Sunday, October 25, 2020
Home City News Fadnavis expects Rs 12 tln investment commitments from summit

Fadnavis expects Rs 12 tln investment commitments from summit

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Maharashtra chief minister Devendra Fadnavis said the state is targeting investments of around Rs 12 trillion in a host of sectors like defence, aerospace, infrastructure, and gems and jewellery among other from the ongoing investor summit.

Fadnavis said the state will sign investment agreements with over two dozen companies in the next two days. Investments would come in almost every sector, including aerospace, logistics and electric vehicle manufacturing and services industry, he added.

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Some of the big investments include an agreement between the Italian sports car major Lamborghini and Kinetic to manufacture e-cars, and the Gems and Jewellery Export Promotion Councils Rs 14,000-crore investment to develop a gems & jewellery park near Mumbai, Fadnavis said.

“As of now we feel that probably we will sign agreements worth Rs 10-12 trillion,” he told reporters on the second day of the global investor summit at the MMRDA Grounds in upscale BKC central business district.

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A green excellence center is also being set up in the state that will provide training to human resources for aerospace and defence manufacturing.

Defence companies will set up their facilities in Nagpur, Ahmednagar, Pune, Nashik and Aurangabad, he said.

Some of the other companies that will be investing are Tata Power, Adani Green Energy, K Rahjea Developer, JSW Cement, Technocraft, Chhatrapati Park Industrial City at Palgarh, JNPTs fourth container terminal being developed by Singapore Ports, JSW Electrical Vehicle, and Yes Bank among others.

However, details like the nature and quantum of investments are awaited.

On Sunday, Reliance chairman chief Mukesh Ambani had announced Rs 60,000 crore investment to set up the country’s first digital industrial township in the state over the next 10 years, while the Dubai-based Bin Zayed Group has committed USD 7 billion into the Mumbai-Nagpur expressway project and Mahindra Group has committed three investments running up to Rs 2,300 crore in Mumbai and Nagpur.

Taking about the states agreement with the Virgin Group for building the world’s first hyperloop transportation system between Mumbai and Pune, he said, “with Virgin it is an arrangement to create the hyperloop.

“As of now, they have not specified they will manufacture here or not but eventually if they have to invest so much it is always economical to invest here in manufacturing as well.”

However, like other investment pacts, the hyperlool project is also yet to announce the cost of building this futuristic transportation system which is also under development in Dubai.

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