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Indian Railways Invests Rs 600 Crore In Maharashtra To Set Up Coach Factory And Generate Employment
A MoU was signed between the Indian Railways and the government of Maharashtra for the setting up of a coach factory in Latur, Maharashtra. the coach factory will create employment for 15,000 people.
A Memorandum of Understanding (MoU) was signed between the Indian Railways and the government of Maharashtra for the setting up of a coach factory in Latur district by investing Rs 600 crore initially. The investment will be increased to Rs 2,000 crore at a later stage.
The deal has multi-faceted benefits, as the coach factory will create direct employment for around 15,000 people in the region, and the manufactured coaches can also be exported to other countries. The coach factory in Maharashtra will be producing metro rail coaches.
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The government of Maharashtra will be providing the 150 hectares of land required for the construction of the first phase, at concessional rates. The deal also requires the state to provide for other requirements like railway connectivity, concession on local taxes for water and electricity, etc.
The MoU was signed at the Magnetic Maharashtra summit in Mumbai, which has led to the Maharashtrian government bagging several deals including the first Virgin Hyperloop One running between Mumbai and Pune, travelling at speeds above 350km/h.
This is the first time the railways has quadrupled its investment in the state of Maharashtra in over 70 years. Construction of the factory will begin in just over a week's time as the government of Maharashtra will be handing over the land in a week's time. The districts of Latur, Osmanabad and Nanded are set to get a huge boost with the setting up of this facility.
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The setting up of this coach factory in Maharashtra not only will bring in revenue to the state government, central government and railway department, but will also create direct employment for 15,000 people, and indirect employment to thousands as well. This is very much required for the upliftment of the backward classes who are a majority in the selected location for the plant.