Pune to Become Key EV Hub with Skoda Auto Volkswagen’s Rs 12,000 Crore Investment

Pune, 6th September 2024: Maharashtra Chief Minister Eknath Shinde has cleared investments worth ₹1,17,220 crore for four major high-tech projects, which are set to boost employment and industrial growth in the state. The approval came during a Cabinet Sub-Committee meeting held on Thursday, September 5, focusing on industrial development.

The projects, spread across Marathwada, Vidarbha, Pune, and Panvel, are expected to create around 29,000 new jobs and position Maharashtra as a leader in semiconductor and electric vehicle (EV) manufacturing.

Among the key initiatives is the collaboration between Tower Semiconductor and the Adani Group in Panvel, Raigad. This project, with a total investment of ₹83,947 crore, will be carried out in two phases—₹58,763 crore for Phase 1 and ₹25,184 crore for Phase 2. The focus will be on semiconductor production, and the project is anticipated to create 15,000 jobs. According to officials, this venture will significantly contribute to Maharashtra’s ambitions of becoming a global semiconductor hub.

In Pune, Skoda Auto Volkswagen India has committed ₹12,000 crore for the production of electric and hybrid vehicles at its Chakan plant. This initiative will generate over 1,000 jobs and expand the company’s role in the evolving EV market.

Furthering the state’s push into green technologies, Toyota Kirloskar Motor is set to invest ₹21,273 crore in Chhatrapati Sambhajinagar (Aurangabad) to boost its hybrid and electric vehicle production. This project alone is expected to create 12,000 jobs.

In the textile sector, Raymond Luxury Cottons will establish a new manufacturing facility at Nandgaon Peth in Amravati, investing ₹188 crore under Maharashtra’s Textile Industry Policy. This project, which focuses on spinning, yarn dyeing, and weaving jute and cotton, will provide 550 employment opportunities.

Deputy Chief Minister Devendra Fadnavis and Industries Minister Uday Samant were present at the meeting. Fadnavis praised the initiatives, stating that these investments will not only strengthen Maharashtra’s economy but also enhance its global competitiveness. “We are making Maharashtra the go-to destination for high-tech industries,” he said.

Industries Minister Uday Samant added, “These projects align with our vision to transform Maharashtra into an innovation-driven state. The semiconductor and EV industries will serve as the backbone of future growth.”

Chief Secretary Sujata Saunik and Principal Secretary of the Industries Department Harshdeep Kamble emphasized that the approved projects would further solidify Maharashtra’s role as an industrial powerhouse. Kamble noted that the focus on cutting-edge technologies like semiconductor manufacturing and electric vehicles will spur innovation and research across the state’s industries, providing additional opportunities for micro, small, and medium enterprises (MSMEs).

The recent approvals follow a series of investments totaling ₹80,000 crore that were sanctioned in July, pushing the total investment approvals in Maharashtra to ₹2 lakh crore over the last two months. These combined investments are expected to generate 35,000 jobs and help advance technological development across the state.

These high-tech projects mark a significant step forward for Maharashtra, positioning it as a national leader in emerging industries such as semiconductor production and EV manufacturing. The government’s continued focus on fostering industrial growth and job creation reflects its commitment to driving innovation and securing Maharashtra’s place in India’s economic future.