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."
"By transforming the MMR into a world-class, technology-driven powerhouse, we are ensuring that Maharashtra remains the primary engine of India's growth. Following last year's Rs 16 lakh crore success, we have set our sights even higher this year to bring life-changing infrastructure and millions of jobs to our youth," he added.
Deputy Chief Minister and Chairman, MMRDA, Eknath Shinde said, "Today marks a historic moment for the Mumbai Metropolitan Region. With the signing of 10 MoUs at Davos 2026, MMRDA is set to transform Thane, Mumbai, Kalyan, and the surrounding regions into a global hub of sustainable infrastructure, innovation, and industrial growth. These initiatives will generate over 9.6 lakh direct and indirect jobs across diverse and futuristic sectors, from the Urban Tech Stack and AI to sports medicine and Net-Zero sustainable development, empowering local talent and providing them a platform to compete on the global stage."
"Beyond economic growth, these projects will enhance the quality of life for citizens, with world-class urban amenities, improved connectivity, and inclusive opportunities for all. Through MMRDA's vision and execution, we are ensuring that the dreams of our youth translate into tangible, future-ready careers while Reshaping MMR as a benchmark for metropolitan excellence," he added.
Sanjay Mukherjee, IAS, Metropolitan Commissioner, MMRDA, said, "I am proud to be part of an organisation that ranks among the world's top five development agencies. At MMRDA, we are creating entirely new growth ecosystems from a world-class Sports City and the IISM Global Sports Innovation and Skill-Tech University to advanced hubs for sports science, athlete development, and specialised education generating high-value employment at scale in MMR."
"From the FinTech Hub at Wadala to Innovation Cities in Kharbav, we are deploying a comprehensive Urban Tech Stack, supported by Digital Twins, to ensure development is data-driven, resilient, and sustainable. This transformation is set to make Mumbai the talent capital of India and Asia, while driving sustainable development across the region, creating high-value employment and elevating the quality of life for millions. This holistic shift spanning AI laboratories, sports medicine, and net-zero industrial clusters will ensure that the Mumbai Metropolitan Region remains a vibrant, inclusive, and globally competitive urban region," he added.
The agreements span infrastructure, logistics, fintech, digital ecosystems, sports, education, sustainability, and advanced urban technologies.
MMRDA signed an MoU worth USD 45 billion with SBG Group to develop integrated logistics, industrial and digital infrastructure hubs across MMR, which is expected to generate 4.5 lakh jobs over 10 years.
Panchshil Realty (USD 25 billion) will create fintech districts, integrated townships, and industrial-logistics hubs, generating 2.5 lakh jobs.
Further, K Raheja Corp (USD 10 billion) will develop three "Innovation Cities" focused on logistics, fintech, AI, gaming, and sports innovation, creating 1 lakh jobs.
IISM Global (USD 8 billion) will establish a global-standard integrated Sports City and Sports Innovation & Skill-Tech University, generating 80,000 jobs.
Sumitomo Realty & Development (USD 8 billion) will develop a world-class High Street District and transit-oriented development at BKC, creating 80,000 jobs.
MMRDA also signed strategic knowledge and technology partnerships with leading global institutions.
An MoU was signed with University of California, Berkeley for collaboration in AI, sustainability, urban policy, and innovation ecosystems; Japan International Cooperation Agency (JICA) for a unified digital architecture for multimodal urban mobility and transport digital twins.
Further, MoU was also signed with Sembcorp Development Ltd., Singapore for sustainable, low-carbon industrial ecosystems across strategic corridors in Palghar, Raigad, and Kharbav.
MMRDA signed MoU with Technical University of Munich (TUM), Germany for advanced mobility engineering, climate-resilient planning, and transit-oriented development with Urban Futures Collective, London, along with a global academic consortium including MIT Media Lab and UCL, to develop open-source digital twins for evidence-based metropolitan governance.
(Except for the headline, this story has not been edited by NDTV staff and is published from a syndicated feed.)
