Maharashtra Approves Major Investment Projects Worth Rs 1.17 Lakh Crore

(MENAFN- KNN India) New Delhi, Sep 6 (KNN) In a significant move ahead of state elections, the Maharashtra cabinet sub-committee on industries has given the green light to four major projects with a combined investment of Rs 1.17 lakh crore.

The decision was made during a meeting chaired by Chief Minister Eknath Shinde on Thursday.

The largest of these projects is a semiconductor manufacturing facility to be jointly established by Israel's Tower Semiconductor and the Adani Group in Panvel, Raigad district.

The project, with a total investment of Rs 83,947 crore to be implemented in two phases, is expected to create 15,000 jobs.

The first phase will see an investment of Rs 58,763 crore, followed by Rs 25,184 crore in the second phase.

Two major automotive companies have received approval for electric vehicle (EV) manufacturing projects.

Skoda Auto Volkswagen India Company plans to invest Rs 12,000 crore in Pune for a new EV manufacturing facility, potentially creating 1,000 jobs.

Additionally, Toyota Kirloskar Motor Company will establish an EV manufacturing unit in Chhatrapati Sambhajinagar with an investment of Rs 21,273 crore, expected to generate 12,000 jobs.

In the textile sector, Raymond Luxury Cottons will invest 188 crore in Nandgaonkar Peth, Amravati, to develop a facility for spinning, yarn dyeing, and weaving jute and cotton.

Chief Minister Shinde emphasised that these investments, particularly in semiconductor and EV manufacturing, will boost direct and indirect employment opportunities and strengthen Maharashtra's position as a leading state in EV production.

He also noted the potential benefits for micro, small, and medium enterprises.

It's worth noting that the Ministry of Electronics and IT (MeitY) has not yet approved Tower and Adani's semiconductor unit application for subsidy under the Centre's Rs 76,000 crore India Semiconductor Mission.

A senior government official, speaking on condition of anonymity, stated that the application is currently under evaluation.

The process for securing central subsidy involves submitting an application, vetting by a technical committee, and final approval from the Union Cabinet.

These investments represent a significant development for Maharashtra's industrial sector, potentially creating approximately 29,000 jobs across various regions of the state.

(KNN Bureau)

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