Nagpur: The World Economic Forum (WEF) summit in Davos has proven to be a game-changer for Vidarbha, particularly Nagpur, as Maharashtra secured investment proposals worth Rs 69,000 crore. These investments, spearheaded by some of India’s top industrial players, are expected to transform the region into a hub for cutting-edge industries, including lithium-ion battery production and green energy solutions.
Chief Minister Devendra Fadnavis, leading the Maharashtra delegation at WEF, finalized agreements that promise over 5,000 new jobs across key sectors. A significant portion of these investments will be directed to Butibori, where the government had previously acquired over 2,000 hectares of land for industrial development.
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Tuesday 21 Jan. 2025
Major Investments in Vidarbha
The largest investment comes from Vardhaan Lithium, which has pledged Rs 42,535 crore for establishing a lithium refinery and manufacturing lithium-ion batteries. This project alone is projected to create 5,000 jobs and position Nagpur as a pivotal player in the electric vehicle (EV) ecosystem.
Another key player is Ceat Group, which plans to invest Rs 5,000 crore to set up an EV automobile manufacturing facility in the region, generating 500 jobs.
Other Significant Proposals
• Greta Energy, specializing in the steel and metals sector, will invest Rs 19,139 crore in Chandrapur district, creating 3,200 jobs.
• Hyzero Inc has announced a Rs 16,000-crore investment to establish two green energy units, one of which will be in Butibori. These units are expected to generate 10,000 jobs.
Focus on Naxal-affected Gadchiroli
Adding to this development push, Sunil Joshi, the promoter of Vardhaan Lithium, is also driving a Rs 10,000-crore integrated steel plant under Surjagad Ispat Private Limited in Gadchiroli, a Naxal-affected district. This will be the second major steel project in the region, signalling a significant economic turnaround for the area.
Maha inks MoUs with MSN Holdings, EEL for Rs 27,432 crore investments in Vidarbha
The World Economic Forum (WEF) summit at Davos is brightening the investment climate in Vidarbha region. On Wednesday, Maharashtra Government signed memorandums of understanding (MoUs) with MSN Holdings Ltd, and Economic Explosives Ltd (EEL) for investment proposals worth Rs 27,432 crore. Both the investments are proposed in Vidarbha region.
Devendra Fadnavis, Chief Minister of Maharashtra; Satyanarayan Nuwal, Founder, Chairman and Non-Executive Director of the Board of Solar Industries India Limited; Dr Sanjay Mukherjee, Metropolitan Commissioner, MMRDA, Mumbai; Vikas Kharage, Principal Secretary to the Chief Minister of Maharashtra, and others also were present when the MoUs were signed and exchanged.
The collaboration between Maharashtra and MSN Holdings will pave the way for an advanced lithium battery and cell manufacturing project under ‘Ultra Mega Project’ initiative as outlined in the State’s policy. With proposed investment of Rs 14,652 crore, the project is poised to transform the industrial landscape of Maharashtra by creating direct and indirect employment opportunities for approximately 8,760 persons, particularly in the industrially backward region of Vidarbha.
The company has extensive research and development efforts conducted in collaboration with a leading European company. On the strength of this, it proposes to manufacture advanced batteries and cells at the plant. These technological advancements will benefit Indian consumers by reducing costs and weight and also bolster the export potential of Indian-made lithium batteries in international markets.
The state-of-the-art manufacturing facility in Vidarbha is expected to create an ancillary industrial ecosystem, generate employment opportunities, and contribute to the socio-economic development of the region. EEL, part of Solar Group of Industries which is the largest manufacturer and exporter of explosives and high energy materials, also signed a MoU with Maharashtra Government regarding establishment of a landmark ‘anchor mega project’ involving an estimated investment of Rs 12,780 crore.
It falls under the ‘Thrust Sector Incentive Scheme’ of the State Government in the ‘Defence and Aerospace’ category. It will be established in Vidarbha region. The initiative reinforces EEL’s commitment to advancing India’s capabilities in critical sectors such as defence and aerospace, read a statement issued by EEL. EEL has been a forerunner in developing import-substitute niche products, particularly in collaboration with the Indian Armed Forces, thereby contributing to India’s self-reliance initiatives.
