The Cabinet Committee on Investment (CCI) constituted by prime minister Manmohan Singh to iron out issues that come in the way of putting infrastructure projects on stream — cleared at least seven projects on Tuesday, most of them related to the oil and gas sector. The total worth of these projects run up to a grand total of Rs.1,64,000 crore.
Among the projects on the CCI agenda were the Indian Oil Corporation’s Paradip refinery, which will come up at a capital cost of Rs.29,777 crore, the Mangalore Refinery and Petrochemicals, Phase III project, that will require an investment of Rs.12,160 crore, and the Tanmar Power Plant at a cost of Rs.13,600 crore.
The two refinery projects are mega infrastructure projects that will hopefully fulfill the future oil needs of the country. The Paradip Refinery is the largest refinery of oil marketing company Indian Oil Corporation. It will take the IOC’s refining capacity to over 80 MMTPA.
Similarly, Phase-III of the Mangalore refinery will take its refining capacity of MRPL to 21MT by 2021. By the end of the current financial year, it will increase capacity to 15MT.
The transport ministry also brought to the notice of the CCI problems faced by the government on land acquisition and in getting environment and forest clearances. These two problems are in the way of the ministry’s achieving its target of awarding 9,000 km of highways contracts in the current fiscal.
CCI has already approved projects worth about Rs.3,80,000 crore. In the meeting held last month, the committee approved 36 projects worth Rs.1,80,000 crore.
The ministry of road transport and highways submitted a presentation to the CCI on how delays in land acquisition, environment and forest clearances affect the progress of highway construction.
The CCI asked the road ministry in January this year to prepare a list of hurdles in the sector and find solutions to mitigate the problems.
The road ministry has set a target of awarding 9,000 km of projects in 2013-14. In 2011-12, the ministry awarded 1,933 km of projects as against the target of 9,500 km. This year, the ministry is hopeful of completing 4,500 km of roads.
The CCI was set up to identify key infrastructure and manufacturing projects to be implemented in a time-bound manner, requiring investments of Rs.1,000 crore or more.
At its previous meeting, the CCI approved infrastructure projects worth Rs.1.83 lakh crore in power, steel and oil and gas sectors.
Among the projects on the CCI agenda were the Indian Oil Corporation’s Paradip refinery, which will come up at a capital cost of Rs.29,777 crore, the Mangalore Refinery and Petrochemicals, Phase III project, that will require an investment of Rs.12,160 crore, and the Tanmar Power Plant at a cost of Rs.13,600 crore.
The two refinery projects are mega infrastructure projects that will hopefully fulfill the future oil needs of the country. The Paradip Refinery is the largest refinery of oil marketing company Indian Oil Corporation. It will take the IOC’s refining capacity to over 80 MMTPA.
Similarly, Phase-III of the Mangalore refinery will take its refining capacity of MRPL to 21MT by 2021. By the end of the current financial year, it will increase capacity to 15MT.
The transport ministry also brought to the notice of the CCI problems faced by the government on land acquisition and in getting environment and forest clearances. These two problems are in the way of the ministry’s achieving its target of awarding 9,000 km of highways contracts in the current fiscal.
CCI has already approved projects worth about Rs.3,80,000 crore. In the meeting held last month, the committee approved 36 projects worth Rs.1,80,000 crore.
The ministry of road transport and highways submitted a presentation to the CCI on how delays in land acquisition, environment and forest clearances affect the progress of highway construction.
The CCI asked the road ministry in January this year to prepare a list of hurdles in the sector and find solutions to mitigate the problems.
The road ministry has set a target of awarding 9,000 km of projects in 2013-14. In 2011-12, the ministry awarded 1,933 km of projects as against the target of 9,500 km. This year, the ministry is hopeful of completing 4,500 km of roads.
The CCI was set up to identify key infrastructure and manufacturing projects to be implemented in a time-bound manner, requiring investments of Rs.1,000 crore or more.
At its previous meeting, the CCI approved infrastructure projects worth Rs.1.83 lakh crore in power, steel and oil and gas sectors.
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