Ra­jasthan Elec­tron­ics to be made an in­de­pen­dent PSU

CEN­TRE TO BUY 51% STAKE IN THE FIRM AT RS. 77.09/SHARE

Resource Digest - - CONTENT -

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.

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