Maha gets Rs 12-trillion investment commitments from 3-day summit

Maharashtra chief minister Devendra Fadnavis said the state has signed as many as 4,106 investment proposals worth Rs 12.10 trillion in the three-day global investor summit that concluded here on Tuesday.

Besides, the state has also signed 104 proposals with the Centre worth Rs 3.90 trillion for investments in various infrastructure projects, he said.

Among the key sectors, close to 3,516 proposals worth Rs 5.48 trillion were signed for industry projects, with big names such as Reliance Industries, Virgin Group, and JSW Electrical Vehicles, among others, showing interest.

“In these three days we have signed 4,106 memoranda of understanding (MoUs), worth Rs 12.10 trillion. The proposed investments will generate employment for 3.67 million,” Fadnavis said at the closing day of the three-day Magnetic Maharashtra summit.

Fadnavis said backward districts in the Marathwada and Vidarbha regions were attracting a large share of these investments.

“One of the specialities of these agreements is all of these investments are going to the backward regions, specially into tier III cities. If I say the biggest beneficiary of the summit is the Marathwada region, it won’t be wrong,” he said.

Reliance Industries has committed an investment of Rs 600 billion for developing a digital industrial area, while Virgin HyperloopOne will be investing Rs 400 billion to construct a hyperloop between Mumbai and Pune.

The state also received investment intentions of Rs 57 billion in the information technology sector and Rs 24.4 billion in higher education.

It also signed an agreement with the Railways for setting up a metro coach factory in Latur. In the first phase, the investment in the coach factory will be to the tune of Rs 6 billion.

Railway minister Piyush Goyal, who was also present at the event, said the idea was to develop a large 2,000-acre complex in Latur which will not only manufacture metro coaches for Maharashtra but across the globe.

“The idea is to build the best of technologies from across the world and set up a large facility which will serve the metros not only in the country but across the world,” Goyal said.

Other firms that signed investment proposals include Lloyds Metal & Energy, Technocraft Industries, Hyosung, Adani Green Energy, ReNew Power Ventures, Tata Power SoftBank Energy, and the Raymond Group.