Day 2 at Davos: Maharashtra signs 22 MoUs with investments worth Rs 25,379 crore

This includes investment in diverse sectors including Pharmaceuticals and Medical devices, Data Centers, Textiles, Food Processing, and Steel.

Sanjay JogUpdated: Monday, May 23, 2022, 07:44 PM IST
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Day 2 at Davos: Maharashtra signs 22 MoUs with investments worth Rs 25,379 crore |

The state government, in the 10th edition of its Magnetic Maharashtra 2.0 programme on Monday signed 22 MoUs with various companies with investments worth Rs 25,379 crore ($3 billion) at the sidelines of the World Economic Forum’s annual meeting at Davos. Of these, over 55% of investments are Foreign Direct Investments from countries such as Singapore, Indonesia, the USA, and Japan. This includes investment in diverse sectors including Pharmaceuticals and Medical devices, Data Centers, Textiles, Food Processing, and Steel.

According to the industry minister Subhash Desai’s office, these investments will potentially generate more than 66000 jobs. The MoUs were signed in the presence of ministers Subhas Desai, Nitin Raut and Aaditya Thackeray.

Major textile players such as Indorama Corporation and Indocount Industries Ltd are investing in Maharashtra’s textile hubs of Nagpur and Kolhapur respectively. Microsoft, one of the world’s largest software and hardware IT giant is investing to establish Data Centers in Pune with an investment amount to the tune of Rs 3200 crore.

Further, Sinarmas Pulp and Paper Pvt Ltd, an entity of Asia Pulp and Paper (APP), a leading pulp and paper

company from Indonesia is investing Rs 10,500 crore for paper and pulp manufacturing in Raigad. Food and Agro-processing will also receive a major thrust as Havmor Ice Creams Pvt Ltd is setting up an ice cream manufacturing unit in Pune. Sonai Eatable and Goyal Proteins is into oil extraction.

‘’Magnetic Maharashtra 2.0 program was conceptualized under the leadership of Chief Minister Uddhav Thackeray for strengthening the resilience of the state’s economy. Today, a total of 10 editions of these programs have been organized, with 120 MoUs as of today, bringing the total investment in the state to Rs 2.15 lakh crore ($28 Billion) with a potential to generate almost 400,000 jobs. In the previous 9 editions, in the last 2 years, 98 MoUs were signed and 93 of them are under various stages of implementation (an implementation score of 95%). This signifies the speed and efficiency of the industries department of the state and is a testament to the state’s commitment towards industrial development,’’ said Desai.

Additionally, Desai said in the last two years of COVID-19 (Source: DPIIT FDI Inflows from October 2019 to December 2021), Maharashtra received 26% of total FDI, which was the highest in India.

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