Magnetic Maharashtra: CM Fadnavis hopes to bag Rs 12 lakh-cr investment

Chief Minister Devendra Fadnavis said on Monday that the state government expects to attract investment worth Rs 10 lakh crore to Rs 12 lakh crore in multiple sectors during the ongoing Magnetic Maharashtra Summit. The sectors include manufacturing, engineering, defence and aerospace, logistics, power, electric vehicle and transport infrastructure.

On Monday, MoUs worth Rs 6.17 lakh crore were signed in the presence of the CM. The proposed investment is expected to create over 29 lakh jobs. Of the Rs 6.17 lakh crore, the investment of the order of Rs 3.74 lakh crore was proposed in the Housing Sector alone, for the construction of around 14.5 lakh affordable homes across the state.

Tata Power, Adani Power, Renew Power and Softbank Energy have signed MoUs for setting up thermal, solar and wind power projects in the state.

The collective investment will be Rs 60,000 crore.

On the second day of the summit, the CM said, "The peculiarity of investment intentions is that it is proposed in Tier-II and III cities and not restricted to Mumbai, Pune, Nashik region.''

On the Virgin Group's move to develop hyperloop between Mumbai and Pune, Fadnavis said the company will initially lay a demonstration track. "A detailed project report is being prepared for the same. Virgin has yet to reveal the investment needed for the project. Eventually, Virgin may explore the option of setting up a manufacturing facility in the state,''he noted.

The chief minister said South Korean industrial conglomerate Hyosung will invest Rs 1,500 crore to create technical textile cluster at Shendre, which falls in the Delhi-Mumbai Industrial Corridor. Besides them, the gems and jewellery association has signed an MoU worth Rs 14,000 crore to set up a park near Mumbai. The site will be selected soon.

He further informed that Bin Zayed Group, UAE, has evinced interest to provide debt and equity in the Rs 46,000-crore Mumbai-Nagpur Super Communication Expressway. "The Bin Zayed Group has already announced its intention to invest $70 billion dollar in India. The proposed investment for Mumbai-Nagpur Expressway will be part of it,'' he added.

Fadnavis also said Lamborghini and Kinetic have joined hands to invest in the production of e-cart at Supa village in Pune. Mahindra&Mahindra, too, has signed an MoU worth Rs 500 crore to manufacture electric vehicles.