In a major boost to the development of backward Marathwada region, the Maharashtra government and Indian Railways have signed a MoU to set up a coach manufacturing factory in Latur, it was announced here on Tuesday.
"The MoU is for an investment of Rs 500 crore in the first phase... We have a bigger vision," said Railway Minister Piyush Goyal at the signing ceremony in the presence of Chief Minister Devendra Fadnavis at the 'Magnetic Maharashtra: Convergence 2018'.
The coach factory will come up on 150 acres of land in the first phase where EMU and Metro coaches would be manufactured, and thought it would be an export-oriented unit, will cater to domestic requirements.
The MoU was inked by B. K. Agrawal, Additional Member (PU) Railway Board and Sanjay Sethi, CEO, Maharashtra Industrial Development Corporation.
Marathwada region of central Maharashtra is amongs the most backward regions of the state plagued by perpetual water shortages and lack of industrial development.
The proposed rail coach factory is intended to create an industial ecosystem in this drought-prone region and help boost shift from agriculture to industry and arrest the heavy migration from that region.
Goyal said the work on this project will be done on high priority with fast track processing of all approvals.
On its part, Maharashtra will provide the lands at concessional rates, facilitate rail/road connectivity to the land, provide concessions in local taxes on water, electricity and state GST, and facility speedy clearances of all statutory requirements for the project.
--IANS
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