What Was the Outcome of CM Fadnavis’ Visit to Davos?

Mumbai, June 4 (NationPress) Maharashtra has successfully signed Memorandums of Understanding (MoUs) for investment proposals totaling Rs 16 lakh crore during the World Economic Forum held in Davos, achieving an impressive conversion rate of 80-91 percent for these MoUs into actual investments.

The official account of CM Devendra Fadnavis, known as Team Devendra, shared a video on X showcasing the highlights of his visit to Davos, where several MoUs were signed for investments. This video also featured the Chief Minister’s address in the state legislature, emphasizing Maharashtra's significant lead in converting these agreements into real investments.

“The results of Devabhau's visit to Davos show that 80-91 percent of the companies that signed MoUs have proceeded with actual investments,” the post stated. Notably, over half of this investment is directed towards the manufacturing sector, demonstrating the tangible impacts of the 'Make in India' initiative within the state. The focus on manufacturing and industrial growth is pivotal for Maharashtra's advancement.

The video also included CM Fadnavis’s remarks in the state legislature, where he asserted, “At the national level, the conversion rate of MoUs into investments hovers around 35 to 45 percent. However, in Maharashtra, over the past decade, we have achieved a remarkable rate of 80 to 91 percent.”

Additionally, during his address, CM Fadnavis presented allotment letters to international investors. The Mumbai Metropolitan Region Development Authority (MMRDA) has raised Rs 3,840.49 crore from leasing three prime commercial plots in Bandra-Kurla Complex (BKC).

Two plots were allocated to the Japanese firm Sumitomo Realty & Development Ltd, while one was assigned to Brookfield Strategic Real Estate, a global investment company. Plots C-13 and C-19 were awarded to Goisu Realty Pvt Ltd, the Indian subsidiary of Sumitomo Realty, which made the highest bids.

Plot C-80 was jointly awarded to Sklose Bangalore Pvt Ltd (the Indian arm of Brookfield Strategic Real Estate Partners III), Arliga Eco Space Business Park, and Sklose Chanakya Pvt Ltd, which collectively placed the top bid.

These leases are expected not only to generate significant revenue for MMRDA but also to create around 15,000 high-tech jobs, as stated in the release. During the 55th Annual Meeting of the World Economic Forum (WEF), MMRDA had entered into investment agreements worth USD 5 billion with Sumitomo and USD 12 billion with Brookfield.

In the same post, Team Devabhau criticized former minister and Shiv Sena UBT leader Aaditya Thackeray regarding his visit to Davos during the Maha Vikas Aghadi government, asserting that, “The Davos visit, unlike UBT’s Yuvraj, is not for leisure but aimed at enhancing Maharashtra’s prosperity. UBT is anxious after Devabhau secured a record investment for the state during his Davos visit.”