News: Maharashtra Govt to develop tier II cities

(PTI 28/05/2006) Mumbai - Aiming at a balanced development of the state, the Maharashtra government will develop tier II cities like Nagpur and Aurangabad for fresh investments, while placing Mumbai as the financial destination of the state's activities.

"The state government has decided to promote other cities in the state for fresh investment by providing ample employment opportunities and also help in the equitable development of the state. Mumbai would be placed as the financial destination," Maharashtra Development Commissioner (Industries), K Shivaji, told PTI.

The government is also offering special incentives to industries investing a capital of Rs 500 crore and generating employment for 1,000 in Vidarbha and Marathawada region and 500 in other parts of the state, he added.

Maharashtra has got approval for 27 SEZ's and the projects would take final shape in the next 2-3 years, said Shivaji.

Maharashtra has received FDI to the tune of USD 13.6 billion (Rs 3,767 crore) and has been placed at 38 position as a favourable investment destination by International Institute of Development, Switzerland, ahead of places like Greece, South Africa, Italy, Philippines.

The state was also expecting two international automobile houses to set up their shops. However, Shivaji declined to divulge the names of those since the negotiations were in the final stages.