State signs MoUs worth over ₹88,000 crore at world economic forum

After controversy over industrial projects going to the neighbouring states, Maharashtra government signed memorandums of understanding worth over ₹88,000 crore with 10 companies and investors including Berkshire Hathaway in the first two days at the World Economic Forum in Davos, Switzerland

Mumbai: After controversy over industrial projects going to the neighbouring states, Maharashtra government signed memorandums of understanding worth over ₹88,000 crore with 10 companies and investors including Berkshire Hathaway in the first two days at the World Economic Forum in Davos, Switzerland.

State signs MoUs worth over ₹88,000 crore at world economic forum

The investment is proposed in various sectors such as — renewable energy, coal gasification, infrastructure development, steel, automobile, telecommunications, pharma and food processing.

A delegation led by chief minister Eknath Shinde is representing Maharashtra at the forum this year.

It assumes significance considering the controversy over major investment projects that were supposed to come to Maharashtra going to Gujarat in the run up to the state assembly elections held in the neighbouring state last year. This had brought major backlash for the state government that is being ruled by Balasahebanchi Shiv Sena (BSS) and Bharatiya Janata Party as the latter is in power at the centre and in Gujarat.

The WEF’s annual meeting started on Monday. After the inauguration of Maharashtra’s pavilion that will serve as a showcase of developments in the state, a number of MoUs were signed with renowned companies. “The state government has signed MoUs worth over ₹88,000 crore thus far,” said the chief minister in a statement released on Tuesday.

Among them is a MoU signed with New Era Cleantech Solutions that will set up a coal gasification plant on a 1,000-acre plot at Chandrapur. The firm is expected to invest a sum of ₹20,000 and create 15,000 employment opportunities, states a release issued by the chief minister office.

GoGoRo Engineering/Badve Engineering is expected to start an automobile manufacturing unit for which they have promised to make an investment of ₹20,000 crore. The location of the unit is yet to be determined.

Similarly, Berkshire Hathaway Inc, an American multinational conglomerate is ready to invest ₹16,000 crore in creating infrastructure for urban areas that will help in development of the state. Another New York-based investment management firm Indus Capital Partners would be making an investment of ₹16,000 crore in the state, it added.

Greenko will be setting up a renewable energy plant at Aurangabad. They are expected to invest a sum of ₹12,000 crore which is expected to create 6,300 job opportunities.

Also, Nipro Corporation will invest ₹ 1,650 crore, Varad Ferro Alloys Pvt Ltd. ₹ 1,520 crore, Rajuri Steels and Alloys India Pvt. Ltd. ₹ 600 crore, Elite Plast AutoSystems Pvt. Ltd. ₹ 400 crore and Rukhi Foods will make an investment of ₹ 250 crore, said Uday Samant, the state industries minister.