June 23, 2020 1:51:14 am
A week after signing memorandums of understanding (MoUs) with three Chinese companies for investment worth Rs 5,000 crore in Talegaon of Pune district, the Maharasthra government has put the projects on hold, but has not cancelled them for now.
Of the three Chinese companies, Great Wall Motor had promised initial investment worth Rs 3,770 crore and generation of 2,000 jobs. It had also committed to a phased investment worth Rs 7,600 crore in its proposed factory in Talegaon. Two other companies, Hengli Engineering and PMI Electro Mobility Solutions, had also planned to invest Rs 1,250 crore. Of the two, PMI had promised to invest Rs 1,000 crore and create 1,500 jobs.
Maharashtra Industries Minister Subhash Desai said the state has decided to wait for instruction from the Centre over the investments. “Until further directives, it would be status quo with regard to the MoUs,” he said.
He, however, clarified: “The projects have been put on hold. This does not mean that they have been cancelled. We will wait for further action on them.”
The signing of MoUs had taken place on June 15.
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