Mumbai: Buoyed by investors’ response in the first two days of the Magnetic Maharashtra summit, the State government has scaled up its target for investments to ₹12 lakh crore. Instead of terming the agreements inked as MoUs, the government is calling them ‘investment intentions’ that indicate investors’ committments.
State Industries Minister Subhash Desai said, “Our target at this summit was to achieve ₹10 lakh crore in investment intention. We’ve already achieved half of this in the first two days. Going by the response, I’m confident of achieving much more than the target. We have now increased the investment intention target to ₹12 lakh crore, which we will achieve over the next two days of this summit.”
Some of the big investment intentions announced during the ongoing summit included an ambitious ₹40,000-crore investment plan by Virgin group for a Hyperloop project in the State, a proposal by Korea’s Hyosung group to invest ₹3,000 crore for a plant in Aurangabad Industrial city (AURIC), and ₹1,000 crore by Artison Agrotech.
Mr. Desai said MoUs worth ₹8 lakh crore were signed during the Make in India summit in Mumbai two years ago, of which 61% had been converted into completed or ongoing projects.
Logistics Park by India Land has signed an agreement to invest ₹1,000 crore, while GJEPC plans to to invest ₹13,800 crore in a jewellery park near Mumbai.
Other proposed investments include ₹2,000 crore by Solace Industrial City, ₹14,000 crore by Renew Power Ventures, ₹15,560 crore by Tata Power Company, ₹7,000 crore by Adani Green Energy and ₹4,850 crore by K Raheja Developers for a logistics and warehouse SEZ.
Developers and real estate associations have committed to investg ₹3.55 lakh crore in affordable housing projects, most of which will be near Mumbai. Mahindra & Mahindra has committed additional investment of ₹500 crore in its Electric Vehicle project at Chakan. The investment is in addition to its ongoing expansion plan, which includes an initial investment of ₹6,500 crore in the sector.
