New Delhi, Feb 7 (UNI) Public sector Nuclear Power Corporation of India Ltd (NPCIL) can now spend upto Rs 500 crores without government approval that would help reduce gestation period of projects, the Cabinet today said.
The move would also help NPCIL to invest its surplus funds in establishing financial joint ventures and subsidaries, Information and Broadcasting Minister Priya Ranjan Dasmunsi said after the Cabinet meeting.
''The enhanced delegation would facilitate NPCIL to incur capital expenditure upto Rs 500 crores without government approval, within the overall ceiling of 15 per cent of the net worth of the company in one project with overall ceiling on all projects put together restricted to 30 per cent of the net worth of the company,'' Mr Dasmunsi said while briefing reporters.
The Cabinet step had helped enhance the governing powers of the Board of Directors of NPCIL to incur capital expenditure, investment towards establishing financial joint ventures and wholly owned subsidaries in India or abroad.
This would also delegate powers to secretary, Department of Atomic Energy (DAE) to approve tours abroad of Chairman and Managing Director (CMD), NPCIL.
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