MeitY nod for Rs 500 crore Pune EMC project
- Hrishikesh
- September 6, 2022
- India, News
- india, manufacturing, news, pune
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The EMC, which will come up in Ranjangaon Phase III, will be set up over an area of 297 acres.
New Delhi: The government has approved an Electronics Manufacturing Cluster (EMC) in Pune at a cost of Rs 500 crore, senior officials said.
The EMC, which will come up in Ranjangaon Phase III, will be set up over an area of 297 acres.
The proposal, approved by the Ministry of Electronics and Information Technology, is expected to attract investments of up to Rs 2,000 crore, an official said.
The central government assistance for the project would be nearly Rs 208 crore.
“We expect the proposed cluster to give direct employment to up to 5,000 people. Proposals from Uttarakhand and Telangana are under consideration right now,” the official added.
The modified EMC 2.0 scheme was notified on April 1, 2020.
It envisages setting up electronics manufacturing companies to create a robust ecosystem. The scheme’s objective is to provide financial assistance for setting up EMC projects as well as common facility centres (CFCs).
Interested electronics manufacturing companies can apply for financial assistance from the central government till 2023.
EMC 2.0 requires applicants to make a minimum investment commitment of Rs 300 crore, with financial assistance from the central government capped at 50% and a ceiling of Rs 70 crore per 100 acres of land.
Of the total, 30% is given to applicant companies as advance, while the next 40% is released once the company utilises the fund allocated as advance and achieves milestones such as allotment of land.
The final instalment is released by the IT ministry after the project is completed.
A governing council, constituted by the IT ministry, and headed by the IT secretary reviews the progress of the scheme.
The council, which also constitutes other government and private sector experts, is also authorised to make necessary amendments to the scheme guidelines to ensure its successful implementation.