Maharashtra: MIDC signs MoUs for investment worth Rs 16,500 cr
Maharashtra: MIDC signs MoUs for investment worth Rs 16,500 cr

The state-run Maharashtra Industrial Development Corporation (MIDC) on Thursday signed memorandum of understanding (MoUs) worth Rs 16,500 crore in the fields of petroleum and natural gas and renewable energy (biofuel).

The central public sector undertaking GAIL (India) will invest Rs 8,000 crore at Usar in Raigad district for LPG production and transmission, LNG re-gasification and petrochemicals. It will generate 3,000 jobs. GAIL India is leading natural gas company with diversified interests across the natural gas value chain of trading, transmission, LPG production and transmission, LNG re-gasification and petrochemicals.

Further, VTara Energy Private Limited, which is a part of VTara Energy Group Proprietary Ltd, Australia inked MoU for investment of Rs 8,500 crore in hydrogen, renewable diesel, aviation fuel and bio-CNG at Ner in Yavatmal district. It will generate 2,000 jobs. Its focus is on an ecosystem of supply including research skills, management strategies, knowledge and risk capitals and demand comprising quality, security, convenience and efficiency.

US-based Jabil has evinced interest to invest Rs 3,000 crore in Pune district for the production of smartphone components.

MIDC CEO P Anbalagan told the Free Press Journal, ‘’ In one year, MIDC has signed a record 54 MoUs with investment worth Rs 1.30 lakh crore. These investments will be in logistics, food processing, electronics, chemicals, petrochemicals, natural gas, renewable energy, pharmaceuticals and auto components."

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