COMPANIES
NTPC
to set up 750 MW thermal power project in Assam
Mumbai: NTPC Ltd. is setting up a coal based
thermal power project of 750 MW (3x250 MW) at the
site of Assam's existing non-operational Bongaigaon
Thermal Power Station (TPS) (4x60 MW), power minister
Sushilkumar Shinde told the Lok sabha.
NTPC
has concluded a transfer agreement with the Assam government and the Assam Power
Generation Corporation Ltd. (APGCL) for transfer of the existing infrastructure
of 240 MW (4x60 MW) Bongaigaon Thermal Power Station of APGCL in Assam to NTPC
Ltd. and setting up of new 3x250 MW power station at same location by NTPC Ltd.
Power purchase
agreement (PPA) has been signed by NTPC Ltd. with Assam State Electricity Board
(ASEB) on 30 May for power supply from the project.
The
project is estimated to cost Rs4,496.24 crore (at 2006 prices). All key linkages/clearances
for the project, including environmental clearance have already been obtained.
The project
is expected to be commissioned in 2010-11.
NTPC
can partner with a strategic partner who can bring the expertise in manufacturing
which in combination with NTPCs strength in planning, Engineering, Project Management,
Operational Expertise can be used to develop a viable equipment manufacturer and
EPC contractor.
NTPC
has decided to take 44.6 per cent stake of Transformers
and Electricals Kerala, Ltd. (TELK) Kerala. An agreement
to this effect has been signed amongst NTPC, TELK
and the government of Kerala.
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GENERAL
Plan
panel sets up committee on financial sector reforms
Mumbai: The planning commission has set up a high-level
committee on financial sector reforms with a view
to outlining a comprehensive agenda for the evolution
of the financial sector.
The 12-member
committee headed by Raghuram G. Rajan will suggest priorities and sequencing decisions
which the government must keep in mind.
The
committee will identify the emerging challenges in meeting the financing needs
of the Indian economy in the coming decade and to identify real sector reforms
that would allow those needs to be more easily met by the financial sector. It
will also examine the performance of various segments of the financial sector
and identify changes that will allow it to meet the needs of the real sector,
identify changes in the regulatory and the supervisory infrastructures that can
better allow the financial sector to play its role, which ensuring that risks
are contained.
The
terms of reference also include identify changes in other areas of the economy
including the conduct of monetary and fiscal policy, and the operation of the
legal system and the educational system that could help the financial sector function
more effectively.
The
Committee will submit report by 31 March 2008. Other
members of the committee include : Suman Berry, Director
General NCAER, Uday Kotak of Kotak Mahindra Bank,
Rajeev Lall of IDFC, Vijay Mahajan, Chairman Basix,
Zia Modi Senior Partner, AZB Partners, O.P. Bhatt
State Bank of India, K.V. Kamath ICICI Bank, Chitra
Ramakrishna, Deputy MD. NSE, R. Ravimohan, CRISIL,
J.R. Varma, of Indian Institute of Management Ahmadabad,
and R. Sridharan, Adviser (FR), Planning Commission
will be the Convener of the committee.
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Guidelines
revised for issue of PAN to Indians abroad
The income tax department has issued revised guidelines
for allotment of Permanent Account Number (PAN) to
Indians living abroad, foreign citizen or a company,
trust or firm not having an office in India.
The
requirement of having a representative assessee in India by a non-resident for
allotment of PAN has been dispensed with. Further, the procedure for allotment
of PAN to non-residents has been streamlined, minister of state for finance S.S.
Palanimanicham told the Lok Sabha.
It
is not possible to estimate the increase in allotment
of PAN to non-residents that can be attributed to
the issue of revised guidelines. Separate details
of tax collections from non-residents are not being
maintained, he said.
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