Maharashtra has received two mega investment proposals worth Rs 26,000 crore in the paper and pulp and the gems and jewellery segments. Chinese major Nine Dragon Paper (Holdings) will investment Rs 12,000 crore ($1.8 billion) in phases to produce and recycle paper. The Maharashtra Industrial Development Corporation (MIDC), which is a state-run special planning authority, will allot a 300-acre land in Raigad for this. The first phase is expected to be commissioned by March 2022.

On the other hand, the Gems and Jewellery Export Council will develop a gems and jewellery park in Navi Mumbai. This park will house small, medium and large-scale enterprises and also some mega units, to attract investments to the tune of Rs 14,000 crore. The park will be built on 25 lakh sq.ft in the first phase while another 10,000 sq.ft would be added later.

MIDC CEO P Anbalagan told DNA, "The Nine Dragon Paper (Holdings) will initially invest $1 billion (Rs 7,099 crore), and the total investment will go up to $1.8 billion (Rs 12,000 crore) eventually. The state government signed an MoU with the Chinese firm on Saturday."

Anbalagan added that the private company will cater to paper's demand in India and in other countries. In the first phase, about 3,000 people will be directly employed and 10,000 jobs will be created indirectly, he said. Meanwhile, the gems and jewellery park's first phase will become operational in 2022-23, and generate employment to 30,000 persons.

Governor C Vidyasagar Rao, in his address to the joint session of state legislature on Monday, had said Maharashtra has attracted investments worth Rs 8 lakh crore in the 'Make in India' week, and Rs 12 lakh crore investment in the 'Make in Maharashtra' week. The state government will also release its new industrial policy on March 5, which aims to attract investment worth Rs 10 lakh crore and create 60 lakh jobs in five years.