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MAGNETIC MAHARASHTRA Great Wall Motors, ExxonMobil and 10 others agree to invest ₹16,000 crore in Maharashtra

Jun 16, 2020

Maharashtra state government has signed MoUs worth ₹16,000 crore and land has already been allotted to nine of the 12 companies

Maharashtra government has signed Memorandums of Understanding (MoUs) worth ₹16,000 crore with 12 companies across sectors, as part of its ‘Magnetic Maharashtra’ initiative aimed at attracting investors to the state amid the coronavirus pandemic.

Companies include ExxonMobil, UPL, Great Wall Motors, PMI Electro Mobility Solutions, Foton Motors and Varun Beverages, from sectors such as logistics, automotive, chemicals, electric mobility and oil.

Uddhav Thackeray, Chief Minister, Maharashtra assured that assistance will be offered to new investors also, the government will fast-track all the approvals.

As per the MoU, Great Wall Motors will invest ₹3770 crore through its recently acquired General Motors’ Pune plant, and PMI Electro Mobility Solutions and Foton Motors will jointly invest ₹1000 crore towards manufacturing of electric vehicles in Pune. UPL has pledged ₹5000 crore over 5 years in Raigad district for manufacturing of pesticide ingredients, while ExxonMobil has agreed to ₹760 crore for lubricant manufacturing, and Varun Beverages will invest ₹820 crore.

The land has already been allotted to 9 of the 12 companies. Business Standard has reported that the companies have held talks with the Maharashtra Industrial Development Corporation (MIDC) over the past six months.

Visioning the posibilities, Bhushan Gagrani, Principal Secretary, the Chief Minister’s Office, asserted, “We expect the investment to materialise, and manufacturing to commence in two years.” While talking about the expectation of the industrial department, B Venugopal Reddy, Principal Secretary, Industries Department – Maharashtra State, told, “More investments worth ₹8000 crore in the pulp and paper, electronic system design and steel sectors are hoped.”

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