Chavan snaps up R23,850-cr investments from 32 firms

Feb 28 2014, 00:06 IST
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SummaryAhead of the forthcoming elections, Maharashtra chief minister Prithviraj Chavan on Thursday managed to get as much as R23,850 crore investment commitments, mostly in greenfield projects, from 32 companies that can create as many as 20,200 direct jobs in the state over next few years.

Ahead of the forthcoming elections, Maharashtra chief minister Prithviraj Chavan on Thursday managed to get as much as R23,850 crore investment commitments, mostly in greenfield projects, from 32 companies that can create as many as 20,200 direct jobs in the state over next few years.

Addressing an investor summit, Chavan announced signing of 32 MoUs from various sectors, envisaging an investment commitment of R23,842 crore from the Tatas, German auto majors Merc and Bosche, domestic steel company Shree Uttam Steel & Power among others.

While the biggest investment will come in the steel sector, the next in line are auto and auto components. Shree Uttam Steel & Power has committed R11,156 crore investment to set up a 1.5-million-tonne per annum hot-rolled coil plant and a 40-mw captive power plant in Sindhudurg district of Maharashtra.

German luxury auto major Mercedes Benz has committed R1,500 crore to increase its capacity at the Chakan plant near Pune as part of its second phase of expansion over the next few years. Namco Industries has committed R857.5-crore investment to set up a electrical equipment plant in Raigad district and German auto component major Bosche has inked an agreement to invest R753 crore to expand its common rail injector capacity for heavy vehicles at its Nashik facility. PTI

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