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    Published On : Mon, Feb 19th, 2018
    National News | By Nagpur Today Nagpur News

    Maharashtra sews up Rs 6.1 tln investment proposals on Day 2

    Mumbai: Maharashtra today claimed that it has received over 50 fresh proposals entailing an investment of over Rs 6.10 trillion from the ongoing global investment summit here, led by a massive interest by realtors in the affordable housing segment.

    The state, which is seeking funds to get the gross state domestic product (GSDP) to USD 1 trillion-mark by 2025 from USD 400 billion at present, also received interest from enterprises focused on new-age businesses like solar energy, fintech and electric vehicles.

    Maharashtra, which claims to lead the country in the conversion of such agreements of intent into actual on-ground investments, said the fresh set of agreements signed on the Day 2 of the summit will create over 28 lakh jobs.

    In the run-up to the summit, the state had said it was targeting to get fresh investments of over Rs 10 trillion from the three-day investor jamboree being held at the central business district of Bandra Kurla Complex here.

    The announcement by Virgin Atlantic to build the world’s first hyperloop corridor between Mumbai and Pune will entail an investment of Rs 40,000 crore, according to the official data shared this evening.

    Though this was something Virgin Group chairman Richard Branson had yesterday said would be decided only after the six-month feasibility study.

    The Fadnavis government signed seven agreements entailing an investment of Rs 3.72 trillion in the affordable housing segment alone, with a concentration in the wider Mumbai metropolitan region, that will create over 1.4 million housing units, it said.

    On the fintech front, mid-size private sector lender Yes Bank made a commitment to invest Rs 10,000 crore to support small businesses, the data said.

    The summit was inaugurated last evening by Prime Minister Modi in presence of industry captains Ratan Tata, Mukesh Ambani, and Anand Mahindra among others. A majority of the industry captains who spoke at the event made public their investment plans for the state.

    Among the storied names of India Inc, the Sajjan Jindal-led JSW Group today announced two projects, including a Rs 6,000-crore investment to manufacture electric vehicles and batteries.

    The Mahindra Group followed up on chairman Anand Mahindra’s announcement last evening and signed an agreement for a Rs 500-crore investment on the EVs front, the data said.

    Tata Power also has signed up for a Rs 15,560-crore investment, that is expected to create 1,250 jobs.

    The Japanese giant Softbank Group, arguably one of the biggest private investors in the world, committed Rs 23,508 crore for adding a 2-gw solar capacity in the state.

    Italian luxury group Lamborghini, which announced a joint venture with Kinetic Green, will be investing Rs 1,000 crore for the electric rickshaw project, it said.

    Even as a few prominent names from the industry face the heat, the Gems and Jewellery Export Promotion Council today committed a Rs 13,800-crore investment.

    The nation’s largest container port JNPT, which inaugurated the first phase of its fourth terminal yesterday, was among the list of investment agreements shared by the government, the data said.

    But it can be noted that the first phase of the fourth terminal built by the Ports of Singapore Authority, is already up and running and the committed Rs 7915 crore investment was announced in 2015.

    Modi had congratulated Maharashtra yesterday for getting investment proposals of over Rs 4 trillion at the maiden make-in-India summit at the same venue in 2016, of which Rs 2 trillion had been fructified.

    But the biggest investment announced then was of USD 5 billion by the Taiwanese phone-maker Foxcon, which has since been recalled.

    Speaking before Modi, chief minister Fadnavis had claimed the state had signed agreements entailing investments of Rs 8 trillion, of which work has started on projects worth Rs 4.91 trillion.

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