New Delhi, July 2: Indian Oil Corporation's proposal for setting up a nine million tonne per annum grassroot refinery and associated facilities at Abhaichandrapur near Paradeep Port in Orissa received the Cabinet nod late on Thursday evening. The project involves an investment of Rs 8,270 crore.The project will be executed by a joint venture between the Indian Oil Corporation (IOC) and the Kuwait Petroleum Corporation (KPC) in a time span of 48 months. While IOC and KPC would hold 26 per cent equity each, the remaining 48 per cent will be held by the public. The IOC equity will be about Rs 806 crore and the foreign exchange component will be about 2,400 crore.
The Cabinet also approved a one-year extension up to June 30, 1999, of the Maharashtra Raw Cotton Monopoly Procurement Scheme. However, there will be no financial commitment on the part of the Union government.
The extension of the scheme will ensure smooth procurement and marketing of raw cotton by the Maharashtra government. The scheme has beenin existence for a couple of years and has been getting extension on an annual basis.
The Cabinet also approved the setting up of a Central Adoption Resource Agency (CARA) as an autonomous body under the ministry of social justice and empowerment. The Central Adoption Resource Agency will be a registered society. Its setting up had been recommended by a task force set up under justice PN Bhagwati to streamline the process of adoption.
The task force had been set up following a judgement by the Supreme Court in 1989.
Copyright © 1998 Indian Express Newspapers (Bombay) Ltd.
