Maharashtra Secures Rs 1.2 Trillion Investments in EV and Semiconductor Projects, Creating 14,800 Jobs

As Maharashtra gears up for Assembly elections later this year, the state government has approved investments worth Rs 1.2 trillion ($14.5 billion), expected to create over 14,800 jobs. Major contributions come from automakers Skoda Volkswagen and Toyota Kirloskar, with significant additional investments from Adani Group and Israel’s Tower Semiconductor.

Skoda Volkswagen plans to invest Rs 15,000 crore in a new manufacturing facility for electric vehicles (EVs) and hybrid cars at Chakan, Pune. Deputy Chief Minister Devendra Fadnavis announced the project will generate over 1,000 jobs. This move signals a strategic push towards green mobility, aligning with the state’s broader goals to bolster its EV manufacturing capabilities.

Toyota Kirloskar is set to invest Rs 21,273 crore in Aurangabad, establishing a facility to manufacture a range of EVs, including plug-in hybrids, fuel cell EVs, and batteries. The project is expected to create 8,800 jobs, making it one of the largest contributors to the state’s employment and technological advancements. This investment emphasizes Toyota’s commitment to the future of clean energy and sustainable transport in India.

The largest investment, however, comes from the Adani Group in collaboration with Israel’s Tower Semiconductor. This Rs 83,947 crore ($10 billion) project will be based in Panvel, Raigad district, where the companies will manufacture analogue and mixed signal integrated circuits. With an initial capacity of 40,000 wafers per month, which will double in phase II, the facility is set to generate 5,000 jobs. Although the Maharashtra government has approved the semiconductor project, it still requires clearance from the central government. Once approved, it will mark a significant boost for the state, which has previously lost high-profile projects to other regions.

The approval of these projects underscores Maharashtra’s focus on becoming a hub for electric vehicle production and semiconductor manufacturing, critical sectors in India’s push for technological advancement and economic growth. These investments are not only expected to generate substantial employment but also place Maharashtra at the forefront of India’s industrial and green energy transition.

Maharashtra Secures Rs 1.2 Trillion Investments in EV and Semiconductor Projects, Creating 14,800 Jobs