NEW DELHI: The Assam government on Friday announced it will set up an investment holding company to pump in money 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).
—PTI

Press Trust of India