GUWAHATI: In a bid to harness the vast resources offered by Hindustan Petroleum Corporation Limited (HPCL) and bolster its industrial development capabilities, the Assam Cabinet has approved an investment of ₹758.75 crore by the Assam Government. This grant-in-aid will serve a twofold purpose, facilitating the acquisition of vital assets and disbursing relief packages.
This financial allocation will be transformed into an equity investment made by the Assam Government into the Assam Industrial Development Corporation (AIDC). The move will significantly amplify AIDC's capabilities and reinforce its position as a premier industrial development entity.
The Assam Cabinet's decision also entails an enhancement in the limit of the authorised share capital of AIDC. The existing cap of ₹150 crore will be expanded to ₹1,000 crore. This alteration in the authorised share capital is in alignment with accommodating the forthcoming investment by the Assam Government.
These decisions are poised to provide AIDC with the required resources to expedite its efforts as a leading force in industrial development within the state.