In a bid to attract even larger investment projects, Maharashtra has introduced a new category called `ultra-mega industrial units' in its new industrial policy.

Under the `ultra-mega industrial units' category, investors will be encouraged to set up projects worth more than Rs 1,500 crore and provide direct employment to more than 3,000 people. The policy also aims to create nearly 20 lakh jobs and attract Rs 5 lakh crore as investment over the next five years. Maharashtra has nearly 24 lakh educated unemployed.

Previously, the topmost slot for investment in the state was `mega industrial units' with investment in fixed capital ranging from Rs 100 crore to 750 crore, and direct employment to around 1,500 people.

Maharashtra Industries Minister Narayan Rane said that that the new policy would encourage investors to make huge investments, which woul enable the state to see large-scale progress.

Speaking on the topic, Rane added, "We have increased the industrial component to 60% unlike the SEZ policy where it was 50%. However, the industrialist taking up the project will be allowed to develop 10% for commercial use and 30% for other purposes, including schools."

Chief Minister Prithviraj Chavan expressed hope that the new policy would help the state in attracting huge automobile and petroleum projects.

The new industrial policy will take effect on April 1, 2013 and remain effective till March 31, 2018.