Fadnavis Unveils Innovation City As Maharashtra Bags $96 Billion Commitments At Davos

Maharashtra Chief Minister Devendra Fadnavis on Thursday told global investors that the state is ready to build a world-class innovation ecosystem near Mumbai, an announcement that has already triggered strong international interest. Addressing nearly 450 delegates at the World Economic Forum (WEF) Annual Summit 2026 in Davos, Fadnavis said the proposed innovation city would integrate global best practices and position Mumbai as a future-ready hub for technology and entrepreneurship.

Reflecting on the journey, Fadnavis said the idea was seeded at last year's Davos meet, when Maharashtra highlighted artificial intelligence and innovation as core themes. "We discussed the concept with the chairman of Tata Sons and sought support. Nearly a year later, we have formally announced this innovation city before global investors," he said.

Tata Group's $11 Billion Commitment

Fadnavis confirmed that Tata Sons has committed $11 billion to develop the innovation city. While the location has been identified and the broad contours drawn, the state expects the planning phase to take another six to eight months before execution begins.

The project aims to create a "plug-and-play" ecosystem, tailored for startups and innovation-led companies, reducing entry barriers for entrepreneurs and global firms alike.

Renewables, Circular Economy in Focus

Beyond technology, Fadnavis underlined Maharashtra's sustainability push. He said the state is transitioning its energy grid so that 52% of total power supply comes from renewable sources, aligned with the International Solar Alliance.

He also outlined a circular economy vision for Mumbai, focused on sustainable urban development and strengthening the city's position as a greener financial capital.

$96 Billion MoUs Mark 'Mumbai 3.0' Moment

In a parallel boost, the Mumbai Metropolitan Region Development Authority secured investment commitments worth $96 billion (Rs 8.73 lakh crore) on the first day of World Economic Forum Davos 2026 by signing 10 major MoUs. These deals are expected to generate around 9.6 lakh direct and indirect jobs across the Mumbai Metropolitan Region.

Calling the milestone a vote of confidence, Fadnavis said the MoUs were "blueprints for Mumbai 3.0" and a critical step toward Maharashtra's $1 trillion economy ambition.

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