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Wednesday, October 5, 2022

Maharashtra Signs Investment Agreements Worth Rs 80,000 Crore in Davos

The agreements include MoUs worth Rs 50,000 crore for renewable energy

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Raju Vernekar
Raju Vernekar
Raju Vermekar is a senior Mumbai-based journalist who have worked with many daily newspapers. Raju contributes on versatile topics.

INDIA. MUMBAI: The Maharashtra Government signed agreements of investment commitments worth Rs 80,000 crore in three days at the ongoing World Economic Forum (WEF) ‘s Annual Meeting at Davos in Switzerland.

The agreements included the agreement worth Rs 50,000 crore signed between ReNew Power Private Limited (ReNew), Gurgaon, Haryana, and the Maharashtra State Electricity Distribution Company Limited (MSEDCL) (Mahivitaran) for the generation of 10,000 MW to 15,000 MW energy in the state. 

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Under the above agreement, valid for 25 years, Rs 50,000 crore will be invested by ReNew between 2022 and 2028 to supply 200 MW per day through different modes of energy generation, including solar, wind, hydro, and hybrid energy. The agreements were signed by (MSEDCL) Managing Director Vijay Singhal and ReNew Managing Director Sumnat Sinha. This will lead to the creation of 30,000 new jobs, an official communication issued by the Maharashtra Government on Wednesday stated.

Besides, an agreement of Us $ 1.5 billion (Rs.11,631 crore) investment was signed with Asia Pulp and Paper-APP Sinar Mas, Indonesia, to set up a paper and pulp production plant at Raigad in the Konkan region.

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The other agreements included the agreement with Indorama Corporation (Singapore) and Indo Count Industries Limited (associated with Indo Count UK Ltd) to set up textile units in Nagpur and Kolhapur, respectively.

The Microsoft Corporation, an American multinational technology corporation, will set up a Datacenter in Pune at an investment of Rs 3200 crore. UPL Corporation Limited, the global leader in sustainable agricultural solutions, will set up a plant on a 250-acre land in Raigad. Also, the Havmor Ice Cream Private Limited will be setting up a plant in Pune; Sonai Edible India Private Limited and Goyal Proteins Limited have also evinced interest in setting up units in Maharashtra. This is expected to give a boost to food processing in the state.

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Over 55 percent of the total investment is slated to come from the companies located in Singapore, Indonesia, USA, and Japan, engaged with pharmaceuticals, textile, Engineering, packaging, paper pulp, food processing, steel, IT, data Centre and Logistics.

The MoU was signed with BYJU’S, an Indian multinational educational technology company, to supply digital equipment for BMC schools and remote areas. BMC Commissioner Iqbal Singh Chahal, School Education Secretary Ranjit Singh Deol, and BYJU founders Byju and Divya Ravindran were present. The MoU was also signed on behalf of the Maharashtra Government with the Green Building Council for zero-emission.

A delegation of Suntory Group, Japan, visited the Maharashtra pavilion and held discussions with officials. Similarly, Maharashtra Environment Minister Aditya Thackeray signed an MoU with Global Plastic Action Partnership, a group of leaders who fast-track solutions to the most pressing challenges facing the Ocean. Maharashtra thus became the first sub-national government member of the GPAP.

The discussion was also held with Anil Agarwal, Group Director of Vedanta, and Jay Galla, Group Director Amra Raja (for batteries required for electric vehicles.

Industries Minister Subhash Desai, in a statement, said that the MoU for the investment of Rs 30,379 crore with 23 companies alone would generate over 66,000 jobs, and the final assessment of the investment will reveal the job creation in multiples. While the country is looking forward to a 5 trillion dollar economy by 2025-2026, Maharashtra plans to reach one trillion dollars by that time. Under the Magnetic Maharashtra 02, initiative led by Maharashtra Chief Minister Uddhav Thackeray, the state has already attracted investment worth Rs 2.15 lakh crore with projected job creation of 4 lakh jobs.

Environment Minister Aditya Thackeray, Industries Minister Subhash Desai, Energy Minister Dr. Nitin Raut, CM’s Additional Chief Secretary Ashish Kumar Singh, Additional Chief Secretary (Industries) Baldev Singh, Maharashtra State Electricity Distribution Company Limited Managing Director Vijay Singhal, MIDC CEO Dr. P Anbalagan and Joint CEO Popat D Malikner, are camping in Davos. The WEF’s meeting is held under the theme, ‘Working Together, Restoring Trust’ from May 22 to 26. It is the first global in-person leadership event since the start of the Covid-19 pandemic.

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  • Raju Vernekar

    Raju Vermekar is a senior Mumbai-based journalist who have worked with many daily newspapers. Raju contributes on versatile topics.

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