HomeBusinessMaharashtra was ready to sign Vedanta MoU

Maharashtra was ready to sign Vedanta MoU

In a letter dated July 26, 2022 to Vedanta President Anil Agarwal, Chief Minister Eknath Shinde said his government was committed to supporting Vedanta’s investment plans.

In a letter dated July 26, 2022 to Vedanta President Anil Agarwal, Chief Minister Eknath Shinde said his government was committed to supporting Vedanta’s investment plans.

The Maharashtra government has formalized all the plans and even fixed the date for signing a Memorandum of Understanding (MoU). Vedanta-Foxconn and as early as July 29, 2022 to set up AvanStarte A multibillion-dollar semiconductor plant According to a letter written by Chief Minister Eknath Shinde to Vedanta Resources Limited Chairman Anil Agarwal, at Talegaon near Pune.

In the letter dated July 26, 2022, Mr. Shinde said that the government is committed to supporting Vedanta’s investment plans and was pleased to see significant progress in the state’s policy, incentives, infrastructure offerings and ensuring the ecosystem Is. project is needed.

He further referred to a previous letter by Mr. Agarwal in which the latter made two major requests – the central government alignment and the approval of the state cabinet – and said “You will be pleased to know that on both fronts, the state is already in the advanced stage and Moving fast.A high powered committee has already given in-principle approval for the required stimulus package and it will be taken to the cabinet for final approval.

“In addition, we are also seeking alignment with the highest levels of the Government of India so that the project receives due support,” Mr Shinde wrote. The Vedanta team held a meeting with Mr. Shinde and Deputy Chief Minister Devendra Fadnavis and top officials on July 26.

The letter further states that India will be only the fifth country to host and demonstrate this size of semiconductor “and with Vedanta as an anchor investor, we aim to become the world’s next Silicon Valley housing in Pune, Maharashtra.” Convinced to make it come true.”

Mr. Shinde told the 68-year-old billionaire industrialist that the signing of the MoU would create a strong foundation for the Indian government to approve the project favorably to meet the capital procurement plan outlined during their discussions. “The event will be attended by the highest decision makers of the political and state leadership and we believe it is a necessary next step to ensure a seamless cabinet approval,” he said.

However, what happened between the government and the company, and how the neighboring state of Gujarat came into the picture and the project was shelved, remained puzzling. The ruling government and opposition in the state have been attack on each other over the matter Ever since Vedanta-Foxconn signed an MoU with the Gujarat government a few days back.

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