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May invest close to Rs 1,625 crore to develop IT parks. Singapore-based Ascendas, a company into business space solutions, today announced a partnership with Maharashtra Industrial Development Corporation (MIDC) and Maharashtra Airport Development Authority (MADC) to develop IT parks in Nagpur and Pune respectively. The company is expected to invest close to Rs 1,625 crore to develop these parks in phases over the next 5-7 years. Both these projects are located within Government � promoted and approved SEZ areas. The parks are expected to generate a total of 7 million square feet of IT space with employment opportunities for a working community of over 70,000 people upon final completion. In Pune, Ascendas and MIDC will jointly develop a 2.5 million square feet IT park spread over 25 acres in Phase 3 of the Rajiv Gandhi InfoTech Park in Hinjewadi. The park will be developed in five phases. The first phase comprising 5,00,000 square feet will commence in the second quarter of 2007 and is expected to be completed by mid-2008. Upon completion, this phase is expected to generate employment for about 5,000 IT & ITES professionals. Similarly, in Nagpur, Ascendas and MADC will jointly develop over 4.5 million square feet of IT space on a 63 acre area site within the Multi-modal International Hub Airport (MIHAN). The Park will progress in six phases. Construction of the first phase comprising 5,00,000 sq. ft. is also expected to begin in the second quarter of 2007, for completion within 18 months.

After months of deliberation, German car manufacturer Volkswagen has chosen Maharashtra to set up its manufacturing plant in India. The new factory will roll out an disclosed small car model by the second half of 2009. Volkswagen, the world�s fourth largest car maker and known for its best loved model Beetle, will invest over $300 million or nearly Rs 1,400 crore and create 2,500 new jobs. The factory will be set up on 500 acres of land in Chakan, an industrial belt near Pune which also houses the two-wheeler Indian major Bajaj. The government of Maharashtra and Volkswagen will sign their MOU on November 29. The deal comes as a big shot in the arm for the state�s industrial policy. After a shaky start in losing the first round of automobile sector investments to states like Uttar Pradesh and Tamil Nadu, Maharashtra seems to have become the preferred destination for European automobile companies. Volkswagen is the third European company to choose Maharashtra in under a month for its manufacturing base after Daimler Chrysler and Renault (with Mahindra and Mahindra). In August, American car maker General Motors had announced its decision to set up its plant in Talegaon, again near Pune. The state is already home to Italian car maker Fiat and Czech Auto maker Skoda, a subsidiary of Volkswagen, has its manufacturing unit in Aurangabad. V K Jairath, the state�s principal secretary (industries), said, "Maharashtra has firmly established its position as the hub for auto and auto component manufacturing." Auto analysts estimate that in three years from now, over half a million additional cars will roll out from these new factories in Maharashtra, both for the domestic and export markets. The additional capacity created by these car makers is expected to add 10,000 direct jobs in skilled positions and at least 15,000 indirect ones in associated ancillary and service industries. Says Jairath: "These are high-quality investments that will work in favour of the state attracting further investments." Maharashtra won the project against competition fromr states like Punjab, Andhra Pradesh and Tamil Nadu. In fact, Volkswagen was almost close to become the first auto maker to set up base in Andhra Pradesh but withdrew after the firm�s former representative in India got embroiled in a controversy with the state government. Volkswagen then had plans to invest Rs 5,400 crore in Vishakapatnam to manufacture both cars and light commercial vehicles.

Boeing Co will invest $118 million to set up a maintenance, repair and overhaul (MRO) facility in Maharashtra as part of the US aerospace firm�s India commitments, following the Rs 35,000-crore deal with Air-India. The venture, to be set up near Nagpur, will serve as an MRO facility to the Boeing family of airplanes for the entire South-East Asia. �The MRO will be set up in 25-50 acres of land belonging to the Airports Authority of India...AAI will transfer the land to the Maharashtra Airport Development Authority, which is developing an international cargo hub in Nagpur,� a top government official said. Boeing had received proposals from six states, including West Bengal and Karnataka, for the facility. �Boeing requested their centre should be near the air-strip in Nagpur. The MRO facility has been finalised by the Industrial Department of the state government during Chief Minister Vilasrao Deshmukh�s visit to the Boeing headquarters in Chicago,� the official said. While announcing its largest-ever deal for purchase of 68 aircraft with Air-India, Boeing said it would set up the MRO facility in the country. The Maharashtra Government has already cleared the international passenger and cargo hub project. The Maharashtra Airport Development Corporation will hold a 51 per cent stake in the venture while the rest will be owned by the Airport Authority of India.