The Maharashtra State Government has cleared investments worth over Rs 1,20,000 crore into the state. This includes major investments by both Skoda Volkswagen India as well as Toyota Kirloskar Motor into the development of hybrids and EVs as well as the set-up of a new semiconductor facility in the state.
One more BIG news for Maharashtra !
Huge investments of total
₹ 1,20,220 crore approved in today’s Cabinet Sub-Committee Meeting, with CM Eknath Shinde ji !The detailed list of approved investments is as follows:
✅Tower Semiconductor with Adani Group at Taloja MIDC, Panvel… pic.twitter.com/DVI9z94WyU
— Devendra Fadnavis (@Dev_Fadnavis) September 5, 2024
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Also read: Skoda Slavia Monte Carlo Launched At Rs 15.79 Lakh; Slavia, Kushaq Sportline Variants Introduced
Skoda currently gearing to launch a new sub-compact SUV though an India-specific EV is also on the cards.
Skoda-VW India has been cleared to invest up to Rs 15,000 crore into its facilities in Chakan that will be put to use to develop hybrid and all-electric vehicles. The VW Group had revealed plans to enter the Indian EV market back in 2023 with Martin Jahn, Board Member for Sales and Marketing at Skoda Auto having told car&bike that “an entry BEV or more affordable BEV than Enyaq, it is a necessity for us in India.” The carmaker at the time was also exploring setting up a partnership in India for EVs. As per latest reports, the company is nearing an agreement with Indian auto firm Mahindra to set up a joint venture in the country to develop future all-electric and internal combustion vehicles.
Also read: Skoda Plots Sub-Rs 20 Lakh Electric Car For India
Skoda’s flagship Enyaq EV has been showcased in India previously and has been extensively tested in the country.
Also read: Volkswagen Virtus Pips Hyundai Verna As Best-Selling Compact Sedan In First 7 Months Of 2024
The fresh investment could help boost the development of an India-specific EV as well as expand and modernise existing product lines to increase capacity and support local manufacturing of more models. Skoda-VW has also been testing some of its global EVs in the Indian market as well which could be considered for local assembly. Models such as the Enyaq and ID4 have testing in India for some time now.
Toyota late last year showcased the Urban SUV EV concept based on Maruti Suzuki’s upcoming EVX electric SUV; the production derivative could come to India.
Also read: Toyota India Plots Fourth Vehicle Manufacturing Plant In Maharashtra, Signs MoU
Toyota India has also been greenlit to invest up to Rs 21,273 crore in the state. The approval comes a little over a month after the company announced the signing of a Memorandum of Understanding with the state government to set up a manufacturing facility in Chhatrapati Sambhaji Nagar. The company had said that the new facility would ‘strengthen the company’s focus on advanced green technologies.’
The new plant will become Toyota’s fourth in the country and its first facility outside of Karnataka.
