The Maharashtra cabinet sub-committee, led by Chief Minister Eknath Shinde, has approved a series of substantial investments, totaling Rs 1,20,220 crore, in an attempt to reshape the state's industrial landscape.
Deputy Chief Minister Devendra Fadnavis took to Twitter to highlight the transformative potential of these investments for Maharashtra.
One more BIG news for Maharashtra !
September 5, 2024
Huge investments of total
₹ 1,20,220 crore approved in today's Cabinet Sub-Committee Meeting, with CM Eknath Shinde ji !
The detailed list of approved investments is as follows:
✅Tower Semiconductor with Adani Group at Taloja MIDC, Panvel… pic.twitter.com/DVI9z94WyUOne of the most significant approvals came for the collaboration between Tower Semiconductor and the Adani Group. This partnership will establish a cutting-edge semiconductor manufacturing facility at Taloja MIDC, Panvel. The project involves an investment of Rs 83,947 crore, and will be executed in two phases.
Phase 1 of the project will involve an investment of Rs 58,763 crore. By the time Phase 2 is completed, with an additional investment of Rs 25,184 crore, the facility will have doubled its output capacity.
The plant is set to produce 40,000 wafers per month in its first phase, increasing to 80,000 wafers per month post expansion. This development is expected to generate more than 5,000 new jobs, positioning Maharashtra as a key player in the global semiconductor market.
The automotive sector will also see a significant boost with Skoda Volkswagen's new investment of Rs 15,000 crore in Chakan, Pune. This investment will be directed towards the production of electric vehicles and hybrid cars. The project is also anticipated to create over 1,000 job opportunities.
Toyota Kirloskar's investment of Rs 21,273 crore at AURIC, Chhatrapati Sambhajinagar, will encompass the development of a diverse range of vehicles, including hybrid vehicles, plug-in hybrids, fuel cell EVs, and battery electric vehicles. This initiative is expected to significantly enhance the state's automotive technology sector and generate over 8,800 jobs.
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