Mihan News

Recession Hits Nagpur – Investment from 8 Companies Shelved off

As the nation hits yet another recession, we see companies slashing down as many numbers of employees they can. Right from removing people from the top jobs to slashing down their salaries, it has become equally difficult for the companies to survive in the tough market conditions. Amidst all this, we now see Nagpur is also hitting the hard way. The SEZ in Nagpur commonly known as MIHAN which has attracted different companies for their investment seems to have received the backlash due to the tough market conditions.

Till date around eight companies which were allotted around 110 acres of land for establishing their units seem to have opted out from the investment. These companies were supposed to establish power plants, IT, manufacturing units and healthcare units. The following were the companies, which were attracted to land:

L&T Infrastructure Development Project – 50.85 acres
Wipro Technologies – 23.40 acres
Abhijeet Generator Set and Power Project – 15.57 acres
Quality Care India Ltd – 8 acres
Duke Aviation Engineering -6 acres
Nova Engineering Pvt. Ltd. – 2.76 acres
Saif Health Remedies Pvt. Ltd 1 acres

Total – 8 companies – 109.26 acres

Although we heard that HCL in association with MIHAN is expanding but there are more than 200 companies that have vanished in the past two years as the market went on deteriorate ever since the demonetization was announced. As per the additional director, and the directorate of Industrial safety and health show, more than 295 factories have so far shut down. This will continue the coming year unless we see something tangible from the current government ruling the country. Is this just the start of yet another recession, which has started hurting Nagpur or will we see the city coming out from it that’s the big question we need to answer. Stay tuned to know more on more News on Nagpur and others only with us. Comment your views!

Mohd Khan

Khan Is a Senior Content writer and have been into the content domain from more than a decade. He has dealt with diverse areas in content, and writing has been his passion.

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