Diversified business group Videocon today said it would go ahead with its proposed Rs 8,000-crore LCD and semi-conductor production facility in Maharashtra after the state government gave its approval.
“We have been informed that the state Cabinet has approved our proposal to set up the plant. We will have the foundation stone laying ceremony on Dussehra (October 9),” Videocon Group Chairman Venugopal Dhoot said from London. He said the plant, which will get a central government grant of Rs 2,000 crore, would go onstream in three years.
“It will have the capacity to produce 20 crore units annually of LCDs, micro circuits and semi conductors,” Dhoot said, adding that despite the controversy surrounding the land deal, the group has decided to stick to Maharashtra.
“I have had calls from the Italian government to set up the LCD plant. Also, states such as Tamil Nadu, Andhra Pradesh and West Bengal showed immense interest but we (the group) decided to stay in Maharashtra,” he said.
Dhoot said the Group would pump in Rs 6,000 crore for the project. “The funds would be raised through debt, equity and public issue and details are being sorted out,” he said. The plant to be set up on 275 acres in Navi Mumbai will generate employment for 10,000 people.