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Thursday, October 5, 2023
HomeUncategorizedMIDC plans to acquire 68K hectares, to invest $2 bn to develop...

MIDC plans to acquire 68K hectares, to invest $2 bn to develop basic infrastructure

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To attract more investments, especially to sectors like aerospace, defence and automotive, the Maharashtra Industrial Development Corporation (MIDC) is planning to acquire additional 68,000 hectares over the next five years.

Maharashtra on average nets around 30 per cent of the total foreign direct investment coming to the country, making it a top destination for foreign companies.

The corporation, which currently has a land bank of 84,000 hectares and nearly 288 industrial estates across the state, will have to invest nearly $2 billion into these land banks to create the necessary infrastructure, according to a top official of the corporation.

“We have seen there is a huge demand in sectors like automotive, defence, aerospace, chemical engineering and garment industries. We are planning to acquire 68,000 hectares over the next five years to give a boost to these industries,” MIDC joint chief executive Annasaheb Misal told agencies over the weekend.

He further said an investment of nearly $2 billion will also be needed to create the necessary infrastructure.

“New investments are coming into the country. Of the total foreign direct investment that comes to the country, nearly 35-50 per cent come to Maharashtra. If we provide the necessary infrastructure we are sure more and more industries will come up in the state, ” he said.

The statement is interesting as only last week the chief minister Devendra Fadnavis had said he was delaying the proposed mega refinery the 60- million-tonne-per-annum West Coast Refinery) in Ratnagiri due to the issues with land acquisition.

The over Rs 1-trillion project is almost fully funded by Japan.

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