Targeting investments of Rs 12 trn in defence, infrastructure: CM Fadnavis

Maharashtra chief minister Devendra Fadnavis on Monday said the state is targeting investments of around Rs 12 trillion in a host of sectors like defence, aerospace, infrastructure, and gems & jewellery among other from the ongoing investor summit.

Fadnavis said the state will sign investment agreements with over two dozen companies in the next two days. Investments would come in almost every sector, including aerospace, logistics and electric vehicle manufacturing and services industry, he added.

Some of the big investments include an agreement between the Italian sports car major Lamborghini and Kinetic to manufacture e-cars, and the Gems and Jewellery Export Promotion Council's Rs 140-billion (Rs 14000-crore) investment to develop a gems & jewellery park near Mumbai, Fadnavis said.
 

"As of now we feel that probably we will sign agreements worth Rs 10-12 trillion," he told reporters on the second day of the global investor summit at the MMRDA Grounds in upscale BKC central business district.

A green excellence center is also being set up in the state that will provide training to human resources for aerospace and defence manufacturing.

Defence companies will set up their facilities in Nagpur, Ahmednagar, Pune, Nashik and Aurangabad, he said.

Some of the other companies that will be investing are Tata Power, Adani Green Energy, K Raheja Developer, JSW Cement, Technocraft, Chhatrapati Park Industrial City at Palgarh, JNPT's fourth container terminal being developed by Singapore Ports, JSW Electrical Vehicle, and Yes Bank among others.

However, details like the nature and quantum of investments are awaited.

On Sunday, Reliance chairman chief Mukesh Ambani had announced Rs 600 billion investment to set up the country's first digital industrial township in the state over the next 10 years, while the Dubai-based Bin Zayed Group has committed $7 billion into the Mumbai-Nagpur expressway project and Mahindra Group has committed three investments running up to Rs 230 billion in Mumbai and Nagpur.

Talking about the state's agreement with the Virgin Group for building the world's first hyperloop transportation system between Mumbai and Pune, he said, "with Virgin, it is an arrangement to create the hyperloop.

"As of now, they have not specified they will manufacture here or not but eventually if they have to invest so much it is always economical to invest here in manufacturing as well."

However, like other investment pacts, the Hyperloop project is also yet to announce the cost of building this futuristic transportation system which is also under development in Dubai.