State signs MoUs worth ₹3.10 lakh crore in Davos

The state government of Maharashtra has signed MoUs worth over ₹3.10 lakh crore ($42.3 billion) with Indian and foreign companies at the World Economic Forum in Davos. The agreements are expected to bring in investments worth over ₹3.53 lakh crore ($48 billion). Among the investors is Belgium-based brewing company AB InBev, which will set up a unit in Maharashtra with an investment of ₹600 crore ($81.9 million). Adani Group has also announced plans to invest ₹50,000 crore ($6.8 billion) in the state over the next 10 years to set up a data centre powered by renewable energy.

The state government has signed memorandums of understanding (MoUs) worth more than ₹3.10 lakh crore with Indian and foreign companies at the annual meeting of the World Economic Forum (WEF) in Davos, Switzerland, chief minister Eknath Shinde announced on Wednesday.

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“Another set of pacts worth ₹42,825 crore is scheduled to be signed with six industries on January 18. It means the state is expecting investments worth more than ₹3.53 lakh crore,” a statement from the chief minister’s office said.

Shinde is attending the summit that is being held from January 15 to 19.

Among the overseas investors is AB InBev, a Belgium-based brewing company, who will set up a unit in Maharashtra, the statement said. The state inked a pact worth ₹600 crore. AB InBev is known for popular beer brands such as Budweiser.

The development came days after the Shinde-led government decided to revive the Wine Industrial Promotion Scheme for five years. The scheme was in limbo after it was strongly opposed by senior ministers from the Bharatiya Janata Party on grounds that it would show them in bad light as they had opposed liquor and wine promotion decisions made by the previous Uddhav Thackeray-led Maharashtra Vikas Aghadi government.

Adani Group to invest ₹50,000 crore in 10 years

Adani Group has declared to invest ₹50,000 crore in the next 10 years in Maharashtra by setting up a data centre with a capacity of one gigawatt. Adani Enterprises Limited, the flagship company of the group, and the state government signed an MoU in the presence of Shinde and Adani Group chairman Gautam Adani, the company said in a statement.

“The data centre infrastructure, which will be set up in key locations such as Mumbai or Navi Mumbai and Pune, will be powered by renewable energy; it will enhance the green energy infrastructure in Maharashtra and provide direct and indirect employment to 20,000 people,” it said.