M'rashtra secures ₹39,000-cr infra investments

The Maharashtra government has secured investment proposals worth ₹39,000 crore in steel, power, electric vehicle and allied sectors. Global steel major Posco will invest ₹25,000 crore to expand its business in a phased manner, while Asia Pulp and Paper, and the Sinar Mas Group from Indonesia will develop a greenfield project with an investment of ₹11,000 crore. Hungary-based CSEPEL Holding Nyrt plans to foray into electric vehicles with an investment of ₹3,000 crore. These companies are exploring acquisition of land around Panvel and Mangaon in Raigad district considering its vicinity near Jawaharlal Nehru Port and the upcoming Navi Mumbai international airport. The State industries department said that Posco, which currently has its production facility in Vile-Bhagad, MIDC Industrial Area of Mangaon taluka in Raigad district, will need another 2,000 acres of land to carry out its expansion while 1,500 acres for Asia Pulp and Paper and Sinar Mas Group, and 200 acres for CSEPEL Holding Nyrt will be required. These proposals are under the active consideration of MIDC as the nodal agency has already started the process of creating the necessary infrastructure across these areas, said an official spokesperson.