Maharashtra govt approves $10-bn semiconductor fab unit by Israel firm and Adani Group

The Cabinet Sub-Committee, led by Chief Minister Eknath Shinde, approved a series of projects that are expected to generate thousands of jobs and foster technological advancements. (Image: X/@Dev_Fadnavis)

The Maharashtra government has secured investments of Rs 1.2 lakh crore, which has positioned the state as a leading industrial hub.

A cabinet sub-committee, led by Chief Minister Eknath Shinde, approved the projects that are expected to generate thousands of jobs and foster technological advancements.

One more BIG news for Maharashtra !Huge investments of total 1,20,220 crore approved in todays Cabinet Sub-Committee Meeting, with CM Eknath Shinde ji !The detailed list of approved investments is as follows:Tower Semiconductor with Adani Group at Taloja MIDC, Panvel pic.twitter.com/DVI9z94WyU Devendra Fadnavis (@Dev_Fadnavis) September 5, 2024

The Key Projects

Tower Semiconductor with Adani Group: Maharashtra government on September 5 approved a semiconductor fabrication unit to be established jointly by the Adani Group and Israel-based Tower Semiconductor for an investment of about Rs 83,947 crore ($10 billion) in Panvel, Mumbai. The semiconductor manufacturing project is divided into two phases: Rs 58,763 crore for Phase 1 and Rs 25,184 crore for Phase 2. This initiative aims to create 5,000 jobs and establish Maharashtra as a prominent player in the global semiconductor industry.

Skoda Auto Volkswagen India: The company will invest Rs 12,000 crore in electric and hybrid vehicle production at Chakan, Pune. It is expected to create over 1,000 jobs.

Toyota Kirloskar Motor: The company is set to invest Rs 21,273 crore in hybrid and electric vehicle production at its Chhatrapati Sambhajinagar (Aurangabad) facility. This investment is expected to generate nearly 9,000 jobs.

Raymond Luxury Cottons: Under the Textile Industry Policy, the project will involve an investment of Rs 188 crore in spinning, yarn dyeing, weaving jute, and cotton manufacturing. This initiative is expected to create 550 jobs.

Deputy Chief Minister Devendra Fadnavis and Industries Minister Uday Samant participated in a key meeting where officials, including Chief Secretary Sujata Saunik and Principal Secretary of the Industries Department Harshdeep Kamble, discussed the impact of new projects on strengthening Maharashtra’s industrial position.

These investments are expected to create thousands of jobs and drive technological innovation, research, and development, benefiting micro, small, and medium enterprises across the state.