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The Maharashtra government has secured a significant boost to its industrial sector, attracting investments totaling ₹1.2 lakh crore. This substantial influx of capital is poised to create thousands of jobs and propel the state's technological advancement. The cabinet sub-committee, led by Chief Minister Eknath Shinde, approved the projects, highlighting a positive outlook for Maharashtra's economic landscape.
A key highlight of these investments is the establishment of a semiconductor fabrication unit in Panvel, Mumbai, with an investment of approximately ₹83,947 crore ($10 billion). This ambitious project is a joint venture between the Adani Group and Israel-based Tower Semiconductor. It will be executed in two phases, with Phase 1 requiring an investment of ₹58,763 crore and Phase 2 requiring ₹25,184 crore.
The semiconductor unit is projected to generate around 5,000 jobs and solidify Maharashtra's position in the global semiconductor market. It will manufacture analog/mixed signals semiconductors, boasting a production capacity of 40,000 wafers per month in Phase 1 and 80,000 wafers per month upon completion of Phase 2.
Beyond the semiconductor industry, the state is also attracting investments in the automotive sector. Skoda Volkswagen plans to invest ₹15,000 crore in its Chakan facility in Pune, focusing on electric and hybrid vehicle production. This investment is anticipated to create over 1,000 jobs. Furthermore, Toyota Kirloskar Motor will invest ₹21,273 crore to expand its hybrid and electric vehicle production at its Chhatrapati Sambhajinagar (Aurangabad) plant. This expansion will include the production of hybrid vehicles, plugin hybrid vehicles, fuel cell EVs, and battery electric vehicles.
These investments highlight Maharashtra's commitment to fostering a conducive business environment and embracing emerging technologies. The state's focus on attracting investment in key sectors like semiconductors and electric vehicles positions it as a hub for innovation and economic growth.
Source: Maharashtra secures Rs 1.2 lakh crore in investments, semiconductor unit in Panvel for $10 billion