Maharashtra Chief Minister Devendra Fadnavis on Thursday unveiled plans for India’s first “Innovation City” near Mumbai, expected to be completed within six to eight months. The project, in collaboration with the Tata Group, is projected to attract investments exceeding ₹1 lakh crore. Speaking at the World Economic Forum in Davos, Fadnavis said the detailed planning would be completed in six to eight months. He noted that the concept was first discussed at last year’s Davos meeting and further developed with Tata Sons Chairman N. Chandrasekaran. The Tata Group, along with several international investors, will contribute over ₹1 lakh crore.

Emphasizing the global significance of the initiative, Fadnavis said a comprehensive circular economy model will be implemented in Mumbai to tackle challenges related to water, air, and waste management. All types of waste will be scientifically processed. The effects of the project are expected to become visible within two to three years, with plans to expand the model to other major cities. Additionally, the Raigad-Pen Growth Centre was announced at Davos, set to evolve into a major business district, with Rs 1 lakh crore in investments already secured.

Fadnavis also highlighted major agreements signed with global companies, stating that investments usually materialize over three to seven years. Key agreements include partnerships with SBG, Brookfield, ArcelorMittal, Fineman Global, Essar, Skoda Auto, Volkswagen, STT Telemedia, Tata Group, Adani Group, Reliance, JBL, Coca-Cola, Bosch, CapitaLand, and Iron Mountain.

He noted that the projects focus on key sectors such as quantum computing, artificial intelligence (AI), global capability centres (GCCs), data centres, healthcare, food processing, green steel, urban development, shipbuilding, fintech, logistics, and digital infrastructure. While some companies are Indian, they have operations in over 165 countries worldwide.

Fadnavis revealed that 83% of the MoUs involve direct foreign investment, while 16% are based on foreign technology partnerships. 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. To assure investors, the Chief Minister stated that these investments cover industrial, service, agricultural, and technology sectors. Maharashtra maintains a 75% MoU conversion rate, and last year’s agreements were implemented at a similar success rate.