Business
Maha govt signs 31 MoUs for investment proposals worth Rs 6,25,457 crore at Davos
Mumbai, Jan 22: The Maharashtra government has signed a record 31 MoUs with investment proposals worth Rs 6,25,457 crore in the field of steel, metals, renewable energy, infrastructure, cement, Lithium-Ion Batteries and Solar Modules on the sidelines of World Economic Forum summit at Davos.
The MoUs were signed on Tuesday in the presence of Chief Minister Devendra Fadnavis and senior government officers.
CM Fadnavis said, “The MoU signed today paves the way for Maharashtra’s comprehensive growth and development.” He further stated that this marks a new record for securing such a significant investment amount in a single day. Similarly, several investment agreements are expected on the second day as well.
Of the Rs 6,25,457 crore, JSW will invest a record Rs 3 lakh crore for Maharashtra’s Green Transformation and Tata Group will also make an investment of Rs 30,000 crore in multiple sectors.
The Chief Minister met with key executives of several companies and invited them to invest in Maharashtra. Among these, Tata Group Chairman N. Chandrasekaran held discussions with CM Fadnavis during which it was confirmed that the Group would invest Rs 30,000 crore in the state. The CM also met Carlsberg Group CEO Jacob Aarup-Andersen, who expressed interest in investing in Maharashtra.
The Chief Minister assured him of full cooperation for the group’s plans. Additionally, M.A. Yusuff Ali, Managing Director of the Lulu Group, conveyed interest in investing in Nagpur and expanding operations in Maharashtra.
CM Fadnavis held discussions with ReNew Power Chairman and CEO Sumant Sinha about a 15,000 MW pipeline and wind energy projects in the Beed district. Schneider Electric India’s Managing Director and CEO Deepak Sharma also met the Chief Minister. Discussions included the use of AI in the energy sector and strengthening ITIs in the state with assistance from the World Bank. Expansion plans in Ahilyanagar and Nashik were also hinted at. Mastercard APAC President Ling Hai held talks with CM Fadnavis, while Louis Dreyfus Company CEO Michael Gelchie discussed opportunities in agriculture, food processing, international shipping, and financial sectors. Emphasis was placed on enhancing collaboration in agriculture. The CM also met Cognizant CEO Ravi Kumar S. and discussed potential investments and opportunities.
“The series of meetings highlighted Maharashtra’s focus on attracting substantial global investments and fostering economic development,” said the Chief Minister’s Office in a release.
CM Fadnavis in his post on X said, “Extremely happy to witness the historic Rs 3,00,000 crore MoU signing between Govt of Maharashtra & JSW Group, with an employment generation of 10,000 in the regions of Chhatrapati Sambhajinagar, Gadchiroli, and Nagpur. Very much thankful to Sajjan Jindal ji for being a part of this historic moment at Davos, which will give a huge boost to Maharashtra’s industrial environment. It will give a big boost to Maharashtra’s industrial environment. The areas of this investment like Renewable Energy, Infrastructure, Cement, Lithium-Ion Batteries, and Solar Modules will play a huge role in our mission ‘Green Maharashtra.”
The government signed an MoU with Waaree Energy with a total investment of Rs 30,000 crore in green energy and solar components. it will create 7,500 jobs. The company chairman Hitesh Joshi was present.
The government inked an MoU with Blackstone-Panchshil Realty for an investment of Rs 25,000 crore for the development of the data centre. It will generate 500 jobs. Further, Blackstone will invest Rs 25,000 crore in Information Technology in the Mumbai Metropolitan Region. It will create 1,000 jobs.
The government inked an MoU with Erulearning Solutions for an investment worth Rs 20,000 crore in education. The government signed an MoU with ZR2 Group for investment worth Rs 17,500 crore in automobiles and EVs in Pune region to generate 4,000 jobs.
The state government and Balasore Alloys Ltd signed an MoU for investment of Rs 17,000 crore in steel and metals. The venture will generate 3,200 jobs. The company was represented by Satish Kaushik at the time of the signing of the MoU.
The state government and Reliance Infrastructure Ltd signed an MoU for investment worth Rs 16,500 crore in the defence sector. It will generate 2,450 jobs. The company was represented by Sateesh Seth.
