New Delhi: The Cabinet Committee on Economic Affairs (CCEA) on Wednesday approved the revised cost estimates of the Assam Gas Cracker Project to the tune of Rs 8,920 crore.
The project would be funded by capital subsidy of Rs 4,690 crore and debt and equity for Rs 2961 crore and Rs 1269 crore respectively.
In case the planned loans do not materialise, the same would be picked up as additional equity by the promoters, an official statement said here.
The Assam Gas Cracker Project was initiated in pursuance of the Memorandum of Settlement signed between Central Government and All Assam Students Union (AASU) and All Assam Gana Parishad (AAGP) on August 15, 1985.
The project is expected to give rise to a substantial employment generation, as a result of investments in downstream plastic processing industries and allied activities.
The project is considered to be of crucial significance for the state of Assam and North-Eastern region.
Currenty, the project is in its fifth year of execution. (UNI)
