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

Press Trust of India  |  Mumbai 

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

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 of 84,000 hectares and nearly 288 industrial estates across the state, will have to invest nearly USD 2 billion into these to create the necessary infrastructure, according to a top of the corporation.

"We have seen there is a huge demand in sectors like automotive, defence, aerospace, and garment industries. We are planning to acquire 68,000 hectares over the next five years to give a boost to these industries," MIDC told 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 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."

The statement is interesting as only last week the had said he was delaying the proposed mega refinerythe 60- million-tonne-per-annum West Coast Refinery) in Ratnagiri due to the issues with land acquisition.

The refinery, which if built, will be the largest in the world is being planned as an equal joint venture between the three national companies and the worlds largest oil company and the Abu Dhabi National Oil Company.

Similarly, the much-trumpeted Mumbai-Ahmedabad bullet train project is facing serious delays due to protest by the farmers in the state and and is a dream project of

The over Rs 1-trillion project is almost fully funded by

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Sun, November 04 2018. 14:45 IST