Maha manages to mop up Rs 23,842-cr via investment commitments

Maharashtra, which has of late been losing out on investments to neighbouring Gujarat and other states due to high taxes and creaking infrastructure, today got a shot-in-the-arm with the poll-bound Chief minister managing to get investment commitments worth Rs 23,850 crore.
The state signed as many 32 memorandum of understanding under its mega project policy with various industries, both in the greenfield as well as capacity expansion, in the presence of CM Prithviraj Chavan here, wherein he also announced the launch of an industry facilitation cell.
Chavan said these projects can generate over 20,000 direct jobs.
Of the 32 proposals, the largest is from steel-maker Shree Uttam Steel & Power, which will invest Rs 11,156 crore to set up a 1.5-million tonne per annum hot-rolled coil steel plant and a 40-mw captive power plant in Sindhudurg district in the southwestern part of the state.

"It is a substantial investment. What is important is that the projects are spread across the developed as well as undeveloped areas of the state, particularly in the backward areas where these investments will lead to industrialisation and job creations," Chavan said.
Underlining the role of the private sector in an open economy, he said the industry has a larger role in economic development by creating jobs.

"The role of the state is now more of a facilitator," he said, adding his government has been providing a hassle-free environment to industries.
Other investors include German luxury car maker Mercedes-Benz, auto component makers Bosch and Tata Autocomp, global beer maker ABinBev India, tyre maker Goodyear South Asia Tyres and New Holland Fiat India.

While the biggest investment will come in the steel sector, the next in line is auto and auto components.
The German luxury auto major Mercedes Benz has committed Rs 1,500 crore to increase its capacity at the Chakan plant near Pune as part of its second phase of expansion over the next few years.