Chief Minister Devendra Fadnavis on Wednesday 22 January announced that the state of Maharashtra had signed 31 Memorandums of Understanding (MoUs) with Indian companies for investments totaling over Rs 6.25 lakh crore in Davos, Switzerland, in the automotive, steel, defense, EV, renewables, and electronics sectors.
Some companies that have agreements with the state government include the Tata Group, Ceat, Essar Renewables, Bharat Forge, Welspun Corp, Reliance Infra, and Olectra Greentech.
The Tata Group intends to invest up to Rs 30,000 crore in the state, Powerin Urjaa signed an MOU for investments up to Rs 15,300 crore in the renewable energy industry, UPL aims to invest a total of Rs 6,500 crore, and Essar Renewables has signed an MOU for about Rs 8,000 crore. Olectra Greentech is to look for funding opportunities for EV-related projects worth up to Rs 3,000 crore.
Chief Minister Fadnavis described the state as the “powerhouse of Indian economy” and claimed that foreign investors understood the pitch, in addition to its historically robust manufacturing base. With 60% of the country’s capacity, the state is quickly becoming known as the “data center capital of India.”
For the New Mumbai region, CM Fadnavis told Network 18 that four more data centers are being constructed at a cost of Rs 75,000 crore.
According to Fadnavis, the ‘growing bullishness’ of foreign investors toward India is a result of states maintaining healthy competition to attract foreign investment, which is advantageous for the country’s overall development.I
n the first six months of FY25, Maharashtra attracted more foreign investment than Karnataka, Gujarat, Delhi, and Tamil Nadu combined, CM Fadnavis had said earlier in January. The foreign investment in the first six months totalled up to Rs 1.13 lakh crore, which was 31% of the total inflow between April to September.
A report by Wealth 360 had last year said that the state has emerged as the largest investment destination in terms of startup investment in FY24.
Despite Maharashtra’s $500 billion economy, which is the largest of any Indian state, a recent World Bank evaluation found that only seven of the state’s 36 districts contribute more than half of its GDP.
The goal is for the state’s GDP to reach $1 trillion by 2028-30.
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