Maharashtra approves investment projects worth Rs 1.2 trillion

The Maharashtra government has unveiled a significant industrial investment plan, securing Rs 1.2 lakh crore (US$ 14.3 billion) to enhance job creation and technological development. A cabinet sub-committee, led by Chief Minister Eknath Shinde, has approved these projects, encompassing sectors like semiconductors, electric vehicles and textiles . These initiatives are expected to create thousands of jobs and drive technological progress. 

The Maharashtra government has unveiled a significant industrial investment plan, securing Rs 1.2 lakh crore (US$ 14.3 billion) to enhance job creation and technological development. A cabinet sub-committee, chaired by Chief Minister Eknath Shinde, has approved several major projects.

Key investments include a semiconductor fabrication unit in Panvel, Mumbai, with a total investment of Rs 83,947 crore. This project is a joint venture between the Adani Group and Israel’s Tower Semiconductor, to be executed in two phases: Rs 58,763 crore for Phase 1 and Rs 25,184 crore for Phase 2.

The facility will produce analog/mixed signals and semiconductors, with a production capacity of 40,000 wafers per month in Phase 1 and 80,000 wafers per month in Phase 2. This project is expected to create 5,000 jobs and strengthen Maharashtra’s global standing in the semiconductor market.

In Pune, Skoda Volkswagen will invest Rs 15,000 crore in electric and hybrid vehicle production at its Chakan facility, generating over 1,000 jobs. Meanwhile, Toyota Kirloskar Motor will invest Rs 21,273 crore to expand hybrid and electric vehicle production at its Aurangabad plant (Chhatrapati Sambhajinagar), producing hybrid vehicles, plug-in hybrids, fuel cell EVs, and battery electric vehicles. This investment is expected to generate nearly 9,000 jobs. Whereas Raymond Luxury Cottons will invest Rs 188 crore under the Textile Industry Policy for spinning, yarn dyeing, weaving jute, and cotton manufacturing. This project is anticipated to generate 550 jobs.

These investments are likely to generate thousands of jobs and foster technological innovation, research, and development, positively impacting micro, small, and medium enterprises throughout the state.