The World Economic Forum (WEF) summit at Davos is brightening the investment climate in Vidarbha region. On Wednesday, Maharashtra Government signed memorandums of understanding (MoUs) with MSN Holdings Ltd, and Economic Explosives Ltd (EEL) for investment proposals worth Rs 27,432 crore. Both the investments are proposed in Vidarbha region. Devendra Fadnavis, Chief Minister of Maharashtra; Satyanarayan Nuwal, Founder, Chairman and Non-Executive Director of the Board of Solar Industries India Limited; Dr Sanjay Mukherjee, Metropolitan Commissioner, MMRDA, Mumbai; Vikas Kharage, Principal Secretary to the Chief Minister of Maharashtra, and others also were present when the MoUs were signed and exchanged.

 

The collaboration between Maharashtra and MSN Holdings will pave the way for an advanced lithium battery and cell manufacturing project under ‘Ultra Mega Project’ initiative as outlined in the State’s policy. With proposed investment of Rs 14,652 crore, the project is poised to transform the industrial landscape of Maharashtra by creating direct and indirect employment opportunities for approximately 8,760 persons, particularly in industrially backward region of Vidarbha. The company has extensive research and development efforts conducted in collaboration with a leading European company. On the strength of this, it proposes to manufacture advanced batteries and cells at the plant. These technological advancements will benefit Indian consumers by reducing costs and weight and also bolster the export potential of Indian-made lithium batteries in international markets. The state-of-the-art manufacturing facility in Vidarbha is expected to create ancillary industrial ecosystem, generate employment opportunities, and contribute to the socio-economic development of the region. EEL, part of Solar Group of Industries which is the largest manufacturer and exporter of explosives and high energy materials, also signed a MoU with Maharashtra Government regarding establishment of a landmark ‘anchor mega project’ involving an estimated investment of Rs 12,780 crore. It falls under ‘Thrust Sector Incentive Scheme’ of the State Government in ‘Defence and Aerospace’ category. It will be established in Vidarbha region.

 

The initiative reinforces EEL’s commitment to advancing India’s capabilities in critical sectors such as defence and aerospace, read a statement issued by EEL. EEL has been a forerunner in developing import-substitute niche products, particularly in collaboration with the Indian Armed Forces, thereby contributing to India’s self-reliance initiatives. Having nearly completed its earlier mega project under ‘Aerospace and Defence Policy of Maharashtra-2018’ with a total investment of Rs 1,350 crore (with Rs 800 crore already invested as of December 2024), EEL continues to expand. The latest MoU signifies the company’s strategic intent to enhance its production capacities and introduce additional high-demand products in alignment with the Central Government’s initiatives for self-sufficiency in critical defence products. The proposed project involves expansion of certain defence products such as propellant, warhead explosives, ammunitions, defence electronics, drones and UAVs, new generation explosives, energetic binders, and new products such as military transport aircraft, small, medium and large ammunition, and chemicals for high-energy explosives and propellants.