New Delhi : Seeking to win back investors to shore up the rupee and spur growth, the government has approved a raft of infrastructure projects worth Rs 1.83 lakh crore. Finance Minister P Chidambaram said the Cabinet Committee on Investment (CCI) cleared hurdles faced by 18 power projects, and a similar number of projects in road, railways and petroleum.
“Our highest priority is to get the investment cycle restarted,” he told reporters. 18 power projects worth Rs 83,773 crore, which were stalled because of lack of fuel linkages, will sign supply accords with Coal India Ltd by September 6.
The projects which will get coal include Adani Group’s Maharashtra plant, GMR’s 1,400 MW Kamalanga unit in Dhenkanal district of Odisha, Lanco’s Badandh power plant in Odisha and Talwani Power of Punjab.
Besides, the CCI cleared hurdles for projects like Reliance Power’s 4,000 MW ultra mega power project at Sasan in Madhya Pradesh, L&T’s Metro Rail project in Hyderabad, Hindalco Industries project and Essar Power’s Jharkhand project.
Chidambaram said apart from power sector projects, there are nine projects with a total outlay of over Rs 14,084 crore, where the banks have disbursed Rs 1,484 crore.
Another nine projects reviewed by the CCI involved an investment of over Rs 85,000 crore. The Finance Minister further said that banks have already disbursed as much as Rs 30,000 crore for the power sector projects and with clearances in place they would provide more funds for these projects. He said that all the necessary approvals for the L&T Metro Rail project have been granted.
On land acquisition problems, one of the major causes of delays in projects, Chidambaram said, “After the Food Bill, the one listed is Land Bill. Now that the (Food) Bill is passed, the next item on the list will be Land Acquisition Bill.”
One project of Hindalco Industries will come up before the SEZ (Special Economic Zone) approval Board on August 30 for final decision, he said.