State to sign six MoUs worth Rs 2,100 cr

MUMBAI: After a lull of a few months, the Maharashtra government is back on investment hunting spree. The state is set to sign as many as six MoUs that will bring in an investment of over Rs 2,100 crore early next week.

“We continue to receive investments. On June 18 and June 19 the state government will sign agreements with seven companies representing different sectors,” a senior official from the state’s industry ministry told ET on Thursday.

The companies planning to set shops in Maharashtra are Jindal Poly Films, Oswal FM, Jabil Circuits, Sona Alloys, Modi Fibres and Hyundia Heavy Industries. Besides this one more textile firm too is being wooed by the state. “We are awaiting a final nod,” a government official said.

Of these Jindal Polyfilms already has one unit at Nashik having an installed capacity of 29,000 tonnes per year. The company is setting up another unit in the state.

Oswal FM, a joint venture between Oswals and Austria’s FM Hammerle (FMH), is setting up a Rs 300-crore greenfield yarn dyed shirting (YDS) fabric facility near Kolhapur in western Maharashtra. The new facility would have an installed capacity of 12 million metres per annum, out of which 25-30% would be bought back by FMH for its customers in the US, Europe and North Africa.

Florida, US-based electronic hardware group Jabil Circuits would expand its existing unit at Pune. The NYC-listed $10.3 billion group has units in the US, Europe and Asia. The state will also sign an MoU with Sona Alloys for setting up Rs 350-crore unit which is expected to produce alloy wheels for four-wheelers.

Patalganga, near Mumbai, which is home to many chemical industries will have one more company Modi Fibres coming in there. The state government on June 18 will get into agreement with the company for setting up Rs 750-crore unit.

The state is also expected to bag substantial investment when Hyundai Heavy Industries signs an MoU with state authorities for its prospective plant near Pune. “The negotiations for Korean major’s engineering plant are in final stages. We plan to make it public early next week,” a government official said.

With this investment coming in, the Maharashtra’s total investment in last 10 years would cross Rs 50,000 crore. “Last few months have been really good for the state. The state has attracted some big-ticket investments right from the world auto giant General Motors to Boeing,” a government official said.