June 10, 1995

Even as the fate of Enron’s controversial Dabhol power project, under review by the Maharashtra Government is still uncertain, the Centre is all set to offer the US-based ST Power Systems and CMS Energy counter guarantee for the 250 MW Zero unit at Neyveli at a tariff of Rs. 3.07 per kWh (unit) under the revised power purchase agreement. In an oblique defence of Dabhol’s power tariff of Rs. 2.40 per unit in 1997, top Power Ministry officials say that though the per MW cost of the zero unit is way above Enron’s projections, resulting in higher tariff, the Government has decided to go ahead with the final approvals.

Pension scheme for insurance workers okayed

A pension scheme for insurance employees has been approved in principle by the finance and law ministries. Work on vetting the draft notification is on. The notification is expected in about a week’s time, according to GIC officials. They also expect that the Finance Ministry will give the go-ahead to start wage negotiations for the industry. Though the last wage negotiations, concluded in 1988, were open-ended, the unions nave been asking the management to open fresh negotiations.

Calcutta planning first intelligent city

The concept of Infinity, country’s first intelligent city, was unveiled on Friday with a proposed joint venture between the West Bengal Government, Singapore Technologies Construction and Global Synergies Ltd. The concept, when turns into a reality, would-emerge as a Rs. 350-crore twin 22- storey complex, named Infinity, at Bidhanagar (Salt Lake City) in Calcutta at 8 lakh square feet area. While the West Bengal Government will have a 20 per cent stake, Globsyn, a management firm, will have the rest.

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