Maharashtra Govt Approves Fresh Investment Projects Worth Rs 1.17 Trillion
The approved projects will lead to significant investments in the semiconductor and electric vehicle manufacturing sectors.
Maharashtra GovernmentChhatrapati Sambhaji NagarMotor CompanyElectric Vehicle ManufacturingSemiconductorReal Estate MaharashtraSep 10, 2024
The decision was taken in the cabinet sub-committee on industries headed by the chief minister Eknath Shinde. The CM said that the approved projects will lead to significant investments in the semiconductor and electric vehicle manufacturing sectors. It will help Maharashtra in establishing itself as a leading state in electric vehicle manufacturing.
The cabinet sub-committee also approved an electric vehicle manufacturing project to be set up by Toyota Kirloskar Motor Company. It will come up at Chhatrapati Sambhaji Nagar (Aurangabad) for which the firm has agreed to invest a sum of Rs 212.73 billion. The project will also drive technological innovation, research, and development, and strengthen the local supply chain, the chief minister said. This is expected to create 12,000 jobs.
The third project that got approval from the cabinet sub-committee also involved manufacturing of electric vehicles. Skoda Auto Volkswagen India will set up the project by making a total investment of Rs 120 billion in Pune which will create 1,000 jobs.
Raymond Luxury Cottons will set up a mega project for spinning, yarn dyeing, weaving jute, weaving cotton, jute, and cotton production at Additional Industrial Development Corporation in Amravati district. The project will bring an investment of Rs 1.8 billion and will create 550 jobs.
With the new four projects worth over Rs 1.17 trillion, the total investment projects cleared by the state government in the last two months cross Rs 2 trillion. In the last meeting of the cabinet sub-committee on industries, the state government had approved investment projects worth Rs 800 billion.
These projects will foster technological innovation, research, and development, and help develop a robust local supply chain. They will benefit micro, small, and medium enterprises significantly. They will also provide training and skill development opportunities for local workers, enhance their employability and skills in emerging technologies, CM Shinde said.
\n\n Information \n\nThe Maharashtra government has been actively promoting industrial development in the state through various initiatives. The state government has set up several industrial parks and corridors to attract investments. The government has also implemented policies to promote the growth of micro, small, and medium enterprises.
\n\nToyota Kirloskar Motor Company is a leading automotive manufacturer in India. The company is a joint venture between Toyota Motor Corporation and Kirloskar Group. Toyota Kirloskar Motor Company has been operating in India for over two decades and has a strong presence in the country's automotive market.
Skoda Auto Volkswagen India is a leading automotive manufacturer in India. The company is a subsidiary of Skoda Auto and Volkswagen Group. Skoda Auto Volkswagen India has been operating in India for over two decades and has a strong presence in the country's automotive market.
Raymond Luxury Cottons is a leading textile manufacturer in India. The company is a subsidiary of Raymond Group. Raymond Luxury Cottons has been operating in India for over five decades and has a strong presence in the country's textile market.
Frequently Asked Questions
What is the total investment expected to come to Maharashtra through the approved projects?
The total investment expected to come to Maharashtra through the approved projects is Rs 1.17 trillion.
How many jobs are expected to be created through the approved projects?
The approved projects are expected to create around 29,000 jobs.
Which company will set up an electric vehicle manufacturing project in Chhatrapati Sambhaji Nagar?
Toyota Kirloskar Motor Company will set up an electric vehicle manufacturing project in Chhatrapati Sambhaji Nagar.
What is the investment expected to be made by Skoda Auto Volkswagen India in Pune?
Skoda Auto Volkswagen India will make a total investment of Rs 120 billion in Pune.
What is the project that Raymond Luxury Cottons will set up in Amravati district?
Raymond Luxury Cottons will set up a mega project for spinning, yarn dyeing, weaving jute, weaving cotton, jute, and cotton production at Additional Industrial Development Corporation in Amravati district.
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