Mumbai: Amid the ongoing India-China Border issue, China is investing more than Rs 5,000 crore in Maharashtra.
The Maharashtra government on Monday has signed a memorandum of understanding (MoU) worth Rs 16,000 crore with companies spanning various industries, including three Chinese units, under its "Magnetic Maharashtra 2.0" initiative.
The development came amid the India-China faceoff in Galwan Valley which turned violent on Monday, leading to multiple casualties on both sides.
Chinese companies to invest in Maharashtra include:
1. Hengli Engineering: The company will invest Rs 250 crore as part of its phase II expansion at Talegaon in Pune and will generate employment for 150 people.
2. PMI Electro Mobility Solution in a joint venture with Foton (China): It will invest Rs 1,000 crore and provide employment to 1,500 people.
3. Great Wall Motor (GWM): It will invest Rs 3,770 crore in Talegaon near Pune to set up an automobile plant. The company has committed an investment of USD 1 billion (about Rs 7,600 crore) in India in a phased manner with an estimated employment for over 3,000 people.
"This would be a highly automated plant in Talegaon (near Pune) with advanced robotics technology integrated in many of the production processes," Parker Shi, managing director of Indian subsidiary of GWM, said in a statement.
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"Overall we are committed to USD 1 billion of investment in India in a phased manner, which is directed towards manufacturing world class intelligent and premium products, R&D centre, building supply chain and providing jobs to over 3,000 people in a phased manner," he added.
In January this year, GWM had signed an agreement to acquire the plant from GM. GMW will produce its EV and SUV models at the plant.
(With PTI Inputs)
