Reliance Industries has signed a Memorandum of Understanding (MoU) with the Maharashtra government to invest Rs 3.05 lakh crore in the state across diverse sectors including new energy, retail, hospitality, and high-tech manufacturing. This is expected to create 3 lakh employment opportunities in the state.
The MoU was signed on the sidelines of the World Economic Forum (WEF) in Davos. Speaking about the MoU, Anant Ambani, Director of Reliance Industries Limited, said: "It is an extreme honour and moment of pride for me and RIL as we embark on this remarkable MoU with the government of Maharashtra. RIL has always been deeply committed to the idea of New India, under the visionary leadership of our honourable Prime Minister Narendra Modi. As the largest business group in India, we are spread across the country, furthering our commitment to build a great nation. In this regard, our Rs 3,05,000 crore MoU spread across new energy, retail, hospitality, green power, high-tech manufacturing is the step in that direction."
"We are inspired by the phenomenal leadership of (CM) Devendra Fadnavis whom I have known personally for over 10 years. His vision to make Maharashtra the gateway to India's $5 trillion goal is remarkable and the pursuit of turning Maharashtra into the first $1 trillion economy is practical and doable in the next few years. I was part of Maharashtra's economic advisory council, and I was impressed by the planning process that the government took to work towards achieving this target. Here is my company's commitment in that direction. I speak on behalf of our Chairman Shri Mukesh bhai Ambani and the entire RIL group. We are with Maharashtra on this pursuit."
A groundbreaking moment for Maharashtra as the GoM and RIL signed a historic MoU worth 3,05,000 crore, with over 3,00,000 employment opportunities across diverse sectors, including new energy, retail, hospitality, and high-tech manufacturing, under the leadership of Shri Anant pic.twitter.com/WKfdJvpx0R
CMO Maharashtra (@CMOMaharashtra) January 22, 2025
Maharashtra CM Devendra Fadnavis called the MoU a "groundbreaking moment" for the state. Notably, Maharashtra government has so far signed over 50 MoUs with various business conglomerates at the World Economic Forum (WEF) in Davos. The list of companies that have signed agreements with the state government include the Tata Group, Ceat, Essar Renewables, Bharat Forge, Welspun Corp, 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 and Powerin Urjaa signed a MoU for investment of up to Rs 15,300 crore in renewable energy space. 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.
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