On January 29, 2024, the Maharashtra government made significant strides in the realm of green energy and steel by signing Memorandums of Understanding (MoUs) totaling Rs 3.16 lakh crore with eight companies. These agreements are poised to have a substantial impact on the state’s economy, with expectations of generating 83,900 jobs.
The signing ceremony took place at the Sahyadri Guest House and was graced by the presence of Chief Minister Eknath Shinde and Deputy CM Devendra Fadnavis. The green energy sector is set to play a pivotal role, with the new clean energy units expected to produce 910 kilo tonnes of green hydrogen annually and create 72,400 jobs. The steel project with a capacity to produce 6 million metric tons per annum will be one of the mega steel projects announced in the state in the recent past.
The seven green energy MoUs, valued at Rs 2,76,300 crore, are expected to create 63,900 jobs within the state. Notable among them are NTPC Green Energy, which pledged Rs 80,000 crore, JSW Energy with a commitment of Rs 15,000 crore, and Avada Green Hydrogen Pvt. and BafhaSolar & Infra Prof joining forces for a significant Rs 50,000 crore investment. Renew eFuel Pvt. is set to contribute Rs 66,400 crore, Welspun Godavari GH2 Pvt. is investing Rs 29,900 crore, Inox Air Products with a commitment of Rs 25,000 crore, and L&T Green Energy Tech with Rs 10,000 crore.
The eighth MoU, worth Rs 40,000 crore, was inked between ArcelorMittal Nippon India and the Industries Department of the Maharashtra Government. This agreement is for the establishment of a six-million-ton integrated steel mill and has the potential to generate 20,000 jobs in the state.
Furthermore, the state government sealed deals with major corporations such as Amazon, Big Basket, and Flipkart to provide robust market linkages for farmers. This initiative aims to streamline the distribution of agricultural produce, ensuring farmers receive better compensation for their efforts.
In the third quarter of FY24, Maharashtra demonstrated its economic prowess by attracting 470 new projects, securing investments worth Rs 1,04,358.62 crore. The state achieved the top rank in both the number of new projects and fresh investments. It also emerged as the most preferred destination of private investors with 366 private projects worth Rs 91,689.65 crore. Among the 59 mega projects valued at Rs 2,20,886.88 crore announced in Q3/FY24, Maharashtra secured 11 projects worth Rs 62,190 crore.
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