Special secretary in the ministry of external affairs Rakesh Kumar said at the third Indo-Arab conference organised by Assocham, that the finance minister of Sudan would shortly visit India to sign the agreement with Bhel, which would be setting up the project on a turnkey basis.
Out of the $500 million cost of the project, the government of India will extend a line of credit to the tune of $350 million and the remaining $150 million will be contributed by the government of Sudan, the countrys envoy Abdalmahmood A Mohammad said at the meeting.
As per the understanding reached between Bhel and the Sudanese government, the engineering and power utility company will be able to choose local partners there who will distribute the electricity to be generated out of this project.
Earlier, inaugurating the conference, company affairs minister PC Gupta announced that the Insolvency Act was being further simplified, the aim of which would be to limit the size of the liabilities of companies.
| Sudanese finance minister will visit India to sign pact with Bhel for setting up the project on turnkey basis |
India will extend a line of credit to the tune of $350 m and the rest will be contributed by the government of Sudan
The engineering and power utility company will be able to choose local partners to distribute the electricity generated
The Insolvency Act is being simplified, to limit the size of the liabilities of companies
When asked whether ministry of company affairs (MCA) was making an investigation on the names of the companies that find a mention in the Volker Committee report, Mr Gupta denied this but said that MCA was examining the report itself.
Mr Gupta said that over $36 billion worth of business was conducted with Iraq under the UN-monitored oil for food programme. About 3,600 companies worldover were involved in the business, in which, the share of India was not even half a billion.