Maharashtra government clinches FDI deals worth Rs. 16,000 crore

Amidst an economic crisis arising out of the lockdown induced by the covid-19 pandemic, Maharashtra government on Monday said it has signed agreement for foreign direct investment (FDI) worth ₹16,000 crore.

Chief Minister Uddhav Thackeray said in a video-based conference that small and big industries coming to the state will not face any difficulty in setting up their industries.

Thackeray said that in the coming days the state expects to sign FDI agreements worth Rs. 10,000 crore more.

With over 1.05 lakh covid-19 cases, Maharashtra is the worst affected state in India by Covid-19 so far.

The state government, on behalf of the Industry Department, on Monday, launched the concept of Magnetic Maharashtra 2.0.

Representatives from different countries and investors were present in the online conference.

Memorandums of Understanding (MOUs) worth ₹16,030 crore were signed with investors from 12 different countries.

Maharashtra signed agreements with the United States, China, South Korea, Singapore and some Indian investors.

The companies that have entered into the MoUs include US-based Exxon Mobil which is engaged in the Oil and Gas sector and plans to invest at least Rs.760 crore in Isambe in Raigad district in Maharashtra;

Engineering firm Hengli from China plans to invest Rs. 250 crore in Talegaon Phase No. 2 in Pune and create 150 jobs.

Singapore-based logistics firm Ascendas will invest Rs. 560 crore in Chakan, Talegaon, Pune, Bhiwandi, and Thane district in the state.

Varun Beverages from India, which is into food processing will invest Rs. 820 crore in Supa, Ahmednagar.

Hiranandani Group from India will invest Rs. 150 crore in setting up logistics businesses in Bhiwandi, Chakan and Talegaon, which is expected to create 2500 jobs in the state.

APG DC Infra from Singapore, which is in the business of creating data centres, is likely to invest Rs. 1,100 crore in Thane and Mahape near Mumbai which is expected to create around 200 jobs.

South Korea based EastEC Electronics System Design is likely to invest Rs. 120 crore in Ranjangaon, Pune and create 1100 jobs.

Automobiles firm PMI Electro Mobility Solutions (in JV with China-based Foton) is expected to invest Rs. 1,000 crore in Talegaon, creating an employment for 1500.

Singapore-based Rack Bank Data Center said it will invest Rs. 1500 crore in Thane and Hinjewadi in Pune.

Isambe Logistics from Singapore is expected to invest Rs. 1,000 crore to create logistics facilities in Raigad district.

UPL Chemical said it is looking to invest Rs. 5,000 crore in Shahapur, Raigad and create employment for at least 3000 people in Maharashtra.

China-based Great Wall Motors will invest Rs. 3,770 crore in creating an automobile facility in Talegaon, Pune which will create jobs for over 2000 people in the state.

The state government said bilateral partnership agreements have been signed with the World Association of Investment Promotion Agencies (WAIPA) and the US India Partnership Forum (USISPF).

Thackeray said he hopes that foreign investment would increase in the coming days and employment opportunities would be available in the state.

Meanwhile, about 40,000 hectares of land has been reserved in the state for these industries.

“Instead of various licenses, the general license will now be issued in 48 hours. An industrial labor bureau will be set up,” said Thackeray.