Opposition gets ammo as PhonePe moves its registered office from state to Karnataka

Published on Sep 23, 2022 12:05 AM IST

Mumbai: The political opposition in Maharashtra which has been attacking the government for losing out the $ 20 billion Vedanta-Foxconn project to Gujarat found new ammo on Thursday when it became clear that PhonePe was shifting its registered office from Maharashtra to Karnataka

The shift of its registered office to from Maharashtra to Karnataka could be to claim local tax benefits there and is potential revenue loss for the state (Bloomberg)
The shift of its registered office to from Maharashtra to Karnataka could be to claim local tax benefits there and is potential revenue loss for the state (Bloomberg)

Mumbai: The political opposition in Maharashtra which has been attacking the government for losing out the $ 20 billion Vedanta-Foxconn project to Gujarat found new ammo on Thursday when it became clear that PhonePe was shifting its registered office from Maharashtra to Karnataka.

PhonePe is the 690 crore UPI app owned by Walmart announced. The shift of its registered office to from Maharashtra to Karnataka could be to claim local tax benefits there and is potential revenue loss for the state.

“After its failure to retain Foxconn-Vedanta, and bringing the Bulk Drug Park gto Raigad, PhonePe too is moving out of the state, ” said Mumbai Congress chief Bhai Jagtap. He blamed the Shinde-Fadnavis government for running to Delhi to take orders instead working in the interest of Maharashtra.

Rohit Pawar, NCP MLA and grandnephew of party chief Sharad Pawar, said that important projects were being shifted to neighbouring states one by one to neighboring states at Maharashtra’s cost. “In spite of the fact that Mahrashtra contributes the most to the country’s exchequer, its young population was being deprived of jobs,” he said.

However, Naresh Mhaske an MLA from the Shinde camp dismissed the opposition’s concerns and said: “Shifting of a registered office by any company is not the loss of investment. It is just technical move by the company. The MVA constituents have no right to speak on this as they hardly did anything to bring new projects to the state when they were in power.”

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