Maharashtra approves mega projects in semiconductors, electric vehicles: Reports

The decision was taken at a meeting of the Cabinet Sub-Committee of the Industries Ministry on Thursday evening, officials said. The projects will lead to investments in sectors such as semiconductors and electric vehicle manufacturing, a statement from the Chief Minister’s Office (CMO) said on Friday. This will give Maharashtra the identity of a leading state in the electric vehicle sector.

These projects would help build a strong local supply chain and give a major boost to technological innovation, research and development, CM Shinde said. “They would help the stakeholders of micro and medium industries and provide upskilling and skill development opportunities to the local workforce, which would increase employability and skills required for upcoming technologies,” he said.

Also read: Reliance Infrastructure eyes electric vehicle market, hires executive from BYD: Reports

According to the statement, Tower Semiconductor and Adani Group will jointly launch a mega semiconductor manufacturing project in Panvel in neighbouring Raigad district, with an investment of ₹58,763 crore in the first phase and ₹25,184 crore in the second phase. The total investment is ₹83,947 crore and would create 15,000 jobs.

A project to manufacture electric vehicles by Skoda Auto Volkswagen India with an investment of ₹12,000 crore, is to be set up in Pune and will create 1,000 jobs. The CMO’s statement said Chhatrapati Sambhajinagar will be the site for a mega electric vehicle manufacturing project by Toyota Kirloskar Motor Company.

This project would involve investments of ₹21,273 crore and 12,000 new jobs. The SME sector in Marathwada, which includes Chhatrapati Sambhajinagar, would benefit from this project while the use of electric vehicles would reduce greenhouse gases, the statement added. “Under the textile policy, Raymond Luxury Cottons will set up a mega project in Amravati to manufacture products through spinning, yarn dyeing, jute weaving, cotton weaving, jute, mesta and cotton.”

This project would be located in Nandgaon Peth MIDC with an investment of ₹188 crore. It would create employment for 550 persons,” the CMO said in its statement. The sub-committee meeting held in July had approved projects worth Rs. 80,000 crore, while projects with an investment of ₹In the last two months, Rs 200,000 million has been approved, which will lead to the creation of 35,000 jobs, it said.

The Cabinet Sub-Committee meeting on July 30 gave approval to RRP Electronics’ mega semiconductor manufacturing project, the state’s first semiconductor manufacturing project. Toyota Kirloskar’s project would be the second in the EV sector in Chhatrapati Sambhajinagar as JSW Green Mobility had given the green light for a manufacturing plant.

Check out the upcoming electric cars and electric bikes in India.

Date of first publication: 07 September 2024, 08:20 IST