Sterlite, Ascendas and others to invest Rs 4 lakh cr in Maharashtra

Govt says the investments are happening due to its investor-friendly policies

The Maharashtra government is ready to roll out the red carpet to investors during the Make in India week.

The government expects investment intentions of Rs 4 lakh crore — including Rs 20,000 crore from Sterlite, Rs 10,000 crore from Siemens, Rs 10,000 crore from Ascendas, Rs 6,500 crore from Posco, Rs 4,000 crore from M&M, Rs 2,500 crore from Hiranandani Group, Rs 2,500 crore from SKIL Infrastructure, Rs 1,500 crore from Raymond and Rs 1,000 crore from Mercedes India. These investment proposals will be in IT and ITES, integrated industrial parks, power transmission and distribution, steel, textiles and semiconductor fabrication.

State industries minister Subhash Desai, on the eve of Make in India Week, told Business Standard, “Maharashtra is the favoured destination for domestic and FDI. The government will enter into MoUs with the global and Indian companies during the Make in India Week. Investment worth Rs 4 lakh crore is expected and it is in addition to the investment proposals of Rs 75,000 crore received since the government took over in October 2014.”

He said the government had taken a slew of decisions including reduction in the number of approvals to 37 from 76 and it will be further cut to 25. Besides, the government has done away with the River Regulation Zone norms, reduce inspections and prepared a single window policy whereby investment proposals will be processed and cleared at one place.

Further, the minister said the government has also come out with policies to promote start ups and encourage entrepreneurship among scheduled caste and scheduled tribe. ''The government is committed to inclusive growth and it will not just restrict to Mumbai, Pune, Nashik and Aurangabad but will spread over across the state,” he added.