Fadnavis said the initiative—being developed in partnership with the Tata Group—has progressed from conceptual discussions held last year to advanced planning stages
Maharashtra Chief Minister Devendra Fadnavis. Pic/X
Maharashtra Chief Minister Devendra Fadnavis on Thursday outlined a detailed roadmap for India’s first “Innovation City” near Mumbai, saying the project will be finalised within the next six to eight months and is expected to attract investments exceeding Rs 1 lakh crore, reported news agency ANI.
Addressing the World Economic Forum in Davos, Fadnavis said the initiative—being developed in partnership with the Tata Group—has progressed from conceptual discussions held last year to advanced planning stages. He added that the Tata Group, led by chairman N. Chandrasekaran, will anchor the investment alongside participation from several international investors, reported ANI.
Circular economy model planned for Mumbai region
The Maharashtra Chief Minister said the Innovation City will incorporate a comprehensive circular economy model for the Mumbai region, addressing water management, air quality and waste processing through scientific methods. The impact of these measures is expected to be visible within two to three years, with plans to replicate the model in other major cities. He also announced the Raigad–Pen Growth Centre, envisaged as a major business district, noting that investments worth Rs 1 lakh crore have already been secured for the project.
Global and Indian companies sign multiple agreements
Fadnavis further said that multiple agreements have been signed with leading global and Indian corporations, adding that such investments typically materialise over a three- to seven-year period. Companies involved include SBG, Brookfield, ArcelorMittal, Fineman Global, Essar, Skoda Auto, Volkswagen, STT Telemedia, Adani Group, Reliance Industries, JBL, Coca-Cola, Bosch, CapitaLand and Iron Mountain, reported ANI.
High-growth sectors identified for future investments
According to the Chief Minister, the projects span key growth areas such as quantum computing, artificial intelligence, global capability centres, data centres, healthcare, food processing, green steel, urban development, shipbuilding, fintech, logistics and digital infrastructure. He noted that while some participating firms are Indian, their operations and investments extend across more than 165 countries.
83 per cent MoUs involve direct foreign investment
Fadnavis also said that 83 per cent of the memoranda of understanding (MoUs) signed involve direct foreign investment, while 16 per cent pertain to foreign technology collaborations. Investments are coming from 18 countries, including the United States, the United Kingdom, Singapore, Japan, Switzerland, Sweden, the Netherlands, Norway, Italy, Germany, France, Austria, the UAE, Spain, Canada and Belgium, reported ANI.
State cites strong MoU conversion track record
Reiterating the state’s execution track record, he said the proposed investments cut across industrial, services, agriculture and technology sectors, adding that Maharashtra has consistently achieved a 75 per cent MoU conversion rate, with a similar level of implementation recorded for agreements signed last year.
(With inputs from ANI)
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