MUMBAI, March 12 (Xinhua) -- Unavailability of sufficient land and lack of environment clearances led to conversion of only 1,337 agreements from a total of 6,718 Memoranda of Understanding (MoUs) signed in the past three years in the Indian state of Maharashtra, local media reported Tuesday.

In 2016 and 2018, the western state signed agreements worth 114.9 billion U.S. dollars during the Make in Maharashtra initiative followed by investment of nearly 173.78 billion U.S. dollars during the Magnetic Maharashtra drive, respectively.

Many agreements signed during big-ticket events did not materialize in the absence of better road connectivity, and lower stamp duty, the Hindu daily reported quoting state officials.

Of the 3,868 MoUs in 2018, only 243 managed to cross the manufacturing stage, the last of the total three stages. Around 1,425 entered land acquisition proceedings and another 195 began construction, the second and third stages respectively.

Of the MoUs entered in 2016, 884 entered land acquisition proceedings, 548 started construction while 1,094 crossed the manufacturing stage.

"This is not a bad conversion rate considering it has not been long since Magnetic Maharashtra (in 2018) concluded. We are looking to attract another 3,500 units under the new Industrial Policy," said state Secretary (Small and Medium Industries) and Development Commissioner (Industries) Harshadeep Kamble.