M'rashtra inks MoU for projects worth Rs 833 crore

Maharashtra government signed memorandum of understanding with three different companies on Tuesday which will bring an investment of around Rs 833 crore and create direct employment for more than 2,000 persons.

All these projects have been given mega project status under the state government's mega project policy.

These three investment proposals include proposal from Yash Birla group company Birla Cotsyn to expand operations of cotton ginning, pressing and spinning mill at Khamgaon and Malkapur in backward Vidarbha region.

The company is expected to invest around Rs 315 crore in the expansion project. The expansion will increase capacity of the mill to 36,000 spindles of cotton yarn and 19,040 spindles of synthetic yarn per year. It will come up over 100 acres of land.

The Pune-based Precision Automation and Robotics India Ltd (PARI), which provides solution in the field of industrial robotics and automation will invest around Rs 258 crore at Khandala in Satara district where it will set up its design and manufacturing facility.

The ISMT Ltd, a manufacturer of seamless tubes, will invest Rs 260 crore in its expansion project at Baramati. This will triple company's production capacity from 47,500 tonnes per year to 1,55,000 tonnes per annum.

The MoUs were signed by industry secretary V K Jairath on behalf of the government of Maharashtra and group's finance director P V R Murthy on behalf of Birla Cotsyn, Mangesh Kale on behalf of PARI and O P Kakkar on behalf of ISMT Ltd.

The chief minister Vilasrao Deshmukh, his colleagues from the state cabinet and senior state government officials were present on the occasion.

Under the state government's mega project policy, the projects which invest Rs 250 crore or more in backward areas of the state or industries which invest Rs 500 crore or more in developed parts of the state like Mumbai, Pune, Nashik etc. are granted mega project status.

These projects are given waiver in stamp duty, electricity duty, octroi and other state and local taxes.