Rajasthan Electronics to be made an independent PSU
CENTRE TO BUY 51% STAKE IN THE FIRM AT RS. 77.09/SHARE
The Cabinet Committee on Economic Affairs has decided to delink Rajasthan Electronics and Instruments Ltd (REIL) from Instrumentation Ltd to form an independent public sector unit.
According to a decision taken at the CCEA meeting on Wednesday, the Centre will buy 51 per cent shares in REIL at Rs. 77.09 per share. The total investment will be Rs. 48.16 crore.
“This will result in conversion of REIL into an independent CPSE with greater autonomy to capitalise on the available business opportunities and freedom to approach capital markets for its expansion. It will help REIL to attain a level of growth commensurate with its potential,” an official statement said.
TECH TIE-UP WITH GERMANY
Meanwhile, the Cabinet was apprised about the signing of a joint declaration between the Ministry of Science and Technology and the Federal Ministry of Education and Research of Germany for the extension of tenure of the Indo-german Science & Technology Centre.
“The declaration is for extension of tenure of the bilateral IGSTC for a period of five years beyond 2017 till 2022. It provides for enhancement of funding allocation of 2 million per year to a maximum of 4 million per year by each side,” an official statement said.
Joint research projects involving academia and industry from both countries aim to create new scientific knowledge base and application of research results for technology development and application.
AIR FORCE RANK
Further, the Cabinet also approved the creation of supernumerary post in the rank of Air Marshal in the Indian Air Force for a period of 17 months from December 1, 2014 till April 30, 2016 to abide by the orders of the Armed Forces Tribunal (Principal Bench), new Delhi.
“The creation of the supernumerary post is over and above the sanctioned strength of Air Marshals in the Aeronautical Engineering branch, to enable the Ministry of Defence to consider approval of the Appointment Committee of the Cabinet on promotion of AVM Sanjay Sharma, in accordance with the proceedings of Review Special Promotion Board 2014,” an official statement said.
After the sanction and subsequent to approval of Review Special promotion Board 2014 by ACC, AVM Sanjay Sharma will be considered for promotion to the rank of Air Marshal retrospectively from December 1, 2014.