Mumbai: US-based specialty glass major Corning Inc has decided to invest about Rs 588 crore for setting up an optical cable manufacturing facility at Chakan near Pune.
It will provide employment to 270 persons.
The investment would be done through its Indian arm Corning Technologies India Pvt Ltd.
The Maharashtra Government has provided a window of five years for making the investment.
A senior Industries Department official said that the Maharashtra Government has decided to enter into a memorandum of understanding (MoU) with the company, which will enable the company to get a number of sops under the ‘Mega Projects Scheme’.
About 26 acres has also been allocated by the Maharashtra Industries Development Corporation for setting up the unit, the official said.
In this year, this is the second big ticket investment, which has been made in the State.