Maharashtra Government will develop a Bulk Drug Park in Raigad district and medical equipment complex in the AURIC City, Aurangabad. Together, the state government expects to attract an investment of Rs 25,000 crore. The government hopes the development of these projects will give a major impetus to medical equipment as well as drug production in the state.
The government will spend Rs 2,500 crore on infrastructure development and related works to develop a Bulk Drug Park in Raigad district and another Rs 442 crore for a medical equipment complex in the AURIC City, Aurangabad. The state government expects to receive a central grant of Rs 1,000 crore for Bulk Drug Park and Rs 100 crore for the medical equipment complex.
The government will offer a slew of incentives for 5 years to the investors including a 100 per cent refund of state goods and services tax for the investors, exemption in electricity charges up to the period of consumption of the grant, 100% stamp duty waiver for all purposes like purchase of land during the investment period, lease, mortgage for bank loan and electricity tariff concession Rs 1.5 per unit for 10 years.
Further, the period of using government grants will be 10 years. Interest subvention scheme, 5% concession for micro, small and medium enterprises as per collective incentive scheme 2019.
The Cabinet has also approved concessions to the state-run Maharashtra Industrial Development Corporation (MIDC) which will be the developmental agency for these two projects. For common facilities like wastewater management, water supply, steam, solid management, MIDC can avail a concession of Rs 2 per unit in the electricity supply for 10 years or concession in surcharge and cross-subsidy charge on electricity procured through open access. In case of any of the above concessions, a maximum of Rs 50 crore financial assistance or concession in respect of actual expenditure whichever is less will be provided by the State Government for 10 years. The state government will help MIDC in getting a power distribution license.