Magnetic Maharashtra Global Investment Summit 2018: State Gets Boost From Top Indian Business Leaders

Mumbai, February 19: The Magnetic Maharashtra global investment summit in Mumbai kicked off on February 18 amid the presence of major players of Indian companies. The summit is aiming fresh investment in the state after it bagged 51 per cent of total Foreign Direct Investment (FDI) in India. Spread across 50,000 sq meters of space at MMRDA Grounds, Bandra- Kurla Complex, Mumbai, “Magnetic Maharashtra: Convergence 2018” had the participation of top business leaders including Anand Mahindra, Ratan Tata, Mukesh Ambani among others.

Business tycoon like Adi Godrej, chairman of Godrej Group; Anil Agarwal, chairman of Vedanta Resources; Baba Kalyani, managing director at Bharat Forge; Richard Branson, founder of Virgin Group; Hyun-Joon Cho, chairman, Hyosung; Edward Monser, president, Emerson; also graced the summit with their presence.

Prime Minister Narendra Modi, Maharashtra Chief Minister Devendra Fadnavis, Nitin Gadkari, Union minister for surface transport and shipping; Suresh Prabhu, Union minister for commerce; and railway minister Piyush Goyal. The exhibition will have Sectoral focus and showcase the State’s prowess in the following areas- Automobiles / Auto Components, Defence, Food Processing, IT/ITes, Electronics, Heavy Engineering and Pharmaceuticals.

Prime Minister Narendra Modi said on Sunday, at the inaugural address of the summit said that Maharashtra will become India’s first trillion-dollar economy, reaching the milestone by 2025. PM Modi touted the possibility of India reaching a $5 trillion economy by 2025. While inaugurating the summit, Modi urged investors to invest more in India and in Maharashtra as he inaugurated Magnetic Maharashtra.

After inaugurating Magnetic Maharashtra investors summit in Mumbai, PM Modi highlighted his government’s initiatives and recent changes introduced in the Union Budget. He praised Fadnavis-led Maharashtra government for aiming to achieve a trillion dollar economy by 2025. “Our budget is not limited to outlay, its focus is on the outcome. Our reforms in budget making and presentation have created a new work culture and are transforming the socio-economic landscape,” PM Modi said.

Anand Mahindra promises to invest Rs 2,325 cr & says will set up a Rs 1,700cr film-based entertainment centre in Mumbai

Business leader Anand Mahindra while addressing the 'Magnetic Maharashtra' Global Investors Summit announced over Rs 2,300 crore investment in the state in three projects of which as much as Rs 1,700 crore will be spent to create an film-centric entertainment destination at Kandivali, a northwestern suburb of Mumbai. The business tycoon further added that his software company Tech Mahindra will invest Rs 125 crore to create an all-green tech hub in Nagpur that will create at least 2,500 jobs.  Addressing the Magnetic Maharashtra investor summit, Anand Mahindra said his software company Tech Mahindra will invest Rs 125 crore to create an all-green tech hub in Nagpur that will create at least 2,500 jobs.

While speaking on the Rs 1,700-crore investment, Mahindra said, "we are exploring to set up a unique film-centric entertainment destination on our land at Kandivali in the city as Mumbai is the heart of Hindi film industry. "This will create hundreds of direct and indirect jobs and we plan to spend Rs 1,700 crore on this venture," he said.

Ratan Tata makes public his concerns on the infrastructure front

Ratan Tata also chose the state government-organised investor summit and the presence of Prime Minister Narendra Modi to make public his concerns on the infrastructure front. Tata, who spoke before Mahindra did, said it is unfortunate that the infrastructure has not been able to keep pace with the growth, but quickly added that things are changing since the BJP-led dispensations have assumed power.

Mukesh Ambani plans to invest Rs 60,000 cr in digital industrial area

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.  "Reliance along with other global companies will invest over Rs 60,000 crore in the next 10 years in Maharashtra, which will be the first integrated digital industrial area in the country," Ambani said.

Reliance Industries Chairman Mukesh Ambani told the gathering, "I have never seen such explosion of ambition in Maharashtra as I see today. Mumbai is also home to Jio, our newest technology startup in the Reliance family. When our Prime Minister unveiled his Digital India vision, it became Jio's own mission. Before Jio's launch India was 155th in the world in mobile data consumption. Today, India is number one. Over 170 million Indian enjoy the highest quality data services at the lowest prices from Jio over the last 15 to 18 months."

Richard Branson Mumbai-Pune hyperloop

For easier access to airport gates, the Virgin Group signed an agreement"with the Maharashtra state government 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, reports PTI. The loop will be able to ferry 150 million passengers every year. Details such as the project cost and a time-line are yet to be announced. As per reports, the first hyperloop route will link central Pune with the megapolis as well as the Navi Mumbai international airport. "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.

The Exhibition will have a unique showcase of Maharashtra’s growth story through its regional representation wherein a prospective investor will get a glimpse of the strengths and opportunities that lie in Mumbai & Pune, Aurangabad, Nagpur and Nashik.

(The above story first appeared on LatestLY on Feb 19, 2018 11:56 AM IST. For more news and updates on politics, world, sports, entertainment and lifestyle, log on to our website latestly.com).