Maharashtra clears investments worth ₹41,000 crore

The 13 proposals worth ₹40,917 crore include Avaada Electro Pvt Ltd, which will set up a solar power plant with an investment of ₹13,647 crore in Nagpur

MUMBAI: The Maharashtra government approved investments worth almost ₹41,000 crore at a meeting of the cabinet sub-committee on industries on Monday. Chief minister Devendra Fadnavis, who heads the committee, also directed the state administration to prepare a new policy for ‘green steel’. The policy will encourage investments in steel plants that follow near zero carbon-emission practices.

CM Devendra Fadnavis . file photo (Photo by Anshuman Poyrekar/ Hindustan Times) (Hindustan Times)

The 13 investment proposals worth ₹40,917 crore include Avaada Electro Pvt Ltd, which will set up a solar power plant with an investment of ₹13,647 crore in Nagpur; NPSPL Advanced Materials Pvt Ltd, which will set up coke oven products in Chhatrapati Sambhaji Nagar by investing ₹5,440 crore; LNK Green Energy Pvt Ltd, which will set up a 6 GW solar cell and module manufacturing plant with an investment of ₹4,700 crore; Vow Iron And Steel Pvt Ltd, to invest ₹4,300 crore in a new integrated steel plant in Chandrapur; Viraj Profiles Pvt Ltd and Polyplex Corporation Limited to invest ₹2,086 crore in Nandurbar, and Clean Fino-Chem Limited to invest ₹1,200 crore in Pune, among others.

“Maharashtra is taking the lead in the country in solar panel manufacturing. The substantial progress being made in this sector will help create a large ‘green ecosystem’. Since green steel is a new sector, a committee will be set up to draft a policy,” Fadnavis announced. He said the committee should consider granting incentives to projects under the Thrust Sector Policy.