Vodafone to invest Rs 6000 crore in Maharashtra

Since starting operations in India in 2007, Vodafone has already invested over Rs. 113,000 crore in and over Rs. 111,000 crore contributed to the exchequer and is today the largest FDI investor in the country.

A total of 150 events were organized under the Make In India Week banner while more than 25,000 people participated in seminars and symposia, where over 1,200 experts from various walks of life from including ministers, chief ministers, policymakers, industrialists, academicians and spiritual gurus spoke on wide ranging issues concerning business and society. Assuring the investors of efficiency and transparency from the governments’ side, Maharashtra chief minister Devendra Fadnavis said that this will generate employment in the state.

Barely within a fortnight of Invest Karnataka, which saw the state getting investment proposals to the tune of Rs 1.33 lakh crore, the state managed to attract more industries to invest in the state.

Fadnavis has also signed an agreement worth Rs 1,10,000 crore with developers’ body CREDAI-MCHI for construction of affordable homes in Mumbai metropolitan region (MMR).

According to the minister, the investments have come in from sectors like textile, agro processing, pharmaceuticals, solar power, among others.

He pointed out that foreign delegates have given the feedback that Make in India was comparable with World Economic Forum summit and Hannover Messe. Generally, a project signed as an MoU in manufacturing sector takes three years to complete. The state government signed MoUs with the Adani Group for an investment of Rs 50,000 crore, and another with the Vedanta group for a Rs 2,000-crore steel plant.

Kant said that Make in India week has recorded the biggest multi-sectoral exhibition in Asia.

“Vodafone’s statement on Tuesday was made in response to questions from Indian and global media”, the company said on Thursday, adding that it was surprised “the Indian Tax Department appeared to be threatening asset seizures in cases subject to worldwide arbitration, and that this has been made public”. Over 1000 CEOs and other top executives attended the event along with representation from around 9,000 domestic and 2,000 foreign companies, he said while summing up the achievements of the week.

Meanwhile, US company Moody’s Investors Service on Thursday forecast for India “secure GDP progress at round 7.5 % in 2016 and 2017”, saying the nation is comparatively much less uncovered to exterior headwinds, just like the Chinese slowdown, and can profit from decrease commodity costs.