MMRDA Signs MoUs Valued at ₹3.5 Lakh Crores in Davos
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Synopsis
MMRDA has signed 11 MoUs worth USD 40 billion at the WEF in Davos, aiming to boost urban transport, regional development, and create jobs in the Mumbai Metropolitan Region.
Key Takeaways
- MMRDA signed 11 MoUs worth USD 40 billion at WEF Davos.
- Investments focus on urban transport and sustainable development.
- Global investors show confidence in Mumbai's growth potential.
- Partnerships aim to create 3 million jobs by 2030.
- Initiative supports Maharashtra's vision of a USD 1 trillion economy.
Mumbai, Jan 22 (NationPress) The Mumbai Metropolitan Region Development Authority (MMRDA), during its golden jubilee celebrations, has formalized 11 Memorandums of Understanding (MoUs) amounting to USD 40 billion (Rs 3.5 lakh crore) at the World Economic Forum (WEF) in Davos in the presence of Chief Minister Devendra Fadnavis and Metropolitan Commissioner Sanjay Mukherjee.
The proposed investments will focus on urban transport, regional development, and innovative technologies over the next 3–5 years.
Crossrail International (UK) and the Department For Transport, UK have proposed to develop and optimize transport infrastructure in the Mumbai Metropolitan Region (MMR). The University of Birmingham Centre for Railway Research and Education, UK will partner with MMRDA to achieve sustainable urban transport in the MMR. Brookfield Corporation (Canada) intends to invest USD 12 billion to drive economic growth in MMR through FDI in urban, regional, and infrastructure development.
In addition, Blackstone Inc. (USA), Temasek Capital Management Pte. Ltd (Singapore), and Sumitomo Realty & Development Co., Ltd (Japan) plan to invest USD 5 billion each, while the Hiranandani Group (India and Dubai) will contribute USD 6 billion towards economic growth in MMR through FDI in urban, regional, and infrastructure development. Moreover, K Raheja Corp Pvt. Ltd. (India and Singapore) and Everstone Group (Singapore) will invest USD 5 billion and USD 1 billion respectively in this area.
Sotefin Bharat Private Limited (India and Switzerland) is set to invest USD 1 billion to enhance parking solutions in MMR. MTC Business Private Limited and Mitsui (India and Japan) will collaborate on the development of a Circular Economy Park in the Mumbai Metropolitan Region.
“The World Economic Forum at Davos has initiated a new era for MMR, aligning with the vision of transforming MMR into a trillion-dollar economy. These collaborations will not only boost infrastructure but also promote job creation and economic sustainability as we celebrate the golden jubilee of MMRDA—a true celebration of development,” stated Chief Minister Fadnavis.
Deputy Chief Minister & Chairman of MMRDA, Shri Eknath Shinde, remarked, “MMRDA’s agreements at Davos reflect global investors' confidence in Mumbai’s growth potential. These partnerships will not only attract financial investments but also bring world-class expertise and technologies crucial for MMR’s evolution as a global economic hub. This initiative aligns with Maharashtra’s objective of becoming a USD 1 trillion economy.”
Metropolitan Commissioner Sanjay Mukherjee expressed that securing USD 40 billion at Davos signifies a historic achievement for MMRDA.
“These investments reaffirm our commitment to fostering sustainable, inclusive, and transformative growth in the Mumbai Metropolitan Region, setting new standards in urban development and global collaboration,” he added.
He further noted that with focused investments in infrastructure, new growth centers, and innovative projects like the Circular Economy Park, the Mumbai Metropolitan Region is on the path to realizing a USD 300 billion economy and generating 3 million jobs by 2030.
