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Cabinet panel okays Cochin Refineries tie-up plan for power project

The Cabinet Committee on Economic Affairs today approved five proposals including selection of the consortium of CEEC/Larsen & Toubro and Kerala State Electricity Board as joint venture partner by Cochin Refineries Limited for implementation of the proposed 500 megawatt power generation project at Ambalamuga, Kerala.

The proposed project would help in increasing the profitability of Cochin Refineries and mitigate the problem of power shortage in the state, an official release said.

The CCEA meeting, which was chaired by Prime Minister Atal Bihari Vajpayee also reviewed the flow of credit to small scale industrial sector and stressed the importance of ensuring speedy and timely flow of credit to the SSI sector.

The committee also approved a proposal for establishment of a 500-bed medical college and hospital at Chandigarh at an estimated cost of Rs 2.23 billion. The proposed medical college and hospital will fulfil the need for an undergraduate medical college in the Union Territory of Chandigarh and will cater to the healthcare needs of local as well as neighbouring population.

The CCEA has approved the continuation of centrally sponsored scheme of assistance to Scheduled Castes Development Corporations in states and Union Territories -- in the ninth five year plan period -- 1997-2002 -- with an outlay of Rs 3.03 billion and Rs 600 million for the annual plan 1998-99.

The CCEA underlined the need for closer monitoring of the scheme and effective use of funds, the release said.

UNI