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Maharashtra Govt Signs 54 MoUs Worth INR 15.70 Lakh Cr at World Economic Forum, Davos

Maharashtra government has inked 54 MoUs worth INR 15.70 lakh crore at the World Economic Forum (WEF) in Davos, spanning sectors like defence, renewable energy, EVs, infrastructure, and electronics. Reliance Group and JSW Group have committed INR 3.05 lakh crore and INR 3 lakh crore, respectively.

January 23, 2025. By Mrinmoy Dey

The Maharashtra government has signed 54 memorandum of understandings (MoUs) worth about INR 15.70 lakh crore across multiple sectors, including defence, renewable energy, steel, infrastructure, EV, electronics, F&B and data centre, at the World Economic Forum (WEF) in Davos.

The Reliance Group announced the largest investment among the MoUs signed on the second day, committing about INR 3.05 lakh crore across diverse sectors, including petrochemicals, polyester, renewable energy, bioenergy, green hydrogen, green chemicals, industrial development, retail, data centres, telecommunications, hospitality, and real estate. This is expected to generate close to 3 lakh employment opportunities.

Other MoUs signed on the second day from the green energy sector include HyZero Inc. (INR 16,000 crore), MSN Holdings (INR 14,652 crore) and Renaissance Solar & Electronic Materials (INR 5,000 crore).

MSN Holdings Ltd, which plans to establish an advanced lithium battery and cell manufacturing project under the state’s ‘Ultra Mega Project’ initiative. HyZero Inc. will set up two units in Maharashtra in the green energy segment.

On the first day, the largest among the deals was with the JSW Group worth INR 3 lakh crore. This deal is expected to generate employment of 10,000 in the regions of Chhatrapati Sambhajinagar, Gadchiroli, and Nagpur.

“The areas of this investment like renewable energy, infrastructure, cement, lithium-ion batteries, and solar modules will play a huge role in our mission 'Green Maharashtra',” said Maharashtra Chief Minister Devendra Fadnavis.

In a series of tweets, the CM office has revealed the details of the MoUs, signed on the two days.

Solar cell and modules manufacturer Waaree Energies has signed a MoU worth INR 30,000 crore. The company plans to set up a plant in Nagpur.

Essar + Blue Energy joint venture Essar Renewables has committed an INR 8,000 crore investment. It has plans to develop 2 GW of renewable energy capacity for its green mobility initiative. Under the terms of the agreement, Essar Renewables will invest approximately INR 8,000 crore in a mix of round-the-clock renewable energy projects, primarily aimed at supporting the Electric Vehicle truck charging ecosystem of Blue Energy Motors and Greenline. This investment is expected to generate direct employment for over 2,000 individuals, contributing to the state’s transition to green energy and economic growth. The proposed projects are slated to commence in the fiscal year 2026-27.

United Phosphorus Ltd has signed an agreement for a ₹6,500 crore investment in the green energy sector. The Government of Maharashtra and H2E Power have partnered for an INR 10,750 crore investment in Pune in the green energy sector.

ZR2 Group has signed an MoU agreement for an INR 17,500 crore investment in green hydrogen and chemicals. Other MoUs in the green energy sector include Open Origin India Inc. (INR 15,000 crore) and Powerin Urjaa (INR 15,299 crore).

In the EV sector, Olectra EV has committed an INR 3,000 crore investment. CEAT has announced an INR 500 crore investment in the automotive and EV sector.

Blue Energy Motors has signed an MoU worth INR 3,500 crore with the Maharashtra government. The company plans to manufacture 30,000 EV trucks, aimed at fostering industrial growth and significantly enhancing the region’s EV truck manufacturing infrastructure. Under the terms of the agreement, Blue Energy Motors will invest approximately INR 3,500 crore to establish a state-of-the-art manufacturing facility dedicated to the production of its advanced electric (EV) trucks that will house advanced R&D capabilities, battery-pack line, motor manufacturing unit and set up charging stations as well. This investment is expected to generate direct employment for over 4,000 individuals, contributing to the state’s transition to green energy and economic growth. The proposed projects are slated to commence in the fiscal year 2025-26.

Tata Group have also signed an MoU with the Maharashtra government worth INR 30,000 crore investment across multiple sectors.

The Government of Maharashtra and Anvi Power Batteries have agreed on an INR 10,521 crore investment in the electronics sector. Gensol has committed an INR 4,000 crore investment in the electronics sector.