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WEF 2022: Maharashtra inks pact with 23 firms, to invest over Rs 30,000 cr

WEF 2022: Maharashtra inks pact with 23 firms, to invest over Rs 30,000 cr

Over 55 per cent investments are Foreign Direct Investments (FDI) from countries such as Singapore, Indonesia, USA, and Japan, the state govt announced in the 10th edition of its Magnetic Maharashtra 2.0 program.

Maharashtra Minister of Environment & Climate Change, Aaditya Thackeray at the Maharashtra Pavilion in WEF meeting. Maharashtra Minister of Environment & Climate Change, Aaditya Thackeray at the Maharashtra Pavilion in WEF meeting.

Maharashtra, India's largest state in terms of GDP and home to the country's financial capital Mumbai, on Monday signed 23 Memorandums of Understanding (MoUs) with companies, including investments in sectors such as pharmaceuticals and medical device, it, data centres, textiles, food processing, packaging, paper & pulp, steel, etc. A total of $4 billion (Rs 30,379 crore) in investments were signed at the MoU ceremony held in the Maharashtra Pavilion at Davos, according to an official statement.

These investments will potentially generate more than 66,000 jobs, it added.

Of these, over 55 per cent investments are Foreign Direct Investments (FDI) from countries such as Singapore, Indonesia, USA, and Japan, it stated in the 10th edition of its Magnetic Maharashtra 2.0 program.

The program, conceptualized under the leadership of chief minister Uddhav Thackeray for "strengthening the resilience of the state’s economy," has till date has signed 121 MoUs, bringing the total investment in the state to Rs 2.2 lakh crore ($29 billion) "with a potential to generate almost 400,000 jobs."

In the previous 9 editions, in last 2 years, 98 MoUs were signed which are now at various stages of implementation. Additionally, in last two years from October 2019 to December 2021 Maharashtra received 26 per cent of total FDI, which was the highest in India. 

State Minister of Environment & Climate Change, Aaditya Thackeray, Minister of Industries Subhash Desai and Minister of Energy, Dr. Nitin Raut, and several other dignitaries were present during the ceremony along with industry representatives from the signing companies.

Key highlights of 10th edition of Magnetic Maharashtra 2.0:

-Major textile players such as Indorama Corporation and Indocount Industries Ltd are investing in Maharashtra’s textile hubs of Nagpur and Kolhapur, respectively. 

-Microsoft, one of the world’s largest software and hardware IT giant is investing to establish Data Centres in Pune with an investment amount to the tune of Rs 3,200 crore. 

-Sinarmas Pulp and Paper Pvt. Ltd., an entity of Asia Pulp and Paper (APP), a leading pulp and paper company from Indonesia is investing Rs 10,500 crore for paper and pulp manufacturing in Raigad. 

-Food and Agro processing will also receive a major thrust as Havmor Ice Creams Pvt Ltd is setting up an ice cream manufacturing unit in Pune. Sonai eatable and Goyal Proteins is into oil extraction.

-Gramsci Business Hub Pvt Ltd will be investing Rs 5,000 crore in the IT sector, giving a boost to Maharashtra’s IT ecosystem.

Commencing after a 2-year hiatus due to the outbreak of COVID-19 pandemic, India's Commerce and Industry minister Piyush Goyal led the delegation of ministers, chief ministers and business leaders at the annual event taking place from May 23-25.

As per the statement, WEF will also be a platform to project India as an attractive investment destination in view of its robust economic growth and stable macroeconomic indicators.

The issues that be discussed include government policies and business strategies against a backdrop of the global pandemic, and the war in Ukraine and geo-economic challenges.

The meeting convenes at a strategic point where public figures and global leaders will meet in person to reconnect, exchange insights, gain fresh perspectives and advance solutions.

Published on: May 23, 2022, 8:21 PM IST
Posted by: Aparna Banerjea, May 23, 2022, 8:13 PM IST