Maharashtra inks 12 MoUs

In a strong signal to the industry that Maharashtra is ready for business, the government signed 12 memorandums of understanding promising investment of Rs.16,100 crore in the state under its Magnetic Maharashtra 2.0 initiative. Another Rs.8,000 crore has been committed and will see fruition in the coming months, said chief minister Uddhav Thackeray.

Besides Indian firms, companies from China, the US, South Korea, Singapore and Japan have committed to invest in Maharashtra. The government has offered 40,000 acres, ease of doing business and automatic permissions within 48 hours as it seeks to attract industries to kickstart its economy in a post-pandemic world.

The online conference was attended by Thackeray and Chinese ambassador to India Weidong Sun. “We support Chinese enterprises investing in Maharashtra. We expect a fair, transparent open business environment,” said Sun.

Among the Chinese companies investing in Maharashtra are Hengli, Great Wall Motors Rs.3,770 crore in Pune, PMI Electro Mobility Solutions, a joint venture with Foton, China Rs.1,000 crore.

Among those who have communicated their willingness to invest in the near future are APP Sinarmas, Indonesia, NLMK Russia and Mitsubishi Electronics, Japan. The government also signed two bilateral agreements with US-based industry body US-India Strategic Partnership Forum and Geneva-based World Association of Investment Promotion Agencies.

Industry minister Subhash Desai said while the government’s first priority is to protect the health of the people, it is also keen to kickstart the economy. “We are expecting a reverse exodus of migrants in the next two months. We are setting up an industry employment bureau that will enable industries to employ skilled/unskilled sons of the soil.” 

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