MIDC plans to acquire 68K ha, to invest USD 2 bn to develop

To attract more investments, especially to sectors like aerospace, defence and automotive, the Maharashtra Industrial Development Corporation (MIDC) is planning to acquire additional 68,000 hectares over the next five years.

Maharashtra on average nets around 30 percent of the total foreign direct investment coming to the country, making it a top destination for foreign companies.

The corporation, which currently has a land bank of 84,000 hectares and nearly 288 industrial estates across the state, will have to invest nearly USD 2 billion into these land banks to create the necessary infrastructure, according to a top official of the corporation.

"We have seen there is a huge demand in sectors like automotive, defence, aerospace, chemical engineering and garment industries. We are planning to acquire 68,000 hectares over the next five years to give a boost to these industries," MIDC joint chief executive Annasaheb Misal told PTI here over the weekend.

He further said an investment of nearly USD 2 billion will also be needed to create the necessary infrastructure.

"New investments are coming into the country. Of the total foreign direct investment that comes to the country, nearly 35-50 per cent come to Maharashtra. If we provide the necessary infrastructure we are sure more and more industries will come up in the state, " he said.

Asked about the state government's decision to take back the lands from companies which didn't commence operations, Misal said, "During the past two years alone we have taken back 1,000 plots. We want serious players who will not just set up business here but also be a source of employment generation as well."