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Magnetic Maharashtra: Investment promises top ₹12 lakh cr

Our Bureau Mumbai | Updated on February 19, 2018 Published on February 19, 2018

(from right) Devendra Fadnavis, Chief Minister of Maharashtra; Sadhguru, Founder of Isha Foundation; Amitabh Kant, CEO, NITI Aayog; Kenj Hiramatsu, Ambassador Japan; Gautam Singhania, Chairman, Raymond Company, and Pawan Goenka, MD, Mahindra & Mahindra at the Magnetic Maharashtra Convergence 2018 in Mumbai on Monday   -  BusinessLine

State government will sign MoUs with over 30 companies

The Maharashtra government is set to attract ₹12 lakh crore worth investments from the ongoing Magnetic Maharashtra summit. Major investments will be made in aerospace, defence, infrastructure, and gems & jewellery sectors, said the Chief Minister of Maharashtra Devendra Fadnavis on Monday.

He was interacting with the media persons on the sidelines of the three-day investment summit.

The Chief Minister said that the State government will sign MoUs with over 30 companies in the next two days.

Fadnavis said that a centre of excellence is also being set up in the State that will provide training to skilled workers for aerospace and defence manufacturing. Defence companies will set up their facilities in Nagpur, Ahmednagar, Pune, Nashik and Aurangabad, he said.

Tonino Lamborghini Spa

The companies and corporates that will be investing in the State are YES Bank, Adani Green Energy, Raheja Developers, JSW Cement, Chhatrapati Park Industrial City, among others. At the JNPT Port, the fourth container terminal is also being developed by Singapore Ports.

Also on the occasion, Tonino Lamborghini Spa, a company associated with the Lamborghini family but has interests in luxury watches, eyewear, smartphones, perfumes, furniture, 5-star boutique hotels, lounges and restaurants also signed an MoU with the Maharashtra government.

The Italian company has teamed up with Kinetic Green Energy of Pune and is exploring the possibility of making green golf carts, luxury hotels and service apartments. Tonino Lamborghini Spa is independent of the Automobili Lamborghini Group.

ITC plans

ITC said it is setting up a new world-class food-processing factory at Ambarnath and has just concluded expansion of its food factory in Ranjangaon. Sanjiv Puri, CEO, ITC, said: “ Encouraged by the proactive efforts of the State government, ITC is progressively enlarging its presence in Maharashtra in all the three sectors of the economy. Besides the six existing manufacturing facilities, ITC is setting up a new world-class food-processing factory at Ambarnath and has just concluded expansion of its food factory in Ranjangaon. The company has also made a meaningful contribution to the tourism landscape of Maharashtra with two super premium luxury hotels in Mumbai and six other properties across the state.”

Whirlpool of India

The US-based consumer appliance player, Whirlpool of India, has announced the expansion of its Pune manufacturing plant with an investment of ₹357 crore in phases. The announcement made in Mumbai, during the Magnetic Maharashtra Convergence 2018, to highlight Whirlpool’s commitment of ‘Make in India’ and ‘Make in Maharashtra.’

A memorandum of understanding to this effect was signed between Whirlpool India and the State ahead of the summit.

Whirlpool India had set up a latest facility to manufacture refrigerators at MIDC Ranjangaon, Pune, in 1998. Whirlpool is contemplating to expand its refrigeration manufacturing capacity at Ranjangaon facility in two phases over the next five years.

MoU with Naredco

In a step towards fulfilling the initiative of ‘Housing for All by 2022’, the Maharashtra government and National Real Estate Development Council (Naredco) has signed an MoU during the summit, which will provide three lakh affordable houses in the Mumbai Metropolitan Region (MMR).

Under this MoU, the proposed investment has been valued at ₹90,000 crore. This investment, on behalf of Naredco, will result in creation of three lakh affordable houses under Pradhan Mantri Awas Yojana (Urban).

As per terms of the MoU, the Maharashtra government will facilitate the members of Naredco, to obtain necessary permissions from the concerned departments of the State.

Published on February 19, 2018
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