After losing the $20 billion Vedanta Foxconn semiconductors project to Gujarat and also the bulk drug park to other states, the Maharashtra Cabinet sub-committee chaired by the Chief Minister Mr Eknath Shinde on Thursday approved a Rs 20,000 crore paper manufacturing project in Raigad district. The project will be set up by The Indonesia-based Sinar Mas Pulp & Paper Pvt Ltd (Asia Paper & Pulp) which is the largest paper manufacturing group in Asia. The project will come up in Dherand in the Raigad district.
The Chief Minister’s Office said the Maharashtra Industrial Development Corporation has allotted 300 acres of land for the project and the government intends to provide more land as per the project requirement. The cabinet sub-committee approved the first phase of the project today.
Asia Pulp & Paper (APP) Sinar Mas delivers quality products to meet the growing global demand for tissue, packaging and paper. APP Sinar Mas’s products are marketed in more than 150 countries across six continents.
Further, the cabinet sub-committee also approved Gencrest Bio Products Pvt Ltd’s Rs 650 crore investment in the first phase for the establishment of a project to manufacture various products from banana waste by using eco-friendly technology at Khadki Kinhi in Bhusawal taluka of Jalgaon district. The company proposes to scale up investment up to Rs 1000 crore in next phases.
The cabinet sub-committee gave the approval to increase the period of industrial development subsidy from 10 years to 30 years and to give industrial incentive subsidy at the rate of 120 percent.
Further, the cabinet sub-committee also accepted the high-powered committee’s proposal to keep the annual average subsidy payment limit of 12.5% for Fiat India Automobiles Ltd in Pune, Mahindra & Mahindra Ltd in Nashik, Jindal Polyfilm Ltd in Nashik and JSW Dolvi in Raigad district.
Extension for industrial incentive grant period by two years
The cabinet sub-committee also approved extending the industrial incentive grant period by two years for those industrial units that could not file their refund claims because of slow down during the coronavirus pandemic. The industry incentive will be provided in 11 cases from the industry who will get benefits worth Rs 30,000 crore.
Mega refinery project to be pushed
The cabinet sub-committee also approved to pursue the mega refinery project in the Ratnagiri district. The $3 billion project, which was to come up at Nanar has been scrapped, but may come up at Barsu in the Ratnagiri district. The cabinet sub-committee gave its clearance to invite such mega projects which will create more jobs.
