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MoUs with Chinese companies on hold, to be implemented if relations improve: Subhash Desai

Last week, the state government had signed 12 major MoUs worth Rs 16,100 crore with foreign companies, however, Rs 5,020-crore worth MoUs signed with three Chinese companies were put on hold in the wake of the Galwan Valley standoff between India and China

By: Express News Service | Mumbai | Published: June 25, 2020 2:44:03 am
India china border dispute, Subhash Desai, maharashtra mou with chinese company, maharashtra freezes mou agreement with chinese company, indian express news Maharashtra Industries Minister Subhash Desai. (File)

Two days after stating that the Maharashtra government was planning to freeze the over Rs 5,000 crore memorandum of understandings (MoUs) it had signed with three Chinese companies, state Industries Minister Subhash Desai on Wednesday said the projects would be implemented in the state if the relations between the two countries improve.

“The MoUs with Chinese companies were not cancelled but put on hold. We are waiting for the guidelines from the Union government. But we are hearing that the issue is likely to be resolved and the relations between both the countries will be restored. So, we feel that these MoUs will be implemented,” Desai said.

Last week, the state government had signed 12 major MoUs worth Rs 16,100 crore with foreign companies, however, Rs 5,020-crore worth MoUs signed with three Chinese companies were put on hold in the wake of the Galwan Valley standoff between India and China.

On Monday, Desai had said the state government had decided to wait for further instructions from the central government over the investments being made by the Chinese companies in the state.

Until further directives, the minister had said, a status quo would be maintained with regard to the MoUs signed on June 15.

On Wednesday, the state government signed two more MoUs worth Rs 1,017 crore with two companies.

According to officials from the Industries department, DBG Estate Pvt Ltd, which is a part of Welspun Group from India, has signed an MoU with an investment of Rs 900 crore for setting up a logistic park in Bhiwandi. It is expected to generate 2,700 jobs. Ideal Chemi Plast Pvt Ltd, a Japan-based company, has signed another MoU with an investment of Rs 117 crore for setting up a chemical plant in Ahmednagar.

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