JULY 20239The Assam government would contribute Rs 823 crore as additional equity to the Numaligarh Refinery Ltd. (NRL) Expansion Project. The state cabinet meeting approved this investment in relation to the state government's "Right issue of Additional Equity Share of 74809091 numbers." The total number of right shares totaling 7823 crore will be divided by the sum of Rs 205.73 crore that the government will release for the first call.At an estimated cost of Rs 28,026 crore, NRL has started a significant expansion project. Refinery expansion from 3 MMTPA to 9 MMTPA, 1,398 km of crude pipeline from Paradeep to Numaligarh, and 605 km of product pipeline from Numaligarh to Siliguri are all being built. The NRL expansion plan, which would involve state expenditure of 728,026 crore.In order to minimise water pollution, the state government has determined that "Regulation for ldol Immersion" will be included in the Assam Rules, 2022. Identification of approved and indefinitely protected riverbank immersion ghats. Barricades will be erected to prevent slope damage in unprotected sections. Commercial and private river vessels should not moor or anchor at locations designated for permanent idol immersion, and the Water Resources Department should build ramps for idol immersion.The government ruled that before an idol was immersed, worship materials like flowers and other items have to be removed from makeshift ponds with earthen bunds along river banks. synthetic colour use for painting idols is completely prohibited."These rules will ensure a decrease in the use of POP and other harmful materials, such as chemicals and toxic paints, in the creation of idols, specify procedures for idol immersion, and ensure improvement in the water quality of rivers, among other things."TOP STORIESThe event, lenders of VoVL, Videocon Industries' oil and gas exploration company, nearly unanimously approved a resolution plan proposed by Bharat Petroleum Corp (BPCL). VoVL, which is going through bankruptcy, obtained 99.96 percent of the votes in favour of a proposal to sell the business to the government-owned BPCL.According to the people named above, one unsecured lender with 0.04 percent debt voted with his or her abstention. The VoVL's resolution plan was up for voting until June 22.The resolution specialist will submit the strategy for approval to the National Company Law Tribunal (NCLT). According to the individuals named above, the VoVL resolution will rank among the most expensive cross-border insolvency remedies. The majority of VoVL's assets, including its oil exploration blocks, are located in Brazil, however the sale procedure was carried out in India.In order to conduct oil and gas exploration in Brazil, Videocon Energy Brazil and BPCL's subsidiary BPRL Ventures BV formed a 50:50 joint venture. According to the contractual agreements imposed by Brazilian law, BPCL has the first right to match any offer that lenders receive for VoVL oil basins as a JV partner. 90% of VoVL's lenders cast votes for one of two resolution proposals in mid-April.LENDERS OF VOVL APPROVE OF BPCL'S RESOLUTION PLANASSAM TO INVEST RS 823 CRORE AS ADDITIONAL EQUITY FOR NUMALIGARH REFINERY EXPANSION
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