Maharashtra's 'Innovation City' near Mumbai to get ₹1 lakh crore

Maharashtra CM Devendra Fadnavis announced India's first 'Innovation City' near Mumbai, a partnership with the Tata Group attracting ₹1 lakh crore investment. The detailed plan will be ready in 6-8 months, as revealed at the Davos summit.

India's First 'Innovation City' in Partnership with Tata Group

Maharashtra Chief Minister Devendra Fadnavis on Thursday shared a detailed plan of India's first "Innovation City" close to Mumbai, which will be completed within the next six to eight months. The project, in partnership with the Tata Group, is expected to attract an investment of over ₹1 lakh crore.

Speaking at the World Economic Forum in Davos, he said, "Detailed planning will be completed within the next six to eight months. This concept was discussed at last year's Davos, and further deliberations took place with Tata Sons Chairman N. Chandrasekaran. The Tata Group will invest over ₹1 lakh crore, with participation from several international investors."

Comprehensive Circular Economy Model for Mumbai

Highlighting the global scale of the project, Fadnavis said, A comprehensive circular economy model will be developed in Mumbai to address challenges related to water, air, and waste management. All types of waste will be scientifically processed. The impact of this initiative is expected to be visible within two to three years, and the model will later be expanded to other major cities.

New Raigad-Pen Growth Centre Announced

The Raigad-Pen Growth Centre was also announced at Davos, which will develop into a major business district. Investments worth Rs 1 lakh crore have already been secured for this project."

Major Investment Agreements Signed

He further shared details of major agreements signed with global giants and stated, "These investments typically materialise over a period of three to seven years. Agreements have been signed with major global and Indian companies such as SBG, Brookfield, ArcelorMittal, Fineman Global, Essar, Skoda Auto, Volkswagen, STT Telemedia, Tata Group, Adani Group, Reliance, JBL, Coca-Cola, Bosch, CapitaLand, and Iron Mountain."

Key Investment Focus Areas

The Chief Minister pointed out that the projects cover key focus areas, which include quantum computing, artificial intelligence (AI), global capability centres (GCCs), data centres, healthcare, food processing, green steel, urban development, shipbuilding, fintech, logistics, and digital infrastructure. Although some of these are Indian companies, they have operations and investments in over 165 countries globally.

Foreign Investment Details

Devendra Fadnavis revealed "83 per cent of the MoUs involve direct foreign investment, while 16 per cent are through foreign technology partnerships. He also confirmed 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.

High MoU Conversion Rate Reassures Investors

To reassure investors of the state's efficiency, the Chief Minister said, "The investments span across industrial, services, agriculture, and technology sectors. Maharashtra has a 75 per cent MoU conversion rate, and last year's MoUs have been implemented at a similar rate." (ANI)

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