The projects approved by the state include a semiconductor manufacturing project that would be jointly set up by Israel’s Tower Semiconductor and the Adani Group.
New Delhi: The Maharashtra cabinet sub-committee on industries, chaired by Chief Minister Eknath Shinde has approved four major projects totalling an investment of Rs 1.17 lakh crore. This decision promises to give a major boost to the Shinde government ahead of the Maharashtra assembly elections. The projects approved by the state include a semiconductor manufacturing project that would be jointly set up by Israel’s Tower Semiconductor and the Adani Group.
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According to the reports, the project will be set up in Panvel of Raigad district and entail a total investment of Rs 84,947 crore in two phases. The project will also generate more than 15,000 jobs. The sub-committee also approved two electric vehicle (EV) manufacturing projects and a textile plant.
The release by the government states that the four projects spread across Panvel, Pune, Marathwada and Vidarbha are expected to generate 29,000 jobs.
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“Tower Semiconductor company and Adani Group would jointly launch a mega-project of semiconductor manufacturing at Panvel (District Raigad). There would be an investment of Rs 58,763 crore in the first phase and Rs 25184 crore in the second phase, thereby a total of Rs 83,947 crore generating employment to 15,000 persons,” said the press release issued by the government.
Interestingly, the announcement by the Shinde government comes two years after Vedanta-Foxconn had cancelled their Rs 1.54-lakh crore investment in the semiconductor plant at Talegaon Phase IV near Pune in September 2022.
Maharashtra Deputy CM Devendra Fadnavis was also present during the key meeting while Minister for industries Uday Samant participated via video link.
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The Maharashtra cabinet sub-committee also okayed to Skoda Auto Volkswagen India Company’s investment of Rs 12,000 crore in Pune for a new electric vehicle manufacturing facility and Toyota Kirloskar Motor Company’s plan to establish an electric vehicle manufacturing unit in Chhatrapati Sambhajinagar with an investment of Rs 21,273 crore.
The two plants are expected to generate 1,000 and 12,000 jobs respectively. It also said that Raymond Luxury Cottons will invest Rs 188 crore in Nandgaonkar Peth, Amravati, to develop a facility for spinning, yarn dyeing, and weaving jute and cotton.
