New Delhi: Six days before the Union Budget, the Cabinet Committee on Economic Affairs on Wednesday cleared the setting up of two dedicated railway freight corridors in the next five years to speed up the movement of goods trains.
The Western Freight Corridor will be created with an investment of Rs 16,892 crore, while the Eastern Freight Corridor will be set up at a cost of Rs 11, 849 crore. The corridors will be owned 100 per cent by the Railways.
The CCEA has also approved Indonesia-based Salim Group's $500 million FDI in West Bengal and 20 per cent FDI in Sun TV by a Mauritius-based firm.
The CCEA meeting also weighed the proposal for the sale of the residual stakes in Hindustan Zinc Ltd, but decided to refer it to a Group of Ministers.
In another decision, the CCEA gave the go-ahead for the acquisition of 109 Customs marine vessels and procurement of 5 years' spares and post-warranty annual maintenance contract for 5 years at a cost of Rs 358.19 crore.
"The acquisition of marine vessels will assist the Customs Department in the discharge of its statutory function, that is the prevention/detection of movement across the country's sea borders of contraband goods including arms, ammunition, explosives, and narcotic drugs," Union Finance Minister P Chidambaram said.
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