Maharashtra Attracts Rs 1,358 Crore Investment on Day 1 of MSME Defense Expo in Pune
Pune/Nagpur, 26th February 2024: On the inaugural day of the MSME Defense Expo in Moshi, Pune, three Memorandums of Understanding (MoUs) were inked between the Maharashtra State Government and Max Aerospace & Aviation Pvt. Ltd., SBL Energy Ltd., Munitions India Limited, and NIBE Ltd. This agreement is poised to attract an investment of Rs 1,358 crores in Maharashtra. Notably, two companies will be investing in Nagpur and two in Pune, foreseeing the creation of direct and indirect employment opportunities in the future.
Max Aerospace and Aviation Pvt Ltd, an aeronautical engineering company specializing in the modification, upgrading, and maintenance of military aircraft, signed an MoU worth Rs 558 crores with the Maharashtra State Government. This collaboration aims to establish a manufacturing facility in Nagpur, marking a significant milestone as it represents the first investment for the production of Assault Rifles, Carbines, Machine Guns, Automatic Pistols, Grenades, Air Launch Guided Bombs (Precision Munitions), and Ammunition. This development holds substantial importance for the defence manufacturing sector in Maharashtra.
SBL Energy Limited, a prominent manufacturer of mining and industrial explosives in India, signed an MoU valued at Rs 500 crore for the production of explosives catering to both industrial and defence needs. The company plans to expand and establish its next production facility in Nagpur, reflecting the increasing demand for explosives in both the mining and defence sectors. This proposed investment aims to generate direct and indirect employment opportunities in Vidarbha while fostering the development of specialized skills in explosives manufacturing.
Munitions India Limited, a central government-owned defence company headquartered in Pune, entered into an MoU with Nibe Limited to establish manufacturing facilities for 120 mm, 125 mm, and 155 mm ammunition for export purposes. This collaboration, involving an investment of Rs 300 crore in Pune, positions Munitions India Limited as India’s largest manufacturer and market leader in ammunition and explosives for the Armed Forces. Beyond fortifying the defence ecosystem in the state, this partnership aligns with the Government of India’s vision of a self-reliant nation. The Government of Maharashtra has pledged its full support to facilitate this substantial investment.
The significant investments made on the first day of the expo underscore Maharashtra’s growing prowess in the aerospace and defence sector. The state, having implemented a revamped aerospace and defence policy in 2018, has emerged as a frontrunner in the field. Contributing 20% to the country’s defence output and 16% to exports, Maharashtra has solidified its position as a leader in the sector.
In a forward-looking move, the Industries Department of the state government is set to unveil a new aerospace and defence policy aimed at further fostering the development of this sector in Maharashtra. Distinguishing itself as the first state with a defence venture fund of Rs 500 crore, Maharashtra has already supported over 15 startups in this sector, some of which have gained international recognition. The new policy is expected to augment this funding initiative to promote innovation and growth in the aerospace and defence industry.
