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Magnetic Maharashtra: Maharashtra’s First Global Investors Summit

Prime Minister Narendra Modi inaugurated the ‘Magnetic Maharashtra’ Convergence Summit 2018 yesterday at the Mumbai Metropolitan Region Development Authority (MMRDA) grounds at Mumbai’s Bandra Kurla Complex (BKC).

This is Maharashtra’s first Global Investors Summit and is being regarded as one of the biggest such events, especially on the lines of the ‘Make In India‘ initiative launched by the Prime Minister in 2016 in Mumbai.

The summit is being attended by the top names from India Inc as well as prominent global corporate.

  • The ‘Magnetic Maharashtra’ event is an example of cooperative competitive federalism.
  • The government of Maharashtra has targeted making it India’s first trillion-dollar state.
  • In the past three years, the Maharashtra government has taken unprecedented steps to strengthen the environment for investment. Today, the infrastructure projects in Maharashtra are attracting the attention of the whole world.
  • In our efforts to build ‘New India’, we are creating a transparent ecosystem.
  • We are moving in a direction where the state is policy-driven, governance is performance-driven, government is accountable, and democracy is participative.
  • Improvements in ‘ease of living’ empower people. Empowerment of people improves social and economic development.
1. Mahindra Group to invest Rs 2,325 crores in Maharashtra

The Mahindra Group today announced over Rs 2,300 crore investment in the state in three projects of which as much as Rs 1,700 crore will be spend towards creating an entertainment destination at Kandivali, a northwestern suburb of the megalopolis.

Addressing the Magnetic Maharashtra investor summit here this evening Mahindra group chairman Anand Mahindra said his software company Tech Mahindra will invest Rs 125 crore to create an all-green tech hub in Nagpur that will create at least 2500 jobs.

On the Rs 1,700-crore investment announced in the city, Mahindra said, “we are exploring to set up a unique film centric entertainment destination on our land at Kandivali in the city as Mumbai is the heart of Hindi film industry.

“This will create hundreds of direct and indirect jobs and we plan to spend Rs 1,700 crore on this venture,” he told the summit that was inaugurated by Prime Minister Modi.

He also said the company will invest another Rs 500 crore in the state for which his group has “executed an agreement with Maharashtra for an investment of Rs 500 crore under the new electric vehicle policy.
2. Mukesh Ambani plans to invest Rs 60,000 cr in digital industrial area
Billionaire industrialist Mukesh Ambani said his firm Reliance Industries (RIL) and its global partners will set up the country’s first integrated digital area in Maharashtra entailing investments of Rs 60,000 crores.

“Reliance along with other global companies will invest over Rs 60,000 crores in the next 10 years in Maharashtra, which will be the first integrated digital industrial area in the country,” Ambani said.

Ambani said RIL has received overwhelming response from global technology companies to invest in this project. “Within a few weeks, more than 20 global companies have already agreed to invest with us. These companies include Cisco, Siemens, HP, Dell, Nokia and Nvidia among others,” Ambani said.

3. Virgin Group’s Richard Branson inks pact to build Mumbai-Pune hyperloop

The Virgin Group signed an “intent agreement” with the Maharashtra state government to build a hyperloop transportation system between Mumbai and Pune, which aims to reduce the travel time between the two mega cities to 20 minutes from the three hours at present.

The first hyperloop route will link central Pune with the megapolis as well as the Navi Mumbai international airport.

“We have signed an agreement with Maharashtra to build a Virgin Hyperloop between Mumbai and Pune, beginning with an operational demonstration track in the region,” Virgin Group chairman Richard Branson said.

With easier access to airport gates, the loop will be able to ferry 150 million passengers every year. Details such as the project cost and a time-line are yet to be announced.

4. What is in store for Mumbai?
  • Navi Mumbai International Airport : Prime Minister Narendra Modi unveiled the foundation plaque at the ground breaking ceremony for Navi Mumbai International airport in Mumbai on 18th Feb 2018. “In our country, nearly 450 planes are operational. 900 new planes will be bought this year. Aviation sector is moving ahead,” Mr. Modi said.  First flight to take off from Navi Mumbai in December 2019: Devendra Fadnavis.

  • Fourth container terminal at Jawaharlal Nehru Port: “This terminal will provide world-class facilities for international trade and ease the burden on the existing container terminals, which are operating at almost full capacity,” JNPT said in a statement.

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