Magnetic Maharashtra to seek investors

Market News

Magnetic Maharashtra to seek investors

Maharashtra’s campaign ‘Magnetic Maharashtra’ has opened an investor facilitation center in Hyderabad to attract potential investors looking to set up new industries in the state.

Bhushan Gagrani, CEO of Maharashtra Industrial Development Corporation (MIDC) assured the industrialists in a meeting that facilitation center will help entrepreneurs obtain all required licenses, including environmental clearance and land allotment.

Textiles is one sector where the Maharashtra government is seeking investments. Manoj Saunik, Principal Secretary (Textile), said that the state government’s textile policy aims at attracting investments up to Rs 40,000 crore and creating 1.1 million jobs by 2017. In the last three years, state have already received investment proposals worth Rs.10,000 crore. The state’s cotton production is 8.8 million bales annually and only 2 million bales are consumed within the state.

Apurva Chandra, Principal Secretary (Industries), assured industrialists of uninterrupted power supply, as Maharashtra had become power-surplus. “It is true that Maharashtra’s power rate is Rs 8.50 a unit, higher than in some other states, but given the quality of our power supply, industries are willing to pay the rate,” he said.