Cabinet approves for hiking FCI’s authorised capital to Rs 10,000 cr

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New Delhi: The Cabinet Committee on Economic Affairs (CCEA) on Wednesday approved the proposal to increase the authorised capital of Food Corporation of India (FCI) to Rs.10,000 crore.

“The Cabinet Committee on Economic Affairs has approved to increase the authorised capital of Food Corporation of India (FCI) from existing Rs 3,500 crore to Rs 10,000 crore,” an official statement said.

“With the increase of authorised capital, additional equity capital can be infused in FCI through the Union Budget to fund the foodgrains stock perpetually held by FCI. This will reduce the borrowings of the FCI, save its interest cost and reduce food subsidy in consequence,” it said.

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