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Maha govt signs 31 MoUs for investment proposals worth Rs 6,25,457 crore at Davos

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Mumbai, Jan 22: The Maharashtra government has signed a record 31 MoUs with investment proposals worth Rs 6,25,457 crore in the field of steel, metals, renewable energy, infrastructure, cement, Lithium-Ion Batteries and Solar Modules on the sidelines of World Economic Forum summit at Davos.

The MoUs were signed on Tuesday in the presence of Chief Minister Devendra Fadnavis and senior government officers.

CM Fadnavis said, “The MoU signed today paves the way for Maharashtra’s comprehensive growth and development.” He further stated that this marks a new record for securing such a significant investment amount in a single day. Similarly, several investment agreements are expected on the second day as well.

Of the Rs 6,25,457 crore, JSW will invest a record Rs 3 lakh crore for Maharashtra’s Green Transformation and Tata Group will also make an investment of Rs 30,000 crore in multiple sectors.

The Chief Minister met with key executives of several companies and invited them to invest in Maharashtra. Among these, Tata Group Chairman N. Chandrasekaran held discussions with CM Fadnavis during which it was confirmed that the Group would invest Rs 30,000 crore in the state. The CM also met Carlsberg Group CEO Jacob Aarup-Andersen, who expressed interest in investing in Maharashtra.

The Chief Minister assured him of full cooperation for the group’s plans. Additionally, M.A. Yusuff Ali, Managing Director of the Lulu Group, conveyed interest in investing in Nagpur and expanding operations in Maharashtra.

CM Fadnavis held discussions with ReNew Power Chairman and CEO Sumant Sinha about a 15,000 MW pipeline and wind energy projects in the Beed district. Schneider Electric India’s Managing Director and CEO Deepak Sharma also met the Chief Minister. Discussions included the use of AI in the energy sector and strengthening ITIs in the state with assistance from the World Bank. Expansion plans in Ahilyanagar and Nashik were also hinted at. Mastercard APAC President Ling Hai held talks with CM Fadnavis, while Louis Dreyfus Company CEO Michael Gelchie discussed opportunities in agriculture, food processing, international shipping, and financial sectors. Emphasis was placed on enhancing collaboration in agriculture. The CM also met Cognizant CEO Ravi Kumar S. and discussed potential investments and opportunities.

“The series of meetings highlighted Maharashtra’s focus on attracting substantial global investments and fostering economic development,” said the Chief Minister’s Office in a release.

CM Fadnavis in his post on X said, “Extremely happy to witness the historic Rs 3,00,000 crore MoU signing between Govt of Maharashtra & JSW Group, with an employment generation of 10,000 in the regions of Chhatrapati Sambhajinagar, Gadchiroli, and Nagpur. Very much thankful to Sajjan Jindal ji for being a part of this historic moment at Davos, which will give a huge boost to Maharashtra’s industrial environment. It will give a big boost to Maharashtra’s industrial environment. 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.”

The government signed an MoU with Waaree Energy with a total investment of Rs 30,000 crore in green energy and solar components. it will create 7,500 jobs. The company chairman Hitesh Joshi was present.

The government inked an MoU with Blackstone-Panchshil Realty for an investment of Rs 25,000 crore for the development of the data centre. It will generate 500 jobs. Further, Blackstone will invest Rs 25,000 crore in Information Technology in the Mumbai Metropolitan Region. It will create 1,000 jobs.

The government inked an MoU with Erulearning Solutions for an investment worth Rs 20,000 crore in education. The government signed an MoU with ZR2 Group for investment worth Rs 17,500 crore in automobiles and EVs in Pune region to generate 4,000 jobs.

The state government and Balasore Alloys Ltd signed an MoU for investment of Rs 17,000 crore in steel and metals. The venture will generate 3,200 jobs. The company was represented by Satish Kaushik at the time of the signing of the MoU.

The state government and Reliance Infrastructure Ltd signed an MoU for investment worth Rs 16,500 crore in the defence sector. It will generate 2,450 jobs. The company was represented by Sateesh Seth.

Powerin Urjaa will invest Rs 15,299 crore in green energy and generate 4,000 jobs. Open Origin India Inc will invest Rs 15,000 crore in green energy to create 1,000 jobs.

Viraj Profiles Pvt Ltd and the state government inked an MoU for the investment of Rs 12,000 crore in steel and metals to generate 3,500 jobs. Neeraj Raja Kochhar, Chairman and MD of Viraj Profiles was present at the time of the signing of the MoU.

Avani Power Batteries will make investment of Rs 10,521 crore in electronics to generate 5,000 jobs in Chhatrapati Sambhajinagar. H2e Power will invest 10,750 crore in green energy to create 1,850 jobs in Pune region.

The government signed an MoU with Rural Enhancers for investment worth Rs 10,000 crore in social sectors including hospitals.

The government inked an MoU with Welspun for an investment worth Rs 8,500 crore in logistics to generate 17,300 jobs.

Essar in partnership with Blue Energy will invest Rs 8,000 crore in green energy to create 2,000 jobs.

Further, United Phosphorus will make an investment of Rs 6,500 crore in green energy to generate 3,000 jobs. The government signed an MoU with Olectra EV for investment worth Rs 3,000 crore in automotive and EV to generate 3,000 jobs.

Kalyani Group will invest Rs 5,250 crore in defence, steel and EV. It will create 4,000 jobs. The MoU was signed in the presence of CM Fadnavis and Vice-Chairman & Joint MD of Bharat Forge Limited Amit Kalyani. “Thank you Amit Kalyani for joining this MoU signing at Davos! This investment is special because it is coming to Gadchiroli, which will give better lives to so many,” said the chief minister.

