The Maharashtra government's industrial infrastructure arm MIDC signed a Memorandum of Understanding with four companies for developing special economic Zones, which will attract minimum investment of Rs 17,000 crore (Rs 170 billion) and create employment of more than 50,000.
Eldeco Infrastructure Properties Ltd will develop the multi product SEZ at Amravti in the backward region of Vidarbha covering over 1,010 hectares. The expected cost of developing the SEZ is around Rs 600 crore (Rs 6 billion).
The project is expected to attract investment of Rs 2,000 crore (Rs 20 billion) and create direct and indirect employment for 25,000 persons in the short run. And in the long run the project is expected to bring investment of around Rs 45,000 crore (RS 450 billion) and create jobs for 50,000 persons.
Parsvnath SEZ Pvt Ltd will develop a pharmaceutical SEZ at Nanded in Marathwada region covering over 150 hectares and the development cost of the project is expected to be around Rs 47 crore (Rs 470 million). This project is expected to attract investment of Rs 5,000 crore (RS 50 billion) and create job opportunities for around 8,000 persons.
Ajanta Projects India Ltd will develop textile SEZ at Butibori on the outskirts of Nagpur by investing Rs 73 crore (RS 730 million). This SEZ project will bring investment of Rs 5,000 crore (RS 50 billion) and create jobs for 8,000 to 10,000 persons.
The integrated textile SEZ at Kagal near Kolhapur will be developed by Soma Enterprise Ltd. The development cost for this SEZ is going to be around Rs 143 crore (Rs 1.43 billion) and it will come up on 104 hectares. This project is also going to attract investment of Rs 5,000 crore (RS 50 billion) and provide employment to 10,000 persons.
IL & FS was MIDC's consultant which prepared the detailed project report for each SEZ and also helped MIDC in the bidding process to select the developer for each SEZ.