Maharashtra secures Rs 1,200 billion investments
The Maharashtra government has secured investments worth Rs 1,200 billion, reinforcing the state’s status as a leading industrial hub. A cabinet sub-committee, led by Chief Minister Eknath Shinde, has approved several key projects expected to generate thousands of jobs and foster technological advancements.
Key Projects:
- Tower Semiconductor with Adani Group: A semiconductor fabrication unit in Panvel, Mumbai, with an investment of Rs 839.47 billion. This project, a joint venture between Adani Group and Israel’s Tower Semiconductor, will be executed in two phases: Rs 587.63 billion for Phase 1 and Rs 251.84 billion for Phase 2. The initiative is expected to create 5,000 jobs and position Maharashtra as a global player in the semiconductor industry.
- Skoda Auto Volkswagen India: The company will invest Rs 120 billion in electric and hybrid vehicle production at Chakan, Pune, creating over 1,000 jobs.
- Toyota Kirloskar Motor: Set to invest Rs 212.73 billion in hybrid and electric vehicle production at its Chhatrapati Sambhajinagar (Aurangabad) facility, this project is expected to generate 9,000 jobs.
- Raymond Luxury Cottons: Under Maharashtra’s Textile Industry Policy, the company will invest Rs 1.88 billion in spinning, yarn dyeing, and weaving, creating 550 jobs.