Nagpur : Honeywell, an American multinational conglomerate that produces commercial and consumer products, engineering services and aerospace systems, has planned to set up a Rs 1,200 crore Spectra cloth manufacturing plant here. The proposed unit will manufacture cloth for military applications.
In this regard, a senior level delegation from Honeywell met Chief Minister Devendra Fadnavis in Mumbai on Thursday. The delegation showed keen interest in setting up the manufacturing plant in Maharashtra. However, the CM persuaded the Honeywell officials to set up the plant at Butibori MIDC as there is ample land available. Besides, Butibori industrial area is well connected with rail, road and air connectivity. In addition to this, the Chief Minister also highlighted the low electricity tariffs and best of infrastructure available in the area. Fadnavis also assured the delegation to provide all necessary assistance from his end to set up the plant.
P Anbalagan, Chief Executive Officer (CEO) of Maharashtra Industrial Development Corporation (MIDC) said that the Honeywell manufacturing unit will be a highly capital intensive and state-of-the-art facility which will provide direct employment to 150 to 200 people. He also said that the unit will provide indirect employment to large number of people.
The company will be manufacturing Spectra, a durable material and one of the worlds strongest and lightest fibres which is used for various military and non military purposes. In the first phase the company will invest Rs 1,000 crore and remaining Rs 200 crore will be invested in the second phase. The company may increase the investment for further expansion in coming days. “The CM wants to promote Butibori MIDC as a defence hub. Honeywell’s new plant will be in line with these objectives,” he added.
About 15 days ago Honeywell representatives had visited Butibori MIDC and identified a 50 acre plot for the new manufacturing unit, he said.
Anbalagan said that it has been decided that a memorandum of understanding (MoU) will be signed between MIDC and Honeywell within a month. He said athat Butibori MIDC offers industry friendly environment and has set up a MIDC venture capital fund with a corpus of Rs 300 crore for smaller companies interested in setting up their units.
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