Maharashtra’s ‘mega policy’ on investments fruitful, says govt

Banking on a memorandum of understanding signed with the Indian arm of General Electric on Friday, Maharashtra is seeking to refurbish its tainted image as a top investment destination.

Under the MoU signed on Friday, GE will set up a Rs1,020-crore ($200 million) plant at the Chakan Phase II industrial estate near Pune. The plant, focussed on energy and transportation oriented products and solutions, will be operational next year.

After inking the agreement, state industries secretary Kshatrapati Shivaji said the industrial ''mega project policy'' of the Maharashtra government has been receiving "tremendous response", channelling domestic as well as foreign investment on a large scale.

Under the mega project policy, the state government has so far approved 335 projects with an approximate total investment of Rs2.77 lakh crore, creating employment opportunities for about 3.17 lakh people, the Shivaji said citing official statistics.

"Out of these 335 projects, 95 have gone into production. At least 253 projects with an approximate investment of Rs1.75 lakh crore will be set up in backward areas of the state," he said in a press release today.

"Seventy five per cent of the 335 mega projects which came the state's way since the policy was introduced in 2005-06 have gone to 'C', 'D' and 'D+' category cities and towns, which has helped disperse industrial growth and ancillarisation," Shivaji said.

Almost all major companies across the globe have taken up the investment opportunity offered by the policy with 95 of the 335 projects actually having gone into production," he said. These include General Motors, Volkswagen, Mercedes and Posco, he added.