Devendra Fadnavis announces 'Innovation City' at Davos; Tata Group to invest 11 billion dollars

Maharashtra Chief Minister Devendra Fadnavis

• Tata Group to invest $11 billion in Mumbai's new innovation city project
• MMRDA secures $96 billion in investments at WEF 2026, signing 10 major MoUs
• Mumbai targets 52% renewable energy and a circular economy for sustainability.

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Maharashtra Chief Minister Devendra Fadnavis on Thursday announced the development of a state-of-the-art "innovation city" situated near the Mumbai airport to help new businesses grow. The Chief Minister revealed that the Tata Group will invest 11 billion dollars in this project, which 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 innovation city and we are proud we addressed it this year in Davos 26."

Meanwhile, 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."