Govt simplifies PSU stake sales, clears plan to revive stressed power projects
Photo Credit: Pexels

India has approved legislation that will simplify the sale of the government's stakes in state-run companies, finance minister Arun Jaitley said on Friday.

New Delhi has been working to privatise often loss-making public companies, but was forced to shelf plans to sell national airline Air India last year after failing to attract a single bidder.

Stressed power plants

The cabinet on Thursday approved a plan to revive some of the some stressed thermal power plants and set up new coal-fired power plants to curb power deficit, Finance Minister Arun Jaitley said.

Power projects of 1,320-megawatts capacity would be set up in the eastern state of Bihar and the northern Uttar Pradesh, he said.

While the Bihar power plant would cost 104.39 billion rupees ($1.49 billion), the one in Uttar Pradesh would be built with an investment of 110.89 billion rupees.

The two power projects would start operations from 2023-24, Jaitley said.

Leave Your Comment(s)