest oil refiner Bharat Petroleum Corp Ltd (BPCL), and a notice seeking bids will be issued after a small group of ministers approves it, sources said. An inter-ministerial group or IMG comprising representatives from the ministries of finance, petroleum, law, corporate affairs and department of disinvestment has approved Expression of Interest (EoI) and Preliminary Information Memorandum (PIM) for the company. This will now be put up for approval by 'Alternative Mechanism' which is essentially a very small grouping of key Cabinet ministers, sources privy to the development said. Once the approval is granted, an EoI seeking interest from potential buyers will be floated, they said, adding the EoI along with PIM was likely to be out in the market within this month. The government plans to sell its entire 53.29 per cent stake in BPCL that will give buyers ready access to 14 per cent of India's oil refining capacity and about one-fifth of the fuel market share in the world's fastest-growing energy market. Sources said a two-stage bidding process will be followed wherein request for proposal or RFP in the first stage will be followed by due diligence-cum-bidding by qualified bidders in the second phase. BPCL has a market capitalisation of about Rs 1.03 lakh crore and the government stake at current prices is worth about Rs 54,000 crore. The successful bidder will also have to make an open offer to other shareholders for acquiring another 26 per cent at the same price. Privatisation of BPCL is essential for meeting the record Rs 2.1 lakh crore target Finance Minister Nirmala Sitharaman has set from disinvestment proceeds in the Budget for 2020-21. BPCL operates four refineries in Mumbai (Maharashtra), Kochi (Kerala), Bina (Madhya Pradesh) and Numaligarh (Assam) with a combined capacity of 38.3 million tonnes per annum, which is 15 per cent of India's total refining capacity of 249.4 million tonnes. While the Numaligarh refinery will be carved out of BPCL and sold to a PSU, the new buyer of the company will get 35.3 million tonnes of refining capacity. It also owns 15,177 petrol pumps and 6,011 LPG distributor agencies in the country. Besides, it has 51 LPG (liquefied petroleum gas) bottling plants. The company distributes 21 per cent of petroleum products consumed in the country by volume as of March this year and has more than a fifth of the 250 aviation fuel stations in the country. Sources said the disinvestment process being followed for privatisation of Central Public Sector Enterprises (CPSEs) is based on decision-making through inter-ministerial consultations and involvement of professionals and experts. After in-principle consent by the administrative ministry of the state-owned company concerned, approval of the proposal to disinvest is taken from the Cabinet Committee on Economic Affairs (CCEA). CCEA approved BPCL stake sale in November last year. Following this, an inter-ministerial group (IMG) was constituted. IMG appointed advisers for the transaction, including merchant bankers, asset valuers and legal advisers. The 'Alternative Mechanism' approves reserve or base price as well as price bids. Sources said BPCL privatisation process may take six to eight months to complete. ANZ ABM

IMG clears BPCL sale bid documents, to be issued after ministerial group nod

New Delhi, Jun 18 () India should be the world's largest coal exporters considering the size of reserves it has, and unlocking of coal mining for commercial players is a step in that direction, Prime Minister Narendra Modi said on Thursday. Launching the virtual auction process for 41 coal blocks for commercial mining, expected to garner Rs 33,000 crore of capital investment in the country over next 5-7 years, the Prime Minister said it is a major step in the direction of achieving 'self-reliance'. He also said that the coronavirus pandemic has taught India to be self-reliant. The launch of the auction process not only marks the beginning of unlocking of the country's coal sector from the "lockdown of decades", but aims at making India the largest exporter of coal, PM Modi said. Presently, despite being the world's fourth largest producer, he said India is the second largest importer of the dry-fuel. "The country which in terms of coal reserves is the fourth-largest nation and is the second-largest coal producer, that country is not exporting coal. But is the second largest importer of coal. The big question is when we are the largest producer of the world... If it is true, why can't we be the largest exporter," Modi said. The PM further said, "We are committed to turning the coronavirus crisis into an opportunity." The Prime Minister said that the government has set an aim of gasification of 100 million tonnes of coal by 2030 with an investment of Rs 20,000 crore. "We have kept an aim that by the year 2030, which means in this decade, around 100 million tonnes of coal should be gasified... For this, four projects have been identified and in them around Rs 20,000 crore would be invested." Lambasting past policies of keeping the sector closed and pointing out towards controversies and scams that shrouded the sector in the past, he said that now there is full transparency in auctions with a wide set of reforms. Commercial coal block auction will be a win-win for industry users, and new resources will open up with states getting more revenue and employment, he said. The PM said that the government has taken important decision to open up coal, mining sector to competition, capital and technology and termed it a major step in the direction of India achieving 'self-reliance'. The PM said that this auction process will result in major revenues to states and create employment besides development of the far-flung tribal areas. The commencement of auction process of these blocks, part of the series of announcements made under 'Atmanirbhar Bharat Abhiyan', are likely to contribute Rs 20,000 crore revenues annually to the state governments. In line with the Prime Minister's self-reliance call, the aim behind the auction process is to achieve self-sufficiency in meeting energy needs and boost industrial development. The government has taken an important decision to open up coal, mining sector to competition, capital and technology, he said. Coal and Mines Minister Pralhad Joshi, who was also be present during the launch event, said Rs 50,000 crore is being invested in the sector to jack up India's coal output to 1 billion tonnes. With a view to achieve self-reliance in the coal sector, the Ministry of Coal in association with FICCI launched the process of auction of 41 coal mines under the provisions of Coal Mines (Special Provisions) Act and Mines and Minerals (Development and Regulation) Act. Upon attainment of peak rated capacity of production of 225 million tonnes (MT), the government said, these mines will contribute about 15 per cent of the country's projected total coal production in 2025-26. It will also lead to employment generation for more than 2.8 lakh people -- direct employment to approximately 70,000 people and indirect employment to approximately 2,10,000 people, as per the government. Vedanta Group Chairman Anil Agarwal and Tata Sons Chairman N Chandrasekharan also attended the launch event. The decision was taken during a meeting of the Cabinet Committee on Economic Affairs (CCEA), chaired by the Prime Minister. Finance Minister Nirmala Sitharaman, while announcing the stimulus package for the coronavirus-hit economy, had said coal mines would be auctioned to the private sector for commercial mining to end reliance on imports and improve local production. The methodology approved by the CCEA provides that bid parameter will be revenue-share, the government had said, adding that bidders would be required to bid for a percentage share of revenue payable to the government. SID NAM ANZ NAM ANS ANS

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