Davos, January 22
Devendra Fadnavis on Thursday informed global investors that the state is ready to host a world-class innovation ecosystem near Mumbai. Speaking before nearly 450 international delegates, the Chief Minister said the project has already sparked serious interest in investing in this city.
Reflecting on the international response, Fadnavis said, "Today, we made a significant announcement. Last year in Davos, our theme was AI and the Innovation Ecosystem, which inspired us to propose creating an innovation city in Maharashtra. I discussed this idea with the chairman of TATA Sons and sought his support. I am delighted that, nearly a year later, we have officially announced this innovation city in Davos before 400-450 international investors. The city will bring global innovation ecosystems to Mumbai, India."
He also told Tata Sons has committed $11 billion to develop the Innovation City. "We have just identified the location and sketched one of its details, which we can now refer to as the contour. The plan is to take the next six to eight months before we begin", Fadnavis added.
Meanwhile, Devendra Fadnavis explained that the Tata Group investment in the project aims to provide a "Plug and Play" ecosystem specifically designed to support the start-up community.Emphasising the state's commitment to the International Solar Alliance, Fadnavis stated that Maharashtra is transitioning its energy grid to ensure 52 per cent of its total power is supplied by renewable sources. Additionally, he outlined a comprehensive vision for a circular economy in Mumbai, focusing on sustainable urban development to transform the city into a greener financial capital.
Reflecting on the journey of the project, Fadnavis said, "Got inspired from last years davos meeting for Maharashtra as an innovation city and we are proud we addressed it this year in Davos 26."
On the other hand, the Mumbai Metropolitan Region Development Authority (MMRDA) achieved a historic milestone at the World Economic Forum (WEF) Annual Summit 2026 in Davos, securing investment commitments worth USD 96 billion (Rs 8.73 lakh crore) on the very first day through the signing of 10 major Memoranda of Understanding (MoUs).
The landmark agreements are expected to generate approximately 9.6 lakh direct and indirect jobs, positioning the Mumbai Metropolitan Region (MMR) as the talent capital of India and Asia. The MoUs were signed in the presence of Chief Minister Devendra Fadnavis, with Sanjay Mukherjee, IAS, Metropolitan Commissioner, MMRDA, representing the authority.
Speaking on the exchange of these MoUs at Davos 2026, Chief Minister Devendra Fadnavis said, "The historic USD 96 billion in investments secured on the very first day of WEF 2026 is a reflection to the global investors' unwavering faith in Maharashtra's potential. These 10 MoUs are not just financial agreements; they are the blueprints for 'Mumbai 3.0' and the key to accelerating our march towards the USD 1 trillion economy milestone."
- ANI
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