Union Cabinet approves transfer of administrative control of Brahmaputra Cracker and Polymer:
Cabinet Committee on Economic Affairs chaired by Prime Minister Narendra Modi approved the transfer of administrative control of Brahmaputra Cracker and Polymer Limited (BCPL). The central Public Sector implementing the Assam Gas Cracker Project (AGCP) from the Department of Chemicals & Petrochemicals to the Ministry of Petroleum & Natural Gas. Feedstock subsidy to BCPL for 15 years of plant operation to maintain minimum Internal Rate of Return (IRR) of 10% (post-tax).
BCPL estimated feedstock subsidy of approximately Rs.4600 crore for the project for 15 years of plant operation. BCPL will submit the proposal on a yearly basis from the next financial year onwards and the administrative Ministry / Department devise a mechanism to examine the proposal in consultation with the Ministry of Finance. Ministry of Petroleum & Natural Gas to make firm arrangements through concerned PSUs for the supply of committed quantity and quality of feedstock to the project as envisaged in the earlier CCEA approval of 2006. The project is seen as a part of the implementation of the Assam Accord and would give impetus to the development of the north-eastern region of the country and improve the socio-economic conditions of the people of Assam through increased employment.
HDFC Life Insurance partners with Paytm to expand its distribution:
HDFC Life Insurance partnered with Paytm to expand its distribution.
Aim:
The main objective is to enable customers of Paytm to purchase insurance products from HDFC Life. The company increases the insurance penetration in India and to simplify the customer experience right from the purchase to the claim process.
HDFC Life Insurance
HDFC Life is a long-term life insurance provider with its headquarters in Mumbai
Paytm
Paytm is an Indian e-commerce payment system and financial technology company.