Following MEA's Push, Maharashtra Puts On Hold 3 Investment Agreements Of Over Rs 5,000 Crore With Chinese Companies
Following S Jaishankar led Union Ministry of External Affairs (MEA)'s advisory to not sign any further agreements with Chinese companies, Maharashtra Government has put on hold three recently signed agreements with total proposed investment to the tune of Rs 5,000 crore, reports Times of India.
The agreements had been signed recently at the Magnetic Maharashtra 2.0 investor summit, before 20 Indian Army's soldiers were martyred at the Line of Actual Control (LAC) as an outcome of China's belligerent adventurism and excesses in Eastern Ladakh.
The three agreements include a Rs 3,770-crore MoU with Great Wall Motors to build an automobile plant in Talegaon near Pune. Another agreement was signed with PMI Electro Mobility which had formed a joint venture (JV) with a Chinese company called Foton to invest Rs 1,000 crore to build a unit which would have created employment opportunities for 1,500 individuals.
The third agreement had been signed with a company called Hengli Engineering which intends to invest Rs 250 crores to expand its existing facility in Talegaon.
Making the development public, Maharashtra's Industry Minister Subhash Desai said that the decision was taken by the state government in consultation with the union government.
As you are no doubt aware, Swarajya is a media product that is directly dependent on support from its readers in the form of subscriptions. We do not have the muscle and backing of a large media conglomerate nor are we playing for the large advertisement sweep-stake.
Our business model is you and your subscription. And in challenging times like these, we need your support now more than ever.
We deliver over 10 - 15 high quality articles with expert insights and views. From 7AM in the morning to 10PM late night we operate to ensure you, the reader, get to see what is just right.
Becoming a Patron or a subscriber for as little as Rs 1200/year is the best way you can support our efforts.