In a big boost to the auto sector, Maharashtra government has approved ₹1,20,220 crore in investments during the latest cabinet sub-committee meeting, led by Chief Minister Eknath Shinde
06 Sep 2024 | 3051 Views | By Autocar Pro News Desk
In a bid to become a hub for advanced manufacturing and future-ready technologies, Maharashtra government has approved ₹1.20 lakh crore in investments during the latest cabinet sub-committee meeting, Devendra Fadnavis, Deputy Chief Minister of Maharashtra wrote on X. The investments cover sectors like semiconductors, electric vehicles (EVs), and hybrid technology.
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In a bid to become a hub for advanced manufacturing and future-ready technologies, Maharashtra government has approved ₹1.20 lakh crore in investments during the latest cabinet sub-committee meeting, Devendra Fadnavis, Deputy Chief Minister of Maharashtra wrote on X. The investments cover sectors like semiconductors, electric vehicles (EVs), and hybrid technology.
In one of the most substantial investments, Tower Semiconductor, in collaboration with the Adani Group, will establish a semiconductor manufacturing facility at Taloja MIDC in Panvel.
This project is valued at ₹83,947 crore (approximately 10 billion USD), Fadnavis wrote. The investment will be executed in two phases: Phase 1 with ₹58,763 crore with a production capacity of 40,000 wafers per month, while phase 2 will see an outlay of ₹25,184 crore for scaling up production to 80,000 wafers per month. This will be used for analog/mixed signals and semiconductor manufacturing and is expected to generate over 5,000 jobs, strengthening India’s position in the global semiconductor supply chain.
In an official statement on Friday Skoda Auto, Volkswagen confirmed and said "Skoda Auto Volkswagen India Pvt. Ltd welcomes the Maharashtra State Government’s approval on the fresh investment up to INR 15000 crores. The investment aims to further enhance the Group’s product portfolio in the best interests of the Indian customers while also focusing on more sustainable mobility solutions. This includes among other things BEVs and the further improved next generation of ICE vehicles, manufacturing facilities upgrades, and creating additional jobs – both direct/indirect – and thereby fostering sustainable growth in the region. We will provide more details on the agreement at a later date."
Toyota Kirloskar has also committed an investment of ₹21,273 crore at the AURIC industrial city in Chhatrapati Sambhajinagar. The company plans to manufacture hybrid vehicles, plug-in hybrids, fuel cell EVs, and battery electric vehicles (BEVs). This move, Fadnavis mentioned, will generate more than 8,800 new jobs in the region.
As the country's most industrialized state, Maharashtra contributes significantly to the national GDP. Mumbai, its capital, is India's financial hub and home to major corporations and the stock exchange.
The state boasts a diverse industrial base, including manufacturing, IT, textiles, and pharmaceuticals. With well-developed infrastructure, skilled workforce, and strategic location, Maharashtra attracts substantial domestic and foreign investment. Its industrial policies and special economic zones further cement its position as a crucial driver of India's economic growth.