This blog will keep you updated on events at Maharashtra's global summit 2018.
15:54 Devendra Fadnavis expects Rs 12 trillion investment commitments from summit
Maharashtra chief minister Devendra Fadnavis today said the state is targeting investments of around Rs 12 trillion in a host of sectors like defence, aerospace, infrastructure, and gems & jewellery among other from the ongoing investor summit.
Fadnavis said the state will sign investment agreements with over two dozen companies in the next two days. Investments would come in almost every sector, including aerospace, logistics and electric vehicle manufacturing and services industry, he added.
Some of the big investments include an agreement between the Italian sports car major Lamborghini and Kinetic to manufacture e-cars, and the Gems and Jewellery Export Promotion Council's Rs 14,000-crore investment to develop a gems & jewellery park near Mumbai, Fadnavis said.
12:27 Magnetic Maharashtra: Mukesh Ambani lines up Rs 60,000-cr investment, Anand Mahindra Rs 1,700-cr film-centric hub; Mumbai-Pune hyperloop on anvil
On the first day of Magnetic Maharashtra: Convergence 2018 summit that kickstarted on Sunday, several business tycoons including Mukesh Ambani, Ratan Tata and Anand Mahindra attended the event. At the state’s first investor summit in Mumbai, aimed at attracting investors to explore business opportunities in Maharashtra, many industrialists made investment promises.
Here are the highlights of major business announcements made at the summit on Sunday:
> 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 crore.
12:05 Virgin, Maharashtra in pact to build Mumbai-Pune Hyperloop
The Virgin Group signed an "intent agreement" with Maharashtra 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, the foundation stone for which was laid by Prime Minister Narenda Modi this evening.
"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 on the first day of Magnetic Maharashtra investor summit here this evening.
11:47 On the sidelines of Magnetic Maharashtra, Vedanta Limited Chief Anil Agarwal in an interview with CNBC TV18, said that Maharashtra is going to be attractive for investment and it is actively talking to the government. Stating that the company ios in the final stages of talks, Agrawal said that they are setting up fibre optic plat in Aurangabad and a glass plant in Nagpur.11:37 On the second of Magnetic Maharashtra will look at technological innovations across sectors. This blog will keep you updated on events at Maharashtra's global summit 2018.