The Maharashtra government has signed memorandums of understanding (MoUs) with 25 Indian companies proposing to invest Rs 61,000 crore in multiple sectors under the Magnetic Maharashtra initiative.
The government expects the creation of 2.60 lakh jobs with the implementation of these projects.
The investors signed the MoUs with the Maharashtra Industrial Development Corporation on 22 December 2020.Â
The state launched key investment promotion recovery initiatives under Magnetic Maharashtra 2.0 such as Plug & Play Infrastructure, Maha Jobs, MahaParwana, Investor First Program, Capacity Augmentation of MIDC land banks and Dedicated Country Desks.
Some of the MoUs signed include the JSW Steel worth Rs 20,000 crore, Indian Corporation worth Rs 11,049 crore and Rs 7500 crore each by K Raheja, Kirtikumar Steel Udyog and Inspire Infra Projects.
The previous Magnetic Maharashtra 2.0 held in June 2020 saw investment commitments of around Rs 17,000 crore. This was complimented by a second such event in November 2020, where the additional investment commitment was around Rs 35,000 crore.
In addition, the state attracted investments of about Rs 14,000 crore through organic investments through their advanced single window system in 2020.
The event held on 22 December 2020 is the third chapter of MoU signings with domestic investors, chaired by Chief Minister of Maharashtra Uddhav Thackeray, worth over Rs 61,000 crore committed across over 15 sectors.
This includes a diverse range of sectors pharmaceuticals, healthcare, biotechnology, food processing and FMCG, steel, automobiles, engineering and oil & gas, among others.Â
Coupled with the state’s robust FDI pipeline of an additional Rs 79,000 crore, the state is positioned to surpass its previous targets and cross Rs 2,00,000crore in formal industrial investment intentions signed by the state. The total potential employment generation is estimated to be 2.5 lakh people.