Maharashtra govt signs Rs 16,000-crore investment pacts with 12 firms

UPL, Great Wall Motors, ExxonMobil among companies planning to invest in state

The Maharashtra government on Monday announced the signing of memoranda of understanding (MoUs) with 12 domestic and foreign companies for Rs 16,000 crore investment in the oil, chemicals, auto, electric mobility, and logistics sectors.

The agreements, part of the Magnetic Maharashtra initiative, are expected to help spur economic activities in the state reeling from the Covid-19 pandemic. The crisis has led to a sharp drop in the state’s revenues and led to an exodus of migrant labourers. 

To revive the state's economy, the government has been planning several initiatives, including fast-tracking approvals to new investors.  “We will offer all assistance to new