Prithviraj Chavan snaps up Rs 23,850-cr investments from 32 firms

Feb 27 2014, 17:59 IST
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Prithviraj Chavan snaps up Rs 23,850-cr investments from 32 firms Prithviraj Chavan snaps up Rs 23,850-cr investments from 32 firms
SummaryWhile the biggest investment will come in the steel sector, the next in line is auto and auto components.

Ahead of the forthcoming elections, Maharashtra Chief Minister Prithviraj Chavan today managed to get as much as Rs 23,850 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 and launching of an industry facilitation cell here, Chavan announced signing of 32 MoUs from various sectors, envisaging an investment commitment of Rs 23,842 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 is auto and auto components.

Shree Uttam Steel & Power has committed Rs 11,156 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.

The German luxury auto major Mercedes Benz has committed Rs 1,500 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 Rs 857.5 crore investment to set up a electrical equipment plant in Raigad district, and German auto component major Bosche has inked an agreement to invest Rs 753 crore to expand its common rail injector capacity for heavy vehicles at its Nashik facility, while Tata Auto Component Systems will be pumping in Rs 702 crore at its Chakan plant for capacity addition.

Similarly, Spanish company SCA Hygiene Products will be investing Rs 650 crore over the next five years to set up a facility to manufacture tissues and other hygiene products at Ranjangaon near Pune.

Another auto component player Fenace Auto has agreed to invest Rs 550 crore to put up a ferrous casting and machinery plant in Pune.

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