Maharashtra approves Rs 1.12 lakh-cr investment in last quarter

Maharashtra, has approved investment proposals worth Rs 1,12,000 crore between April and September.

The state government claims this is the largest-ever investment attracted by a state in a financial year so far.

These proposals include a petrochemical and refinery project by the state-run HPCL, near Chiplun in Ratnagiri district (Rs 40,000 crore), US conglomerate GE for research and development, manufacturing of gas turbine, locomotives in Pune (Rs 1,000 crore), Korean consumer durable giant LG for setting up a facility in Pune (Rs 1,000 crore), Korean steel maker Posco for producing various types of steel at Vile Bhagad in Raigad district (Rs 8,000 crore), and Chinese auto major Beiqui Foton for manufacturing utility vehicles near Pune (Rs 1,600 crore).

The state government cleared the proposals first, instead of following the Gujarat model of entering into memoranda of understanding (MoUs) and later giving necessary clearances.