InvestorQ : What is the Magnetic Maharashtra initiative and what has been the outcome of the initiative?
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What is the Magnetic Maharashtra initiative and what has been the outcome of the initiative?

Answer
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3 months ago


Magnetic Maharashtra is an attempt to market the state of Maharashtra as the ultimate destination for investments in India. Chief Minister Uddhav Thackeray has assured the investors that the government would fast-track its approvals also give all assistance to investors.

It has been reported that the Maharashtra government signed memorandums of understanding MOUs worth Rs.16,000 crore with a total of 12 companies across various sectors as part of this initiative.

This was specifically taken to showcase that Maharashtra continued to be an attractive destination despite the pandemic. Some of the potential investors in Maharashtra include Exxon Mobile of the US, UPL Ltd, Great Wall Motors of China, PMI Electro Mobility Solutions, Futon Motors and Varun Beverages.

Chinese automakers Great Wall Motors will invest Rs.3770 crore through its Pune plant while PMI Electro and Futon Motors will jointly invest Rs.1000 crore to manufacture electric vehicles.

In addition, agrochemicals major UPL has pledged Rs.5000 crore in Raigad district to produce pesticide ingredients. In addition, Exxon Mobil has committed Rs.760 crore for a lubricant manufacturing facility.

In a show of alacrity, the land has already been allotted to nine out of these 12 companies.