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BIG TICKET INVESTMENTS
Section Investment Pune Posted on Sun Jan 14, 2007 at 07:22:54 AM EST
It was destination Pune for corporates -- from signing agreement for setting up of SEZs to huge money coming in auto sector to strengthening its manufacturing base to ubiquitous IT sector -- the city did have a fair share of the moolah
Zeenat Nazir Buoyed by a young, skilled populace, a thriving engineering base and a globally competitive automobile industry, Pune took pride of place as `a preferred business destination' for scores of multinationals this year. The city succeeded in attracting a whopping Rs 10,000 crore worth of high-value investments, representing a third of investments flowing into the state. Taking the city's strong educational and R&D base into cognizance, Chief Minister Vilasrao Deshmukh went so far as to declare Pune a `Knowledge City'. A look at the year that has made Pune a name to reckon with, globally EXPANDING HORIZONS
With 72 agreements being signed for setting up special economic zones (SEZs), Maharashtra had the highest number of SEZs lining up to set up base in the state and Pune definitely figures high on the destination list. Amongst the earliest to announce its SEZ plans was Serum Institute of India with the company planning Rs 1,200-crore investment, in what would be India's first biotech SEZ, located at Hadapsar. The facility would propel Pune into the big league of pharma destinations, allowing it to export a billion doses of vaccines for domestic and international markets. Soon after, the Mahindra group announced its plans to develop a 3,000-acre SEZ at Karla with an outlay of Rs 2,000 crore. Next came Bharat Forge which signed a MoU with the state to jointly develop a mammoth multi-product SEZ in Khed taluka, likely to attract investments of about Rs 25,000 crore. "We will promote establishment of SEZs in areas like biotechnology, IT hardware and multiple products. We expect investments of Rs 25,000 crore in such units over the next five years in Pune," Maharashtra Industrial Development Corporation chief executive officer Rajiv Jalota said.
REVVING IT UP
Pune's automobile industry also revved up to attract investments in 2006. Even as city-based Bajaj Auto declared its intention to set up a Rs 2,000-crore greenfield project at Chakan to manufacture three-wheelers and light four-wheelers, global auto giants General Motors initiated a ground breaking ceremony to set up its manufacturing facility at Talegaon. The car major invested $300 million for the 120 hectare plant that aims to roll out 1,40,000 cars. And when it was time for German auto major Volkswagon to set up a plant in India, it chose Pune over Andhra Pradesh or Chennai to loosen its purse strings. The company inked an agreement to set up a manufacturing unit at Chakan, investing more than Rs 2,400 crore -- the biggest ever by a German company in India. Soon after, Tata and Italian car giant Fiat announced the formation of a joint venture with aggregate investments of over Rs 4,000 crore at Ranjangaon. MANUFACTURING BONANZA SCORING a lead over Orissa, Pune became the first city in the country to play host to South Koran steel behemoth POSCO by establishing its Indian processing centre -- POS-IPC- at Talegaon. POSCO's S M Yoon said that Pune's fast growing industry and automotive sector would generate a huge demand for the company's product, prompting them to invest in the city. For the same reason, J C Bamford, a global name in excavators, turned bullish on Pune's construction equipment industry and commissioned its second plant here with an investment of Rs 450 crore. LOGGING ON TO GLOBAL WORLD
FOR the IT industry, 2006 marked a year of acquisitions, deals and lucrative contracts. While the city-based Tata Research Development and Design Centre (TRDDC) celebrated its silver jubilee of innovation by laying out a 2020 vision, others like Kanbay decided to merge with Capgemini to improve competencies. Just this month, Tech Mahindra signed a $1 billion deal to provide British Telecom with strategic sourcing services, highlighting the global competency of Pune's ITeS industry. And even as Pune basks in its newfound IT glory, neighboring Baramati received a high-profile visit from $32.82-billion chipmaker Intel Corporation chairman Craig Barrett. "I came to Baramati with an intention to understand and replicate the IT applications used here at other rural locales in India. But I am now convinced that the Baramati recipe can find global application," Barrett said, reflecting the global nature of Pune's industry. Truly global, we would say.
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