In an attempt to spur the economy, Maharashtra government is pulling all strings to attract more investment. From emobility to oil companies, the state has signed a memorandum of understanding (MoU) with 12 companies to attract investments worth INR 16K Cr.
PMI Electro Mobility Solutions and Foton Motors of China has committed to invest INR 1K Cr to manufacture electric vehicles (EV) in Pune. The agreement has been signed under the Magnetic Maharashtra initiative to recover the declining state revenue to some extent. The 12 companies range from oil, chemicals, auto, electric mobility and logistics sectors.
The state government, led by Shiv Sena’s Uddhav Thackeray, has assured fast-tracking approvals to new investors and has also been working on several initiatives to boost investments. “We will offer all assistance to new investors,” he said while announcing the INR 16K Cr-worth MoU.
Under the newly signed agreements, UPL has committed to invest INR 5K Cr in five years to manufacture pesticide ingredients in the Raigad district. Great Wall Motors, which recently acquired General Motors’ plant in Pune, would invest INR 3,770 Cr. ExxonMobil has committed INR 760 Cr to manufacture lubricants, while Varun Beverages is looking to invest INR 820 Cr. These companies were in talks with the Maharashtra Industrial Development Corporation for the last six months.
“Three more investment projects in the steel, pulp and paper and electronic system design sectors are in the pipeline. These would entail investments of another INR 8000 crore. We hope to finalise them soon,” B Venugopal Reddy, principal secretary, Maharashtra industries department, said.
When it comes to partnerships for tech solutions, the central government has also been pulling up its socks. Recently, Centre for Augmenting WAR along with Covid-19 Health Crisis (CAWACH) has shortlisted 52 startups to invest in. These startups are developing solutions to tackle the pandemic. Besides this, NITI Aayog has also set up a committee to boost the government’s partnership with private companies to produce health equipment and personal protection equipment (PPE). Almost eight startups are a part of this committee.
The post Maharashtra Onboards Emobility, Logistics Player To Boost Local Economy appeared first on Inc42 Media.
Author: Kritti Bhalla
Source : https://inc42.com/buzz/maharashtra-onboards-emobility-logistics-player-to-boost-local-economy/
Date : 2020-06-16T07:33:48.000Z