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Maharashtra govt taps Korean investors for big ticket projects

The projects included development of the Nagpur-Mumbai Prosperity Corridor and some smart city projects, Maharashtra Chief Minister Devendra Fadnavis said.

| Singapore | Published: September 28, 2017 7:04:32 pm
Maharashtra, maharashtra government, devendra fadnavis, Korean investors, korean investment, Maharashtra news Maharsahtra CM Devendra Fadnavis (File)

The Maharashtra government has presented a number of big ticket development projects to the South Korean government to improve the state’s infrastructure, Chief Minister Devendra Fadnavis said on Thursday. “We have agreed on a working group for these projects,” told PTI here, having presented the projects in Seoul yesterday.

The projects included development of the Nagpur-Mumbai Prosperity Corridor and some smart city projects, Fadnavis, who arrived in Singapore after a two-day visit to Seoul, said.

The chief minister is on a two-day investor-interaction visit to Singapore. “In principle we have an agreement to work on these projects with the Koreans,” he said after delivering the 57th Lee Kuan Yew Exchange Fellow lecture organised by the Institute of South Asian Studies and Confederation of Indian Industry.

Fadnavis said he also discussed projects and prospects with the South Korean Deputy Prime Minister and Finance Minister Kim Dong-yeon.

Besides, his delegation has signed a Memorandum of Understanding between the state government and the Korean Ministry of Land, Infrastructure and Transport on strategic partnership for infrastructure development projects in Maharashtra.

“I have given an offer to them so we can form a Special Purpose Vehicle (SPV) between a Maharashtra state company and a Korean company for raising money and use the credit line for infrastructure projects,” he said.

“They have shown a keen interest in that and I am very hopeful,” said Fadnavis.

A Korean delegation is expected to visit Maharashtra to finalise the setting up of the SPV, said Praveen Pardeshi, the additional chief secretary to the chief minister. Among others, the Maharashtra government has signed an MoU with Twin Star-LG to set up a Rs 30,000 crore plant for making FAB for TV LCD screen in Nagpur.

The plant, awaiting Government of India approval, is expected to start manufacturing next year, according to Pardeshi.

Meanwhile, Fadnavis has started a series of investor-interaction meetings in Singapore with a business round-table scheduled for tomorrow. The early next year visit of South Korean President, Moon Jae-in, would likely see the start of work on the Nagpur-Mumbai expressway, according to details provided by Pardeshi.

The two sides decided to take up for detailed discussion the Indian side’s interest in tabling the Nagpur-Mumbai Super-Connectivity Expressway Corridor Project for project support from South Korea, according to Pardeshi.

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