Powerin Urjaa will invest Rs 15,299 crore in green energy and generate 4,000 jobs. Open Origin India Inc will invest Rs 15,000 crore in green energy to create 1,000 jobs.
Viraj Profiles Pvt Ltd and the state government inked an MoU for the investment of Rs 12,000 crore in steel and metals to generate 3,500 jobs. Neeraj Raja Kochhar, Chairman and MD of Viraj Profiles was present at the time of the signing of the MoU.
Avani Power Batteries will make investment of Rs 10,521 crore in electronics to generate 5,000 jobs in Chhatrapati Sambhajinagar. H2e Power will invest 10,750 crore in green energy to create 1,850 jobs in Pune region.
The government signed an MoU with Rural Enhancers for investment worth Rs 10,000 crore in social sectors including hospitals.
The government inked an MoU with Welspun for an investment worth Rs 8,500 crore in logistics to generate 17,300 jobs.
Essar in partnership with Blue Energy will invest Rs 8,000 crore in green energy to create 2,000 jobs.
Further, United Phosphorus will make an investment of Rs 6,500 crore in green energy to generate 3,000 jobs. The government signed an MoU with Olectra EV for investment worth Rs 3,000 crore in automotive and EV to generate 3,000 jobs.
Kalyani Group will invest Rs 5,250 crore in defence, steel and EV. It will create 4,000 jobs. The MoU was signed in the presence of CM Fadnavis and Vice-Chairman & Joint MD of Bharat Forge Limited Amit Kalyani. “Thank you Amit Kalyani for joining this MoU signing at Davos! This investment is special because it is coming to Gadchiroli, which will give better lives to so many,” said the chief minister.
Gensol will invest Ra 4,000 crore in electronics in Chhatrapati Sambhajinagar to create 500 jobs. The government inked an MoU with & El Mont for the investment of Rs 2,000 crore in infrastructure. It will generate 5,000 jobs. The company director Kabir Bhandari was present.
BookMyShow will invest Rs 1,700 crore in the entertainment sector to generate 500 jobs. Further, the government signed an MoU with Tembo for an investment worth Rs 1,000 crore in the defence sector. It will create 300 jobs. The company director Shabbir Merchant was present on the occasion.
The government also inked an MoU with AB InBev in the F&B segment for investment worth Rs 750 crore. Kartikeya Sharma, President, India & South East Asia of AB InBev was present on the occasion.
Moreover, the government inked an MoU with CEAT Limited for investment worth Rs 500 crore in automotive and EC to generate 500 jobs.
Bisleri International will invest Rs 250 crore in food and beverages in the Mumbai Metropolitan Region to create 600 jobs. The MoU signed paves the way for Maharashtra’s comprehensive growth and development.
New Delhi, Aug 11: Domestic equity markets opened flat on Tuesday after surge in crude oil prices, while information technology and consumer durables stocks gained offset by weakness in banking and financial counters.
Sensex opened 32.67 points or 0.04 per cent lower at 78,509.77, while Nifty started the session declining 8.70 points or 0.04 per cent at 24,575.10.
Sector-wise, Nifty MidSmall IT & Telecom rose 0.73 per cent, Nifty Consumer Durables gained 0.66 per cent and Nifty IT advanced 0.63 per cent. Real estate, auto and pharmaceutical shares also traded in positive territory.
On the other hand, banking stocks were under pressure as Nifty Private Bank fell 0.64 per cent and Nifty PSU Bank declined 0.62 per cent.
Market experts said rising crude oil prices remained an irritant for equities, although improving domestic fundamentals, better-than-expected June-quarter earnings and stability in the rupee were providing support.
“Rising Brent crude price continues to be an irritant for the market even as other fundamentals exhibit strength,” they said, adding that foreign institutional investors turning buyers, encouraged by better-than-expected Q1 results and rupee stability, could keep the market resilient with a slight upward bias.
According to analysts, robust domestic consumption could sustain earnings growth through FY27, while large FCNR (B) inflows may support the rupee and, in turn, facilitate further foreign investor inflows.
Foreign investors are also rotating capital away from the so-called ‘chip trade’ in South Korea and Taiwan and compensating for their under-ownership of Indian equities, the experts said.
