MIDC Plans To Acquire 68,000 Hectares

Maharashtra on average nets around 30% of the total foreign direct investment coming to the country, making it a top destination for foreign companies. To attract more investments, especially to sectors like aerospace, defence and automotive, the Maharashtra Industrial Development Corporation (MIDC) is planning to acquire additional 68,000 hectares over the next five years.

The corporation, which currently has a land bank of 84,000 hectares and nearly 288 industrial estates across the state, will have to invest nearly USD 2 billion into these land banks to create the necessary infrastructure, according to a top official of the corporation.

“We have seen there is a huge demand in sectors like automotive, defence, aerospace, chemical engineering and garment industries. We are planning to acquire 68,000 hectares over the next five years to give a boost to these industries,” said MIDC joint chief executive Annasaheb Misal.

Asked about the state government’s decision to take back the lands from companies which didn’t commence operations, Misal said, “During the past two years alone we have taken back 1,000 plots. We want serious players who will not just set up business here but also be a source of employment generation as well.”