Essar welcomes FM’s Atma Nirbhar Bharat measures

As the country heads into the lockdown 4.0, our Finance Minister Smt Nirmala Sitharaman unveiled a set of measures, as a part of Atma Nirbhar Bharat Abhiyan, expected to give India Inc some breathing space amid the Covid-10 disruption.

The top management at Essar welcomed the liquidity injection and the liberalisation efforts in core sectors.

Mr Vilas Tawde, MD & CEO, Essar Oil & Gas Exploration & Production Ltd (EOGEPL) believes that the Coal Bed Methane (CBM) based initiatives will be a great salve to the environment in terms of clean energy. He also mentioned that ₹ 50,000 cr in evacuation infrastructure would facilitate the unlocking of CBM potential in Coal India’s leased area, which is estimated to hold ~90 TCG of CBM gas (unrisked).

“The ₹ 90,000 cr liquidity injection for distribution companies in India (DISCOMs) is not a giveaway package; this is a lever of structural change”, Mr Pradeep Mittal, Executive Vice Chairman, Essar Power. Mr Mittal goes on to state that a key aspect of the Modi government’s mega stimulus package is to use the resources to drive fundamental and grassroots level change. Earlier too, attempts have been made to restructure DISCOMs. In this instance, the government has made equity infusion contingent on improvement in operational performance. This will force states and DISCOMs to improve infrastructure and collection efficiency.