Date:03/06/2006 URL: http://www.thehindubusinessline.com/2006/06/03/stories/2006060304280900.htm

Back Cabinet okays revival of Tungabhadra Steel

Our Bureau

New Delhi , June 2

The Cabinet on Friday approved the revival of Tungabhadra Steel Products Ltd through joint ventures with public sector enterprises or disinvestments in favour of private parties, the Parliamentary Affairs Minister, Mr Priyaranjan Dasmunsi, told presspersons after the meeting here.

It also approved opening up of a voluntary retirement scheme for the company's employees in order to make it more attractive to prospective buyers.

It also gave in principle approval for carrying out of joint venture exercise with private partner with 74 per cent shareholding and management control, if necessary and for getting an enabling legislation to cover such possibility, he said.

Jute tech mission

The Cabinet Committee on Economic Affairs (CCEA), which also met here on Friday, approved the Jute Technology Mission at a cost of Rs 355.55 crore. It has also approved allocations for Mini Mission-I and Mini Mission-II under the Jute Technology Mission for the remaining year of the Tenth Plan at Rs 2.46 crore and Rs 9.75 crore.

The allocation for Mini Mission-III and Mini Mission-IV for the remaining year of the Tenth Plan at Rs 7.95 crore and Rs 30.85 crore too has been okayed by the CCEA, Mr Dasmunsi said.

Plan fund allocation

The CCEA also approved a proposal to raise the allocation of Plan fund from Rs 98 crore to Rs 295 crore for the scheme of technology upgradation, modernisation and establishment of food processing units during the Tenth Plan Period, the Minister said.

Under the scheme, assistance is provided to the implementing agencies which include Central and State Government organisations, PSUs, NGOs, cooperative societies and private sector units and individuals.