The Assam govt plans to establish an investment holding company for the oil and gas industry
The decision will boost growth in the vital energy industry while also increasing the government's revenue stream
The Assam government said on Friday that it will establish an investment holding company to invest in and manage oil, gas, and fertiliser companies.
It was determined during a meeting of the state cabinet to take advantage of specific 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 boost growth in the vital energy industry while also increasing the government's revenue stream, according to the statement.
The cabinet also approved an investment of Rs 8,727.08 crore in Assam for the execution of a Revamped Distribution Sector Scheme (RDSS).
The RDSS will entail, among other things, the construction of a high-voltage distribution system, aerial bunched cables, new substations and lines, feeder bifurcation, and line reconstruction.
In addition, the cabinet approved a payment of Rs 137 crore to the Assam Power Distribution Company Ltd for rate subsidies (APDCL).
The government also waived interest on loans to the Assam Power Generation Corp Ltd (APGCL) and the Assam Electricity Grid Corp Ltd totaling Rs 1,097 crore (AEGCL).
The cabinet decided to convert government loans and grants to AEGCL and APGCL into equity and waive loan interests in order to make the power utility firms profitable.
It stated that these two state-run firms will receive Rs 1,286 crore in loans and Rs 3,280 crore in grants.
The cabinet also approved a Rs 130.64 crore interest subsidy for state government employees who want to develop homes under the Apon Ghar plan.
In addition, the cabinet approved a one-time terminal reward for anganwadi workers when they reach the age of 60, in honour of their contributions to women's and children's welfare.
The Assam cabinet authorised a 2% reservation in Grade-III and IV posts for ex-servicemen in honour of their commitment to the nation.
The disabled ex-servicemen and families of deceased soldiers will receive 25% of this reservation, while the remaining 75% will be kept for all other ex-servicemen.
The cabinet also approved the criteria for individuals selected for various positions in the Assam Police Force to have a residence status certificate or a domicile certificate.
SC, ST, and OBC candidates, on the other hand, are not required to provide such evidence of residency certificates.