Maha govt signs MoUs for Rs 80,962-cr investment proposals

Mumbai, Sep 19 (PTI) The Maharashtra government on Friday signed initial pacts for investment proposals worth over Rs 80,962 crore from nine companies, which are expected to generate over 90,300 jobs across the state.

The agreements were signed at the 37th international conference AIIFA Steelex 2025 held here on Friday, according to a release.

Held on the theme "Profitable Sustainability - Green Steel: A Future Ecosystem", the event brought together policymakers, industry captains, global delegates and innovators under one roof to shape the future of India's steel industry, it said.

"AIIFA Steelex 2025, which was inaugurated here, signed MoUs with the Government of Maharashtra, pledging a record Rs 80,962 crore of investment and the creation of over 90,300 jobs across the state.

"The transition to green steel is not just an economic necessity but a national priority," said Union Minister for New and Renewable Energy Pralhad Joshi, who, along with Maharashtra Chief Minister Devendra Fadnavis and other dignitaries, were present during the inauguration of the event.

India has set an ambitious target of producing 300 million tonnes of zero-carbon steel. Of this, at least 50 million tonnes must be exported, he said.

"In the steel sector, five pilot projects are already underway at Kandla, Paradip, and Pipavav ports, being developed as green hydrogen hubs. With these initiatives, large-scale green steel production has now become possible. In the coming years, India must ensure the export of at least 50 million tonnes of green steel," Joshi said.

"Union Minister Pralhad Joshi has outlined the Green Steel Mission, for which the Government of India is investing Rs 5,000 crore. This is an opportunity we must seize and turn into a growth engine. Maharashtra is moving ahead in the steel sector as it is becoming the leader of the steel sector," Fadnavis said.

Maharashtra ranks fourth in steel production in India, but within the next eight years, it aims to become No. 1 in the country, he said, adding that "already, investments worth Rs 80,000 crore have been made in Maharashtra's steel sector and agreements worth Rs 5 lakh crore have been signed." "But we do not want to become the leader of the steel sector only. We have to become the leader of the green steel sector and Maharashtra will play a big role in the export of green steel," he added. PTI IAS TRB