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Maharashtra bags investment proposals worth Rs 390 billion

2019-05-03

The Maharashtra Government has reportedly received investment proposals worth Rs 390 billion in steel, paper and electric vehicle sectors.

Posco, the global steel major, is expected to invest Rs 250 billion in order to expand its business in phases, while Asia Pulp and Paper, Sinar Mas Group from Indonesia will reportedly develop a greenfield project worth Rs 110 billion.

CSEPEL Holding Nyrt has proposed to enter into the electric vehicle segment by investing Rs 30 billion. These companies are reportedly exploring the acquisition of land around Panvel and Mangaon areas in Raigad district of Maharashtra, considering its vicinity near Jawaharlal Nehru Port and the upcoming Navi Mumbai international airport.

Reports suggest that Posco will be needing another 2,000 acre in order to carry out its expansion, while 1,500 acre for Asia Pulp and Paper, Sinar Mas Group and 200 acre for CSEPEL Holding Nyrt. Posco, at present, has its production facility in Vile-Bhagad, MIDC Industrial Area of Mangaon taluka in Raigad district. These proposals are under the active consideration of the MIDC. The investment by these three companies is expected to create at least 5,000 jobs.

That said, these investors are reportedly preferring Maharashtra as an investment destination especially in view of better infrastructure, package scheme of incentives under the Goods and Services Tax regime, hassle free clearance system, transport and power connectivity. Also the Maharashtra Government had recently released a new industrial policy, that hopes to attract investment of Rs 10 trillion in the next five years.

In March, Maharashtra had reportedly received two mega investment proposals worth Rs 260 billion in the paper and pulp and the gems and jewellery segments. Also, Nine Dragon Paper (Holdings), the Chinese major, is expected to invest Rs 120 billion in phases to produce and recycle paper with the first phase to be commissioned by March 2022. The Gems and Jewellery Export Council has laid a foundation stone for a gems and jewellery park in Navi Mumbai. The park is expected to host small, medium and large-scale enterprises along with some mega units in order to attract investments to the tune of Rs 140 billion.