The Maharashtra government has received investment proposals worth Rs 39,000 crore in steel, paper and electric vehicle sectors. Global steel major Posco will invest Rs 25,000 crore to expand its business in phases while Asia Pulp and Paper, Sinar Mas group from Indonesia will develop a greenfield project with an investment of Rs 11,000 crore. The Hungary-based CSEPEL Holding Nyrt proposes to foray into electric vehicle segment which envisages investment of Rs 3,000 crore. These companies are exploring the acquisition of land around Panvel and Mangaon areas in Raigad district considering its vicinity near Jawaharlal Nehru Port and the upcoming Navi Mumbai international airport.
State industries department officer told DNA,''Posco, which currently has its production facility in Vile-Bhagad, MIDC Industrial Area of Mangaon taluka in Raigad district, will need another 2,000 acre of land to carry out its expansion while 1,500 acre for Asia Pulp and Paper, Sinar Mas Group and 200 acre for CSEPEL Holding Nyrt. These proposals are under the active consideration of the MIDC.'' The investment by these three companies is expected to create at least 5,000 jobs.
The officer informed that these investors prefer Maharashtra as investment destination especially in view of better infrastructure, package scheme of incentives under the Goods and Services Tax regime, hassle free clearance system, transport and power connectivity According to the officer, the state government had recently released new industrial policy which hopes to attract investment of Rs 10 lakh crore in next five years.
The officer recalled that the state in March had received two mega investment proposals worth Rs 26,000 crore in the paper and pulp and the gems and jewellery segments. Chinese major Nine Dragon Paper (Holdings) will invest Rs 12,000 crore in phases to produce and recycle paper with the first phase to be commissioned by March 2022. The Gems and Jewellery Export Council has laid a foundation stone for a gems and jewellery park in Navi Mumbai.
This park will house small, medium and large-scale enterprises and also some mega units, to attract investments to the tune of Rs 14,000 crore.
Money Matters
- Steel, paper and electric vehicle majors keen on setting shop in state
- Investment by global giants is expected to create at least 5,000 jobs
- Steel major Posco alone to invest Rs 25,000 cr in phases for expansion
- Investors prefer Maharashtra in view of better infrastructure, GST schemes, hassle free clearance system, transport and power connectivity
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