Maharashtra nets $7.6bn investment in 1 yr

Its raining investments for Maharashtra. Even as the state attracted Rs 34,000 crore (approximately $7.6 billion) from 33 projects in the last 12 months, Rajiv Jalota, CEO of Maharashtra Industrial Development Corporation (MIDC), said there are 15 other mega investments that will be finalised soon.

Jalota, who was in Talegoan for the foundation stone laying ceremony of General Motors' Rs 1,350 crore project, said that heavy equipment, pharmaceuticals, automobiles,and auto ancilliaries are the industries showing keen interest in setting up units in the Pune-Nashik belt, Aurangabad and Nagpur.

"Over the last 12 months - from September 2005 to October 2006- Maharashtra has attracted Rs 34,000 crore from 33 projects," said Jalota, adding "there are another 15 mega projects (comparable to GM) in the pipeline."

With investments expected from DaimlerChrysler for setting up its second manufacturing plant in the state and Volkswagen's announcement for Rs 1,500 crore investment later this month, it is not only investments, but also employment for the local youth that the state will be pursuing now, Jalota said.

Talking of power, he said: "By 2011, Maharashtra will be a power surplus state as we will have built capacities for over 5,000MW, which is the estimated requirement for the state."

The state is building two power special economic zones (SEZs) - one of 1,000 MW in Chandrapur and the other of 250 MW in Ussar, Raigad.

In addition, clearance has been given for three private power projects totaling 2450MW, and two Reliance projects, one of 160MW in Navi Mumbai and 130MW in Nagpur.

On the demand for a second airport for Pune, he said: "We have identified 100 hectares of land for the project and expect clearances from the defence ministry in the next three months and environmental clearances in 8-9 months."