Cabinet approves package to woo ultra-mega projects

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The Punjab Cabinet led by Chief Minister Charanjit Singh Channi approved a special package of incentives for new mega and ultra-mega projects to attract across the state.

According to a spokesperson for the Chief Ministers Office, projects with fixed capital investment of Rs 1,500 to Rs 2,500 crore with a minimum contract demand of 20 MVA would be treated as mega projects and those with fixed capital investment of above

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Rs 2,500 crore and minimum contract demand of 30 MVA would come under the ultra-mega project category.

Under the special package, a special power tariff for four years would be provided to mega projects and five years to new ultra mega projects from the date of release of the permanent power connection.

Similarly, the incentive of net goods and Services tax (GST) reimbursement would be available at the rate of 100 per cent of the net GST with a cap of 200 per cent of the Fci to be availed over a maximum period of 17 years for mega projects and 20 years for ultra-mega projects.