Mumbai: Reliance Industries Limited (RIL) announced on Wednesday that it has signed a memorandum of understanding (MoU) to invest ₹3.05 lakh crore in Maharashtra. This investment will span key sectors, including renewable energy, retail, hospitality, high-tech manufacturing, and green power. The announcement was made during the World Economic Forum’s annual meeting in Davos, Switzerland.
Maharashtra has been a focal point of investments at the WEF meeting, with the state government securing 33 MoUs totaling ₹9.72 lakh crore within the first two days. Among these, JSW Group inked a ₹3 lakh crore deal on Tuesday to fund various projects, including developments in the Naxal-affected Gadchiroli district.
Chief Minister Devendra Fadnavis hailed RIL’s MoU as a transformative step for Maharashtra. “Their investments across sectors such as petrochemicals, renewable energy, green hydrogen, data centers, telecommunications, and industrial development are expected to generate over 300,000 jobs,” he noted.
Anant Ambani, RIL’s non-executive director, emphasized the company’s dedication to building a new India under Prime Minister Narendra Modi’s leadership. “This ₹3.05 lakh crore investment reflects our commitment to shaping India’s future and is inspired by Chief Minister Fadnavis’s visionary leadership,” Ambani remarked.
The Tata Group also announced its intent to invest ₹30,000 crore across multiple sectors in Maharashtra after chairperson N Chandrasekaran met with Fadnavis. Other significant announcements included Vardhaan Lithium’s ₹42,535 crore investment in electronics, and edtech company Erulearning Solutions’ ₹20,000 crore pledge to the education sector.
Additional MoUs signed included Powerin Urja India (₹15,299 crore), Open Origin India Inc (₹15,000 crore), Rural Enhancers (₹10,000 crore), Welspun World (₹8,500 crore), United Phosphorus (₹6,500 crore), Olectra EV (₹3,000 crore), and CEAT (₹500 crore), among others.
Fadnavis also held key meetings on Wednesday, including discussions with former UK Prime Minister Tony Blair and Finland’s Minister for Foreign Trade, Ville Tavio. The Chief Minister highlighted Maharashtra’s focus on renewable energy, with over 50% of its energy soon to be sourced from renewables.
Talks with Tavio explored hosting a Magnetic Maharashtra roadshow in Finland, emphasizing green hydrogen and chemical sector investments. Fadnavis also met with Carlsberg Group CEO Jacob Aarup Anderson, who revealed plans for a significant investment in the state, including a new keg production line.
Further discussions with Lonza Group’s CIO Jerzy Janeczko spotlighted advancements in pharmaceuticals, biotechnology, and cutting-edge manufacturing. Fadnavis noted that Lonza’s innovations could accelerate treatments and expand technological opportunities in Maharashtra.