Hinduja Group signs MoU for investment of Rs 35,000 cr in Maharashtra

Two days after the cabinet sub-committee cleared investment proposals of over Rs 70,000 crore, the transnational conglomerate Hinduja Group on Thursday signed an MoU with the state government for the investment of Rs  35,000 crore in Maharashtra. The Group proposes to make investments in renewable energy, media and entertainment, rural economic development, cyber security, new generation commercial automobiles and solutions, BFSI, healthcare, infrastructure, education, manufacturing and new age technologies.

It was signed in the presence of Chief Minister Eknath Shinde and Mr JP Hinduja, Mr Ashok Hinduja and Mr Prakash Hinduja. The additional chief secretary in the Chief Minister’s Office Mr Bhushan Gagarin and the State industry department principal secretary Dr Harshdeep Kamble were also present.

Historic moment, says CMO

The Chief Minister’s Office said, ‘’Historic moment for Maharashtra: Hinduja Group will invest around Rs 35,000 crore in the state. Signing of MoU between Hinduja Group and Government of Maharashtra in the presence of Chief Minister @mieknathshinde.’’

‘’The MoU is being entered into to bring economic growth in the state of Maharashtra with focus on the economic development of the rural sector for creating opportunities and employment for the people of Maharashtra,’’ reads the MoU.

‘’Government of Maharashtra wishes to have suitable parties/persons invest in the state of Maharashtra which could lead to employment and prosperity for the people of the state,’’it says. 

In order to fulfil the vision, the parties will form a committee in order to formally discuss their plans they shall formulate a steering committee with representation of experts from the state government and Hinduja Group. 

Today’s development came days after Shinde-Fadnavis govt was attacked by the opposition for the loss of five key projects including the $20 billion Vedanta Foxconn semiconductor project, the Rs 22,000 crore Tata Airbus defence plane manufacturing project, the medical device project, the bulk drug project and the industrial cluster for renewable energy.