Maharashtra CM Shinde Approves Rs 1.17 Lakh Cr Investment In Semiconductor, EV Projects

Maharashtra Chief Minister Eknath Shinde has approved investments totaling Rs 1,17,220 crore for four major high-tech projects across Marathwada, Vidarbha, Pune, and Panvel. The projects, which focus on semiconductor and electric vehicle (EV) manufacturing, were given the green light at a Cabinet Sub-Committee meeting of the Industries Department on Thursday, September 5. These initiatives are expected to create approximately 29,000 jobs and position Maharashtra as a leading hub for advanced manufacturing.

Chief Minister Shinde emphasised the transformative potential of these investments, stating, "The approved investments will not only bring a massive boost to semiconductor and EV manufacturing in the state but also lead to direct and indirect employment generation. Maharashtra will soon emerge as a leader in electric vehicle production."

The approved high-tech projects include Tower Semiconductor's collaboration with the Adani Group at Panvel, Raigad, which is the largest among them, involving a massive investment of Rs 83,947 crore spread across two phases—Rs 58,763 crore in Phase 1 and Rs 25,184 crore in Phase 2.

This semiconductor manufacturing project is set to create 15,000 jobs and establish Maharashtra as a global leader in the semiconductor industry. Skoda Auto Volkswagen India is investing Rs 12,000 crore in Chakan, Pune, to focus on the production of electric and hybrid vehicles, which will generate over 1,000 jobs. Meanwhile, Toyota Kirloskar Motor is investing Rs 21,273 crore in Chhatrapati Sambhajinagar (Aurangabad) to boost hybrid and electric vehicle production, creating 12,000 jobs. Additionally, Raymond Luxury Cottons is making a Rs 188 crore investment in Nandgaon Peth, Amravati, under the Textile Industry Policy, which will focus on spinning, yarn dyeing, and manufacturing of jute and cotton, leading to the creation of 550 jobs.

Deputy Chief Minister Devendra Fadnavis and Industries Minister Uday Samant were present at the meeting, along with Chief Secretary Sujata Saunik and Principal Secretary of the Industries Department Harshdeep Kamble. Officials noted that these projects would further strengthen Maharashtra’s position as an industrial powerhouse, fostering innovation, research, and development.

These new developments come after the approval of Rs 80,000 crore worth of projects in July, bringing the total approved investment in the last two months to Rs 2 lakh crore. Combined, these investments are expected to generate 35,000 jobs, benefiting micro, small, and medium enterprises across the state.