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Cabinet sub-committee approves Rs 1.17 trillion for semiconductor & EV projects
Industry News- Sep 06,24
The project, divided into two phases, will see an investment of Rs 849.47 billion, with Rs 587.63 billion allocated for the first phase and Rs 251.84 billion for the second.
The cabinet sub-committee on industries, chaired by Chief Minister Eknath Shinde, has approved four major projects worth Rs 1.17 trillion, focused on semiconductor and electric vehicle (EV) manufacturing. These projects, located in Marathwada, Vidarbha, Pune, and Panvel, are expected to generate 29,000 jobs.
One of the largest investments is by Tower Semiconductor Company, which will establish a facility in Panvel, Raigad district. The project, divided into two phases, will see an investment of Rs 849.47 billion, with Rs 587.63 billion allocated for the first phase and Rs 251.84 billion for the second. This initiative is expected to create 15,000 jobs.
Skoda Auto Volkswagen India will invest Rs 120 billion to build a new electric vehicle manufacturing facility in Pune, generating 1,000 jobs. Similarly, Toyota Kirloskar Motor Company will set up an EV manufacturing unit in Chhatrapati Sambhajinagar with an investment of Rs 212.73 billion, creating 12,000 jobs.
Additionally, Raymond Luxury Cottons will invest Rs 1.88 billion in Amravati to develop a facility for spinning, yarn dyeing, and weaving jute and cotton, which will generate 550 jobs.
Chief Minister Shinde emphasised that these projects will not only create employment but also strengthen Maharashtra’s position as a leader in semiconductor and electric vehicle production, benefiting micro, small, and medium enterprises across the state.
(Indian Express)
semiconductor
EV
Chief Minister Eknath Shinde
electric vehicle
Skoda Auto Volkswagen India
Tower Semiconductor Company
Raymond Luxury Cottons
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