Davos [Switzerland], January 22 : Economic Explosives Limited, a part of Solar Group of Industries, has signed an MoU with Maharashtra government to establish an Anchor Mega Project.
This initiative reinforces EEL's commitment to advancing nation's capabilities in critical sectors such as defence and aerospace.
Having nearly completed its earlier Mega Project under the "Aerospace and Defence Policy of Maharashtra 2018," with a total investment of Rs 1,350 crores (Rs 800 crores already invested as of December 2024), this new MoU signifies the company's strategic intent to enhance its production capacities and introduce additional high-demand products in alignment with the Government of India's initiatives for self-sufficiency in critical defence products.
The new Anchor Mega Project entails an estimated investment of INR 12,780 crores and falls under the "Thrust Sector Incentive Scheme" of the Government of Maharashtra in the "Defence and Aerospace" category.
The proposed project involves expansion of certain defence products such as Propellant, War head 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.
The project will be established in the backward region of Maharashtra, further contributing to the region's socio-economic development; Solar Industries, Nagpur.
Maharashtra government, under the leadership of Chief Minister Devendra Fadnavis, has signed a total of 54 MoUs worth Rs 15.70 lakh crore as of Wednesday at Davos.
These investments are expected to create about 16 lakh jobs.
Among today's MoUs, the largest investment deal is with Reliance Group, with an investment of Rs 305,000 crore in petrochemicals, polyester, renewable energy, bioenergy, green hydrogen, green chemicals, industrial sector development, retail, data centres, telecommunications, hospitality and real estate.
It is estimated that 3 lakh jobs will be created from this one contract with Reliance Group.
The Annual Meeting 2025 of The World Economic Forum is taking place at Davos-Klosters from 20th to 24th January 2025. India Pavilion at the 55th World Economic Forum (WEF) annual conference 2025 in Davos, Switzerland, features eight states, each seeking investment opportunities from executives of companies worldwide. Kerala, Telangana, Uttar Pradesh, Andhra Pradesh, Maharashtra, Tamil Nadu, Karnataka, and West Bengal are the states which have established their presence at WEF, 2025.
Davos 2025 convenes under 'Collaboration for the Intelligent Age.
More than 350 governmental leaders are expected to participate this year, including 60 heads of state and government. India has sent its largest-ever delegation to the World Economic Forum's (WEF) Annual Meeting in Davos, comprising five union ministers and three state chief ministers. Nearly 100 CEOs and leaders from government, civil society, and the arts are also in attendance at the event.