Prime Minister Manmohan Singh laid the foundation stone of the Rs 5460.61 crore (Rs 54.6 billion) Assam Gas Cracker project on Monday, now known as Brahmaputra Cracker and Polymer Ltd.
The increase in liability towards MAT will be matched by an incremental deferred tax credit.
IOC has been forced to shut down its Digboi refinery in Assam and is operating Guwahati unit at minimal throughput, while OIL has been forced to shut LPG production and its crude oil production has dropped by 15-20%. Sources said the agitation has blocked the movement of tankers and trucks, which are mostly used to supply petrol, diesel and LPG from the refineries to different parts of the North East.
The government has chosen state-run GAIL (India) Ltd over Reliance Industries in setting up a Rs 2,500 crore gas cracker project in Assam.
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According to the latest data, until May, 48.3 per cent of the total 207 projects worth Rs 1,000 crore (Rs 10 billion) or above, also termed as mega projects, faced delays and witnessed a cost overrun of 19.2 per cent from the originally-sanctioned Rs 656,000 to Rs 781,000.
Almost half the overall projects costing at least Rs 150 crore (Rs 1.5 billion) are facing a time lag as on March 31. Of 558 projects, 272 were running late when FY13 came to an end, official data showed.
A deal with the Assam government, which holds majority stake in the company through Assam Industrial Development Corporation Ltd, is likely by October.
Assembly elections in Assam used to be a quiet affair and people outside the state would take little interest in the outcome. This time, even in faraway Delhi, people are keeping tabs on political developments in Assam.
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