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Maharashtra government signs 2 MoUs worth Rs 35,000 crore with JSW for renewable energy

This agreement is part of a slew of initiatives under the state government's Magnetic Maharashtra 2.0 initiative, started last year, to focus on stimulating investment and growth.

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New Delhi: The Maharashtra government has signed two Memorandums of Understanding (MoUs) worth Rs 35,500 crore with conglomerate JSW to help boost production of green energy.

This agreement signed Tuesday is part of the slew of initiatives under the state government’s Magnetic Maharashtra 2.0 initiative, started last year, to focus on stimulating investment and growth.

The investment will be used to fund the building of a “hydro-based power project of 1500 MW of power generation in villages viz. Jammde, Kalbhonde, Kothale etc near Igatpuri, District Nashik and wind power project of 5000 MW of power generation, spread across 1870 hectares at Kolhapur, Solapur, Satara & Osmanabad Districts of Maharashtra,” a press note by the state government said.

The Maharashtra government was represented by Minister of Industries Shri Subhash Desai, Additional Chief Secretary (Industries) Energy and Labour Department, Baldev Singh, CEO MIDC Dr P. Anbalagan and Development Commissioner (Industries) Dr Harshdeep Kamble.

“The aim is to rapidly move toward a more sustainable environment by reducing carbon footprint and tackling global warming,” Desai said at the event.

The delegation of the power business arm of the conglomerate was headed by Prashant Jain, Jt. MD and CEO, JSW Energy.

The projects are slated to kick off in 18 months and “will supply cheap and green renewable power round the clock, and help Maharashtra decrease their reliance on nonrenewable sources of energy,” the press release said.

The projects promise to be an employment generator for around 10,000 people and “bring socio-economic development of the area by promoting eco-tourism, skill development and service sector,” the statement noted.

Magnetic Maharashtra 2.0 was launched in June last year. The Uddhav Thackeray-led Maharashtra government has since signed Rs 1,65,439 crore worth MoUs with international and Indian companies.

Some of these include United Phosphorus, Isambe Logistics, Varun Beverages and Hiranandai Group from India and China’s Great Wall MotorS Company and PMI Electro Mobility Solutions in a joint-venture with Foton, Singapore’s RackBank and Assetz among others.

(Edited by Paramita Ghosh)


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