A major project of Adani Group has got approval from the Maharashtra government. In a major decision before the Maharashtra assembly elections, the Maharashtra Cabinet Sub-Committee on Industries headed by CM Eknath Shinde on Thursday approved four major projects with a total investment of Rs 1.17 lakh crore. This also includes a semiconductor manufacturing project to be jointly set up by Israel’s Tower Semiconductor and Adani Group.
The project, to be set up in Panvel in Raigad district, will entail a total investment of Rs 84,947 crore and is expected to generate employment for 15,000 people. The sub-committee also approved two electric vehicle (EV) manufacturing projects and a textile plant. The announcement comes two years after Vedanta-Foxconn cancelled its Rs 1.54 lakh crore investment in a semiconductor plant at Talegaon Phase IV near Pune in September 2022.
29,000 jobs expected to be created
The government release said that 4 projects spread across Panvel, Pune, Marathwada and Vidarbha are expected to generate 29,000 jobs. The press release issued by the government said, “Tower Semiconductor Company and Adani Group will jointly launch a mega project to manufacture semiconductors in Panvel (District Raigad). The investment in the first phase will be Rs 58,763 crore and in the second phase Rs 25184 crore. That is, a total investment of Rs 83,947 crore will be made and 15,000 people will get employment.”
EV Manufacturing Facility
Apart from the semiconductor project, the sub-committee also gave its approval to plans by Skoda Auto Volkswagen India Company to set up a new EV manufacturing facility in Pune with an investment of Rs 12,000 crore and Toyota Kirloskar Motor Company to set up an electric vehicle manufacturing unit in Chhatrapati Sambhajinagar with an investment of Rs 21,273 crore. The two plants are expected to generate 1,000 and 12,000 jobs, respectively.
Textile industry will get wings
It also said that Raymond Luxury Cottons will invest Rs 188 crore to develop a facility for spinning, yarn dyeing and weaving of jute and cotton at Nandgaonkar Peth, Amravati. The announcement of the semiconductor project comes as a big relief for the state government as two years ago in September 2022, Vedanta-Foxconn cancelled its Rs 1.54 lakh crore investment in a semiconductor plant at Talegaon Phase IV near Pune.