WEF Davos: Maharashtra, Reliance Industries Sign Historic MoU On Rs 3.05 Lakh Investment

SOURCE : NEW18 NEWS

Last Updated:January 22, 2025, 23:19 IST

The historic deal is expected to generate over 3 lakh employment opportunities across diverse sectors, including new energy, retail, hospitality, and high-tech manufacturing.

The Maharashtra government and Reliance Industries Limited (RIL) signed a historic Memorandum of Understanding (MoU) on the sidelines of the World Economic Forum summit at Davos, Switzerland for an investment of Rs 3.05 lakh crore to generate over 3 lakh employment opportunities in various sectors.

The Chief Minister’s Office in Maharashtra announced that the deal will help generate employment opportunities across diverse sectors, including new energy, retail, hospitality, and high-tech manufacturing, under the leadership of Anant Ambani, Non-Executive Director of RIL.

“It is an extreme honour and a moment of pride for me and for RIL as we embark on this remarkable MoU. RIL has always been deeply committed to the idea of a new India under the visionary leadership of our Honourable Prime Minister Narendrabhai Modiji. As the largest business group in India, we are spread across the country, furthering our commitment to build a great nation,” said Anant Ambani at the WEF Summit on the occasion.

Ambani lauded PM Modi for his transformative efforts in building a Viksit Bharat and also thanked Maharashtra CM Devendra Fadnavis for positioning the state as the gateway to India’s $5 trillion economy and soon-to-be first trillion-dollar economy.

“We are inspired by the phenomenal leadership of Devendra Fadnavis ji, whom I have known personally for over 10 years,” Anant Ambani further said. “I was part of Maharashtra’s Economic Advisory Council and I was impressed by the planning process that the government undertook to work towards achieving this target.”

Meanwhile, Fadnavis also thanked Anant Ambani for this historic investment which will boost Maharashtra’s growth. He said the MoU will propel job creation on a large scale.

Fadnavis, who is currently in Davos for the WEF Summit, said Maharashtra has signed MoUs worth more than Rs 6.25 lakh crore in a single day, reflecting the unwavering trust in the state’s growth potential under the leadership of PM Modi. The chief minister, accompanied by senior officials, engaged with prominent business leaders to strengthen Maharashtra’s position on the world economic map.

Maharashtra has signed MoUs worth Rs 10.72 lakh crore so far at the summit, including with Renaissance Solar & Electronic Materials, L&T Defence, Indorama, Blackstone, Greta Energy and Vardhan Lithium.

Tata Group Chairman N Chandrasekaran also held discussions with Fadnavis, during which it was confirmed that Tata Group would invest Rs 30,000 crore in the state in green energy and solar components, creating over 7,500 jobs.

The state government and Balasore Alloys Ltd signed a MoU for investment of Rs 17,000 crore in steel and metals. The venture will generate 3,200 jobs. The company was represented by Satish Kaushik at the time of the signing of the MoU.

The state government and Reliance Infrastructure Ltd signed a MoU for investment worth Rs 16,500 crore in the defence sector. It will generate 2,450 jobs. The company was represented by Sateesh Seth. Powerin Urjaa will invest Rs 15,299 crore in green energy and generate 4,000 jobs.

Fadnavis also met with Mastercard APAC president Ling Hai, LDC CEO Michael Gelchie, and Cognizant CEO Ravi Kumar S. Discussions with these leaders centered on agriculture, food processing, international shipping, and IT advancements, all of which are critical to the state’s economic diversification strategy.

(with inputs from IANS)