E-Paper
Shinde government approves fresh investment projects worth ₹1.17 lakh crore
Maharashtra approved four high-tech projects worth ₹1.17 lakh crore, expected to create 29,000 jobs, boosting semiconductor and EV manufacturing
Prefer HTon Google
Mumbai: The Maharashtra government on Thursday approved four large-scale high-technology projects expected to bring a total investment of ₹1,17,220 crore to the state.
These projects will be established in the Marathwada, Vidarbha, Pune, and Panvel regions, and according to government officials, they are estimated to create around 29,000 jobs.
The decision was taken in the cabinet cub-committee on industries headed by the chief minister Eknath Shinde. The CM said that the approved projects will lead to significant investments in the semiconductor and electric vehicle manufacturing sectors. It will help Maharashtra in establishing itself as a leading state in electric vehicle manufacturing.
Israel-based Tower Semiconductor company will set up a high-technology semiconductor manufacturing project in Panvel, Raigad district in two phases. In the first phase, the firm will invest ₹58,763 crore. The company has planned to invest ₹25,184 crore in the second phase, taking the total investment to ₹83,947 crore. This will create 15,000 jobs.
The cabinet sub-committee also approved an electric vehicle manufacturing project to be set up by Toyota Kirloskar Motor Company. It will come up at Chhatrapati Sambhaji Nagar (Aurangabad) for which the firm has agreed to invest a sum of ₹21,273 crore. “The project will also drive technological innovation, research, and development, and strengthen the local supply chain,” the chief minister said. This is expected to create 12,000 jobs.
The third project that got approval from the cabinet sub-committee also involved manufacturing of electric vehicles. Skoda Auto Volkswagen India will set up the project by making a total investment of ₹12,000 crore in Pune which will create 1,000 jobs.
Raymond Luxury Cottons will set up a mega project for spinning, yarn dyeing, weaving jute, weaving cotton, jute, and cotton production at Additional Industrial Development Corporation in Amravati district. The project will bring an investment of ₹188 crore and will create 550 jobs.
With the new four projects worth over ₹1.17 lakh crore, the total investment projects cleared by the state government in the last two months cross ₹2 lakh crore. In the last meeting of the cabinet sub-committee on industries, the state government had approved investment projects worth ₹80,000 crore.
“These projects will foster technological innovation, research, and development, and help develop a robust local supply chain. They will benefit micro, small, and medium enterprises significantly. They will also provide training and skill development opportunities for local workers, enhance their employability and skills in emerging technologies,” CM Shinde said.
