Ahead of the Assembly elections, Maharashtra government today signed four agreements with leading auto companies, involving an investment of Rs 11,510 crore.
The agreements were signed with domestic auto majors Tata Motors , Mahindra and Mahindra and Bajaj Auto , and German luxury car major Volkswagen, following the government restoring VAT set-off claims to gross sales.
Chief Minister Prithviraj Chavan, state industries minister Narayan Rane, M&M chairman Anand Mahindra, Tata Motors executive director for commercial vehicles Ravi Pishrody and Volkswagen executive director Pankaj Gupta were present on the occasion.
Under the agreements, Tata Motors and Mahindra will invest Rs 4,000 crore each, Bajaj will pump in Rs 2,000 crore while Volkswagen will invest Rs 1,510 crore in existing facilities.
In April 2011, the state amended the VAT Act to make tax set-off claim applicable on net sales and not on gross sales. Auto industry complained that this took away the competitive advantage of the Chakan-Talegaon auto hub. Some companies had even threatened to pull out their investments from the state. Under the tweaked norms and the state's industrial mega project policy announced in June 2005, large auto investors and also non-auto sector investors with an investment of Rs 1,500 crore or more are entitled for VAT set-off claim on gross sales. However, the claim will not exceed 12.5 percent of the total eligible VAT refund in a year.
"It was an error of judgement at that time," Chavan said, adding that the tweaking of VAT norms will help the industry. "We have already invested Rs 4,000 crore in the Chakan plant so far and are looking at investing an additional Rs 4,000 crore during next seven years," Mahindra said.
Of the four projects, three will be in Pune district and one in Waluj in Aurangabad. Total investment of all four projects together will result in employment opportunities for 6,270 people, the government said.
While Mahindra's Rs 4,000 crore investment to expand capacity at the Chakan plant will create 2,500 jobs, Tata Motors' investment of Rs 4,000 crore will create 1,200 jobs. Volkswagen will invest Rs 1,510 crore to manufacture diesel engines and related parts of backward integration at the Chakan plant, creating 570 jobs.
Bajaj Auto's Rs 2,000 crore investment will come in two phases for capacity expansion from 22,80,000 to 33,60,000 units in first phase and from 33,60,000 to 38,40,000 units in second phase at Waluj. On completion of the project, it would create 2,000 jobs.
M&M has plans to increase its vehicle manufacturing capacity in Chakan to 4,50,000 units over the next 18 months, from the present 3,20,000. Mahindra & Mahindra, which currently employs 4,000 people
in the state, also plans to recruit another 2,000. The Chavan government had signed some 32 agreements with the private companies, including Tata, Mercedes, Bosche, Shree Uttam Steel, among others, entailing an investment of Rs 23,850 crore in February, just days before the UPA government announced general elections.
Under the 2005 industrial mega project policy, the state has so far approved 415 mega projects with assured investment of Rs 3,23,902 crore with the potential to generate 3.63 lakh jobs, the government said.
Anda sedang membaca artikel tentang
4 auto manufacturers to invest Rs 11,510 cr in Maharashtra
Dengan url
http://kebugaranhidup.blogspot.com/2014/08/4-auto-manufacturers-to-invest-rs-11510.html
Anda boleh menyebar luaskannya atau mengcopy paste-nya
4 auto manufacturers to invest Rs 11,510 cr in Maharashtra
namun jangan lupa untuk meletakkan link
4 auto manufacturers to invest Rs 11,510 cr in Maharashtra
sebagai sumbernya
0 komentar:
Posting Komentar