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Magnetic Maharashstra: 278 MoUs worth ₹5,233 cr for Pune district

In the Pune district, Ranjangaon and Chakan have emerged as the most attractive industrial estates among firms which showed interest for investment, said officials.

pune Updated: Feb 26, 2018 21:47 IST
Parth Welankar
Parth Welankar
Hindustan Times, Pune
Magnetic Maharashstra,MoUs,Pune MIDC
Prime Minister Narendra Modi with Maharashtra CM Devendra Fadnavis during the opening ceremony of the Magnetic Maharashtra Convergence 2018 in Mumbai.(PTI)

The Maharashtra government, during its three-day event Magnetic Maharashstra, signed 4,106 Memorandum of Understandings (MoUs) of which 278 MoUs worth ₹5,233 crore have been proposed in various industrial estates in the Pune district.

In Pune district, Ranjangaon and Chakan have emerged as the most attractive industrial estates among firms which showed interest for investment, said officials.

“While the Maharashtra government has signed 4,106 MoUs during the three-day Magnetic Maharashtra global investor’s summit, Pune MIDC region with a total of 278 MoUs has the potential to generate direct employment of up to 18,425 jobs,” said deputy collector and regional officer-1 MIDC, Maharashtra Industrial Development Corporation (MIDC) Sanjiv Deshmmukh. The total committed investment during Magnetic Maharashtra is of ₹12.10 trillion which promises to create more than 3.6 million jobs in Maharashtra.

Magnetic Maharashtra, a three-day global investors summit was organised from February 18 to 20 on the lines of the ‘Make In India’ initiative launched by the Prime Minister Narendra Modi in 2016 in Mumbai.

Deshmukh said, “Pune region has emerged as the preferred location for many investors since the last few years. Projecting the geographical importance and infrastructure we provide in our zone, we have been able to successfully sign 278 MoUs.” Under the Pune MIDC region, various industrial estates including Chakan, Talegaon, Ranjangaon, Pimpri, Baramati and Pandare are included.

While Pune has been the top destination for industries signing MoUs during the past few years, on an average, 50 per cent of the proposed investment has been translated into reality, said a senior official from MIDC, while requesting anonymity since he was not authorised to speak to the media.

Among the major players which have signed MoUs are Whirlpool, Britannia, Adient India, and Embassy Indl Parks Pvt Ltd.

“These whopping investments can be a game changer for us as these MoUs would create direct and indirect investment in our region. Also, other infrastructure projects like the hyperloop have the potential to completely turn around the picture of our state and especially our region,” added Deshmukh.

While Pune has been an attractive destination, the MIDC officials have admitted that there are some issues of infrastructure the companies face.

Anant Sardeshmukh, director general of the Maharashtra Chamber of Commerce Industries and Agriculture (MCCIA), said, “The Magnetic Maharashtra summit had been organised by the state government which gives a sense of confidence to the investors that the government is willing to be business-friendly. This summit has been highly successful and would certainly benefit the state’s economy and help boost the employment generation in the state.”

Pune MIDC had also put a stall as a representation of their MIDC region at the exhibition held on the sidelines of the summit.

“We were fortunate that Prime Minister Narendra Modi himself came to our stall and appreciated the efforts taken by us to boost the investments and business in our region,” said MIDC official Deshmukh.

First Published: Feb 26, 2018 20:16 IST