Maharashtra signed Memorandums of Understanding (MoUs) worth Rs 3 lakh crore with 98 companies amid the COVID-19 pandemic, state industries minister Subhash Desai said on Saturday.

Speaking to reporters after attending the ‘Aura of AURIC’ conference here, organised along with eight consulate generals, Desai said these MoUs will generate three lakh jobs in the state.

“The requisite land has been allotted to nearly 70 per cent of these companies. The investment is from nations like USA, United Kingdom, Germany, Italy, Russia and Japan. Maharashtra did not stop (in its path of progress) during the pandemic,” he said.

The minister also informed that AURIC has got a permit to distribute electricity in the industrial areas of Shendra and Bidkin, and the rates would be cheaper than those in neigbouring states, making the region highly competitive for firms to invest in.
AURIC or Aurangabad Industrial City is a multi-billion dollar corridor being developed as part of the Delhi-Mumbai Industrial Corridor.

Earlier, speaking at the event, NITI Aayog CEO Amitabh Kant said the area will attract investment due to the fast pace of infrastructure development, adding that AURIC will recycle 42 per cent of its consumed water and also have an e-land management system.

Desai also inaugurated the office of the Marathwada Acceleration for Growth and Incubation Council (MAGIC), which will help units involved in innovation, here.