Maharashtra: State Cabinet sub-committee approves investment proposals worth ₹70,000 crore

Shinde said that there is an investment friendly policy and atmosphere in Maharashtra and the government is committed to provide incentives to promote investments.

Sanjay JogUpdated: Tuesday, December 13, 2022, 06:50 PM IST
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Picture for representation | FPJ

Mumbai: The Cabinet Sub-Committee chaired by Chief Minister Eknath Shinde on Tuesday approved the investment proposals of about Rs 70,000 crore in various parts of Maharashtra and it will generate about 55000 jobs.

According to the Chief Minister's Office (CMO), the Mahindra Electric Vehicle Automobiles will set up the manufacturing facility in Pune with an investment of Rs 10,000 crore. This will be the first EV project in the country. Through this, there will be foreign investment in high technology based components in the state, prototypes will be made in technology, research and development in Pune along with Volkswagen.

Due to this, IP (Intellectual property) is being created in the state regarding electric vehicle manufacturing, and its scope will be "Made in Maharashtra". The project will create a large number of allied industries in the surrounding area.

Shinde, who is under attack for the loss of five major projects to Gujarat and other states, said that there is an investment friendly policy and atmosphere in Maharashtra and the government is committed to provide incentives to promote investments.

The Cabinet Sub-Committee approved the construction of 3 major projects in Naxal affected districts like Gadchiroli and Chandrapur in Vidarbha. The green technology based project will be established by Newera Cleantech Solutions. The coal gasification project will include green hydrogen, methanol, ammonia and urea at Chandrapur. This will contribute to the social and economic development of the area along with employment generation by helping to bring in a large amount of investment in the Naxalite-affected Chandrapur district and thereby helping in the establishment of ancillary industries.

The Cabinet Sub Committee also approved a Rs 20,000 crore investment in naxal infested Gadchiroli district by Lloyd Metals and Energy Ltd for the establishment of a steel manufacturing project through mineral extraction and processing.The project is expected to boost development there and growth of related industries and employment generation.

Further, Varad Ferro Alloy Pvt Ltd will invest Rs 1,520 crore in Gadchiroli district.

Along with this, for the growth of textile industry in Amravati and Nagpur division, the Cabinet Sub Committee approved the investment of Rs 2,500 crore Indorama company's subsidiaries As a result, Amravati and Nagpur will emerge as major areas in the textile industry.

The Cabinet Sub Committee also cleared investment of Rs 1,650 crore by Nipro Pharma Packaging India Company in two phases for the production of Pharmaceutical Glass Tubing Production based on new technology in Pune district. It will create direct and indirect employment for 2000 people.

The Reliance Life Science Nashik Pvt Ltd will invest Rs 4,206 crore for the production of life saving medicines.

Moreover, the Cabinet Sub Committee also decided to provide incentives to various 13 industrial units after considering the recommendations made earlier by the Chief Secretary led committee in accordance with the various demands of these units in the state. Due to this decision, approximately Rs 60,000 crore will be invested in Maharashtra.

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