Interestingly, such flows are being directed towards relatively expensive sectors such as telecom, renewable energy, capital goods and pharmaceuticals rather than attractively valued banking majors, they said.
From a technical perspective, analysts see immediate support for the Nifty in the 24,400-24,450 zone and resistance at 24,750-24,800. Holding above the support zone could keep the index’s sideways-to-positive bias intact, with buying interest likely to emerge on dips. A decisive break above 24,750-24,800 could improve momentum and provide a fresh directional trigger.
Brent crude, the international benchmark, rose 0.41 per cent to $88.08 a barrel, while US West Texas Intermediate crude gained 0.47 per cent to $82.52 a barrel.
Asian markets were mixed in early trade. Japan’s Nikkei rose around 2 per cent and South Korea’s KOSPI gained more than 1 per cent, while Hong Kong’s Hang Seng declined 0.6 per cent.
US equities ended marginally lower on Monday, with the S&P 500 declining 0.06 per cent and the Nasdaq falling 0.32 per cent.
New Delhi : The government has collected Rs 10,463 crore in customs duty from imports of gold, silver and platinum between May 13 and August 2 following the increase in import duties on the precious metals, Parliament was informed on Monday.
In a written reply to a question in the Lok Sabha, Minister of State for Finance Pankaj Chaudhary said customs duty collections during the period stood at Rs 10,040 crore on gold, Rs 328 crore on silver and Rs 95 crore on platinum.
The combined customs duty collection from the three precious metals thus amounted to Rs 10,463 crore during the period.
With effect from May 13, the government had increased the import duty on gold and silver to 15 per cent from 6 per cent, while the duty on platinum was raised to 15.4 per cent from 6.4 per cent.
Moreover, consequential changes were also made to duties on related items, including gold and silver dore, coins and findings.
Chaudhary said the government had taken the decision to curb discretionary imports and prioritise foreign exchange for essential imports such as crude oil, fertilisers, industrial raw materials and capital goods.
The duty hike came against the backdrop of rising global uncertainties, including the conflict in West Asia and the effective blockade of the Strait of Hormuz, which had pushed up prices of crude oil as well as food and fertiliser imports.
The minister also informed the House that enforcement agencies seized 161 kg of smuggled gold and arrested 116 persons between May 13 and June 30.
India is the world’s second-largest consumer of gold after China with imports largely driven by demand from the jewellery sector.
Gold imports account for a significant outflow of foreign exchange and are closely monitored by policymakers from a balance-of-payments perspective.
New Delhi : The Telecom Regulatory Authority of India (TRAI) on Monday directed telecom operators to begin onboarding entities from select non-financial sectors onto the new 1601-series numbering framework for transactional and service voice calls extending a system already in use by the banking, financial services and insurance (BFSI) sector.
After this decision, consumers can identify genuine service and transactional calls and curb impersonation and fraud carried out through regular 10-digit mobile numbers.
In addition, TRAI said it has issued directions on the use of the 1601-series numbers for entities in sectors other than BFSI and government organisations which currently use the 1600-series numbering framework.
The authority also noted that the widespread adoption of 1600-series numbers by BFSI entities has provided valuable operational experience for expanding the trusted numbering framework to other sectors.
Under the first phase of implementation, the 1601-series will be allotted to entities in the utilities sector, including electricity distribution companies, water utilities, city gas distribution companies, LPG distributors and other utility service providers.
The logistics and courier sector has also been included in Phase-I, covering courier companies, express logistics firms, parcel delivery service providers as well as freight and logistics operators involved in consignments delivery.
TRAI said the Department of Telecommunications (DoT) has allocated the 1601-series for such calls and telecom service providers (TSPs) have been directed to complete migration and onboarding of eligible entities covered under Phase-I within 90 days from the date of the order.
The regulator further noted that 1601-series numbers would be allocated directly to eligible entities rather than intermediaries or aggregators following verification by telecom operators.
“The distinct numbering identity will enable the consumers to easily identify legitimate service and transactional calls, thereby strengthening trust in such voice-based communications,” the regulator said.
Additionally, TRAI clarified that the 1601-series numbers cannot be used for promotional voice calls by any entity.
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