Home » CCI clears Rs 740 bn worth investment so far

CCI clears Rs 740 bn worth investment so far

CCI clears Rs 740 bn worth investment so far

Since the setting up of the Cabinet Committee on Investment (CCI) in January 2013, mega projects worth a total of Rs 74,000 crore, have been cleared by the body.

These projects were stalled because of lack of statutory clearances. Many projects in the oil and gas sector, with a cumulative investment of $13.42 billion, were held up because of of objections raised by the Defence Ministry on account of security concerns. These projects pertain to exploration and production activities in 40 oil blocks.

At a meeting Chaired by Prime Minister Manmohan Singh on March 20, the CCI approved the conditional clearance given to five blocks, where investments to the tune of Rs 52,921 crore have already been made.

The CCI decision has paved the way for investments worth Rs 1,566 crore, reports indicate. The processes of granting environment and forest clearances for mega projects have also been streamlined and made easier in cases such as renewal of mining leases.

Further, fresh Environment Clearance (EC) requirement was waived for mining project at the time of renewal of mining lease, if EC was obtained under the EIA Notification of 2006.

Coal mining projects, which involve a one time capacity expansion of 25 per cent or less, have now been exempted from public hearing provided that it had taken place at the time of obtaining the existing EC and the mining is confined to the existing lease area.

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