Maharashtra seals MoUs worth Rs 6.25 lakh crore so far at Davos, Tatas to invest Rs 30,000 crore

The state of Maharashtra has signed 31 MoUs for investments worth over Rs 6.25 lakh crore at Davos, Switzerland with Indian companies across automotive, steel, defence, EVs, renewables and electronics sectors, Chief Minister Devendra Fadnavis informed on January 22.

The list of companies that have signed agreements with the state government include the Tata Group, Ceat, Essar Renewables, Bharat Forge, Welspun Corp, Reliance Infra, Olectra Greentech, among others.

While the Tata Group plans to invest up to Rs 30,000 crore in the state, Essar Renewables has signed a ~Rs 8,000 crore MoU, UPL plans a total investment of Rs 6,500 crore, Powerin Urjaa signed a MoU for investment of up to Rs 15,300 crore in renewable energy space, among others. Olectra Greentech plans to explore investments of up to Rs 3,000 crore for EV related projects.

Chief Minister Fadnavis called the state the ‘powerhouse of Indian economy’, and said the global investors understand the pitch, with the state now emerging as the ‘data centre capital of India’ with 60% of India’s capacity, aside of its traditionally strong presence in manufacturing.

Four additional data centres are being planned in the New Mumbai region, at a cost of Rs 75,000 crore, CM Fadnavis told Network 18 during a conversation.

There is an ‘increased bullishness’ among global investors when it comes to India, Fadnavis said, adding that states are in a healthy competition to attract foreign capital, which is good for the overall development of the country.

In 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.

Maharashtra’s $500 billion economy is the largest in India for any state, however, a World Bank report had recently pointed that just seven of its 36 districts account for more than half of the state’s GDP.