What is Maharashtra Industrial Development Corporation (MIDC)? Everything you need to know about MIDC
Maharashtra Industrial Development Corporation, or MIDC, is a state-owned enterprise in Maharashtra, India. It was established in 1960 to promote industrial development in the state. MIDC is responsible for managing land, industrial estates, and Special Economic Zones in Maharashtra. MIDC has a wide range of developmental activities such as land acquisition, infrastructure development, establishment of industries and trade facilitation. Some of MIDC’s flagship projects include the Mahad rural industrial area and the Navi Mumbai SEZ, Wine Park and many more.
In this blog post, we will explore some of the ways that MIDC has helped to shape Maharashtra’s economy over the years. From providing land and resources to helping to set up businesses, read on to learn more about what MIDC can do for your business.
History of MIDC
The Maharashtra Industrial Development Corporation (MIDC) was established in 1962 with the objective of accelerating industrialization in the state of Maharashtra. MIDC is a public sector undertaking and its mandate is to spearhead industrial development in the state by generating private investment, creating jobs, and improving infrastructure. MIDC currently has over 289 Industrial areas in operation. The corporation presently employs over 10,000 people and enjoys a strong partnership with both the state and central governments.
Objectives of MIDC
The objectives of Maharashtra Industrial Development Corporation (MIDC) are to create an environment that is conducive to investment, foster industry in the state and provide job opportunities. MIDC has a number of schemes aimed at this goal, such as the Special Economic Zone Scheme, the Industrial Training Institute Scheme, and the Soft Loan Scheme. MIDC also offers financing options for businesses in need of capital.
Projects under MIDC’s umbrella
Maharashtra Industrial Development Corporation (MIDC) is an agency of the Government of Maharashtra. It was established in 1962 with an objective to promote industrial development in the state. MIDC has a mandate to foster industrial growth by providing necessary infrastructure and support, creating an enabling environment, and generating employment opportunities.
Industrial Area Developed by MIDC
Since its inception, The corporation has also developed 289 Industrial Areas with 66273.82 hectares of land(Approx) in various districts of the Maharashtra. MIDC has implemented more than 1,000 projects across multiple sectors including agriculture, automobile manufacturing, chemicals and petrochemicals, engineering and construction, information technology and telecommunications, leather and apparel manufacturing, power generation and distribution, renewable energy sources like solar energy and wind power, food processing industries and many more.
MIDC is one of the largest industrial land bank owners in the country with more than 2.5 lakh acres industrial land.
Areas covered by MIDC
Maharashtra Industrial Development Corporation (MIDC)was established as an autonomous statutory body in 1961 with the mandate to promote industrial development in Maharashtra. MIDC has a portfolio of over 1,200 projects spread across 17 districts in Maharashtra. With an investment of Rs. 2,000 crore, MIDC is one of the largest state-owned developmental agencies in India.
Some of the major areas covered under MIDC are:
1. Infrastructure development and creation of industrial clusters – This includes provision of power, water, roads and communication facilities to encourage start-ups and expand existing businesses.
2. Rationalization and transformation of loss making public sector units – This includes acquisition and disposal of assets, rationalization of workforce and reformulation/ improvement in organisational structures with a focus on augmenting productivity.
3. Assistance to Small Scale Industries (SSI) – This includes establishment of marketing infrastructure, facilitation of access to finance and technical assistance for product diversification etc.
4. Provision of education & training – This includes provision of vocational training institutes, skill development programmes for employables etc.
Buy Industrial Land/Plot in MIDC
The Maharashtra Industrial Development Corporation (MIDC) is the most important agency responsible for promoting industrial development in the state of Maharashtra. MIDC has a vast land resources at its disposal and offers attractive plots and industrial land in MIDC-1, MIDC-2 and MIDC-3 zones of Mumbai.
MIDC also offers leasing options to promote industrial development in the zone. The lease period can range from 6 months to 10 years with an option to renew for another 5 years. The minimum lease amount is Rs 50,000/ with an escalation option of every year thereafter. MIDC also offers concessional interest rates on loans up to Rs 1 crore for the first five years.
