STATE TIMES NEWS
SRINAGAR: The Cabinet on Tuesday accorded sanction to the implementation of Energy Efficient LED Street Lights project in Srinagar Municipal Corporation and Jammu Municipal Corporation through M/s Energy Efficiency Services Limited (EESL), a joint Venture Company setup by the Ministry of Power, Government of India, subject to obtaining all necessary clearance and approval from Competent Authority.
The Cabinet accorded sanction to the signing of tripartite Memorandum of Understanding (MoU) between the Housing and Urban Development Department (H&UDD), Power Development Department (PDD) and M/s Energy Efficiency Services Limited (EESL) for implementation of LED Street Light project in Srinagar Municipal Corporation and Jammu Municipal Corporation.
The MoU shall be signed after satisfying the financial viability, ensuring the reasonability of rates and fulfilment of all codal formalities.
Meanwhile, to promote handicrafts and handloom products within the country and globally, the Cabinet has accorded sanction to the incorporation of Jammu and Kashmir Trade Promotion Organization (JKTPO) under Section 8 of the Companies Act, 2013, as per the Law Department vetted Article of Association (AoA) and Memorandum of Association (MoA), having initial Share Capital of Rs. 5 Crore, as a Joint Venture Company between the Government of Jammu and Kashmir with 51 per cent equity share, India Trade Promotion Organization (ITPO) with 44 per cent equity share and Export Promotion Council for Handicrafts (EPCH) with 5 per cent equity share.
The Joint Venture Company will promote, organise, manage and participate in handicrafts/handlooms/industrial trade, other fairs and exhibitions in India and abroad and take all measures for promoting Industry especially in the state of Jammu and Kashmir and enhance its global competitiveness.
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