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Maharashtra signs 12 MoU’s with domestic and foreign companies for FDI worth over Rs 16,000 crores: Magnetic Maharashtra 2.0

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State signs 12 MoUs in Magnetic Maharashtra 2On June 15, 2020 Maharashtra signed 12 Memorandum of Understanding(MoUs) with 12 domestic and foreign companies for Foreign Direct Investment(FDI) worth over Rs 16,000 crores. It is a part of the Magnetic Maharashtra 2.0 initiative.

About MoU

  • The MoU was signed by the global companies in the field of engineering, car and spare parts manufacturing, information technology, logistics, chemicals, and food processing.
  • It was signed by Industries Minister Subhash Desai on behalf of the state government in the presence of Maharashtra’s Chief Minister Uddhav Thackeray.

Purpose of the MoU– The MoU is expected to encourage economic activities in the state which has fallen due to COVID-19 pandemic.

List of companies signed MoU:

i.US-based ExxonMobil which is engaged in the Oil and Gas sector to invest Rs 760 crores in Isambe in Raigad district.

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

iii.Singapore-based logistics firm Ascendas to invest Rs 560 crores in Chakan, Talegaon, Pune, Bhiwandi, and Thane district.

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

v.Hiranandani Group, India to invest Rs 150 crores in setting up logistics businesses in Bhiwandi, Chakan and Talegaon & is expected to create 2500 jobs in the state.

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

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

viii.Automobiles firm PMI Electro Mobility Solutions (in Joint Venture with China-based Foton) to invest Rs 1,000 crores in Talegaon, creating employment for 1500.

ix.Singapore-based Rack Bank Data Center to invest Rs 1500 crores in Thane and Hinjewadi in Pune.

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

xi.UPL Chemical to invest Rs 5,000 crores in Shahapur, Raigad and create employment for at least 3000 people.

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

Note– The officials expect that the investment will materialise & the manufacturing will commence in 2 years.

Key Points

  • The state expects to sign FDI agreements worth Rs 10,000 crores.
  • 3 more investment projects worth Rs 8000 crores in the steel, pulp and paper, and electronic system design sectors are in the pipeline 

About Maharashtra:
Capital– Mumbai
Governor– Bhagat Singh Koshyari