Gensol will invest Ra 4,000 crore in electronics in Chhatrapati Sambhajinagar to create 500 jobs. The government inked an MoU with & El Mont for the investment of Rs 2,000 crore in infrastructure. It will generate 5,000 jobs. The company director Kabir Bhandari was present.

BookMyShow will invest Rs 1,700 crore in the entertainment sector to generate 500 jobs. Further, the government signed an MoU with Tembo for an investment worth Rs 1,000 crore in the defence sector. It will create 300 jobs. The company director Shabbir Merchant was present on the occasion.

The government also inked an MoU with AB InBev in the F&B segment for investment worth Rs 750 crore. Kartikeya Sharma, President, India & South East Asia of AB InBev was present on the occasion.

Moreover, the government inked an MoU with CEAT Limited for investment worth Rs 500 crore in automotive and EC to generate 500 jobs.

Bisleri International will invest Rs 250 crore in food and beverages in the Mumbai Metropolitan Region to create 600 jobs. The MoU signed paves the way for Maharashtra’s comprehensive growth and development.

Business

Torres Jewellery Ponzi Scam: Accused Armen Ataine Booked For Forged Birth Certificate In Mumbai

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Mumbai: In a shocking development in the multi-crore Torres scam, the Bhoiwada Police have registered a case against accused Armen Ataine (48) for illegally obtaining a fake birth certificate from the BMC’s F-South Ward. Along with Armen, two unidentified individuals who assisted him in acquiring the fraudulent document have also been booked under sections 120B, 34, 420, 465, 467, 468, 471, and 474 of the Indian Penal Code.

During the investigation, the Bhoiwada Police discovered that Armen’s father, Garun Ataine, had lived in Lalbaug’s Jam Building between 1975 and 1978. Armen allegedly used this information to fraudulently secure an Indian birth certificate.

The Torres scam came to light in January, and the Economic Offences Wing (EOW) is currently handling the case. So far, six accused have been arrested, including Armen, who was apprehended a few days ago from Madh Road in Malad. Currently in judicial custody, Armen is expected to be handed over to the Bhoiwada Police for further investigation into the forged birth certificate case.

According to EOW findings, Armen obtained a fake birth certificate from the BMC’s F-South Ward to acquire an Indian passport. Since this ward falls under the jurisdiction of the Bhoiwada Police Station, the EOW requested them to file a case. Following an inquiry, the Bhoiwada Police registered an FIR against Armen and two others late last night.

Further investigations revealed that Armen used an address from the fake birth certificate to claim Indian nationality. The Bhoiwada Police visited Jam Building No. 2, Room No. 22 in Lalbaug, where they spoke to society chairman Mahesh Hendra and other members. They confirmed that Garun Ataine and his family lived there between 1975 and 1978 before moving out.

Armen, who has acted in minor roles in Bollywood films, holds a Ukrainian passport. However, he allegedly sought an Indian passport using the fraudulent birth certificate, which stated that he was born in 1976 in Mumbai. Investigations are ongoing.

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FM has given very clear picture of Indian economy, reforms: PM Modi

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New Delhi, Feb 15: Union Finance Minister Nirmala Sitharaman, while responding to the debate on the Union Budget 2025-26 in the Parliament this week, has given a very clear picture of the Indian economy and ongoing reforms, Prime Minister Narendra Modi said on Saturday.

“During her remarks in Parliament, Finance Minister @nsitharaman has given a very clear picture of the Indian economy and the reform trajectory we are undertaking,” PM Modi posted on social media platform X.

During the Budget debate in the Lok Sabha, the Union Finance Minister said the Indian economy will continue to be the world’s fastest-growing economy backed by the increase in the government’s capital expenditure in the Budget for 2025-26 and rising consumption levels, especially in the rural areas.

The Finance Minister said that the effective capital expenditure works out to 4.3 per cent of the GDP in the Budget for 2025-26 while the fiscal deficit is 4.4 per cent.

She further cited figures from the Budget to show that the capex allocation in the budget has increased to Rs 1.21 lakh crore, dismissing the opposition’s claim that the outlay has been reduced.

According to her, inflation management is the highest priority of this government and overall retail inflation is within the notified tolerance band of 2 per cent to 6 per cent.

During the Budget debate in the Rajya Sabha, FM Sitharaman said that the Budget for FY26 was prepared during a challenging time, with serious external challenges beyond estimates or forecasts.

“For decades, we have been talking about globalisation. Now we are facing the issue of fragmentation in the world. Everybody wants to have a free market but there are increasing tariff barriers. The world is growing through a major change,” said Finance Minister.

She further stated that there are no models that you can build and understand how the trends will be because they are very dynamic.

“Despite that, we have tried keeping the assessments as close as possible, keeping India’s interests as topmost. This immense uncertainty is still playing out and many Indian imports which are very critical for our economy to grow are also going to be left with uncertainty,” she mentioned.

The Budget has not reduced sectoral allocations and the effective capital expenditure during the next fiscal is estimated at Rs 19.08 lakh crore, according to FM Sitharaman.

She also introduced the new Income Tax Bill, 2025, in the Lok Sabha this week, as part of the tax reforms to streamline and simplify the provisions so that they are easier to understand and reduce the scope for legal disputes.

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KTM 390 Duke Price Cut: Now Available at Rs 2.95 Lakh, Rs 18,000 Cheaper

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KTM has announced a price reduction for its flagship streetfighter, the Gen-3 KTM 390 Duke, making it more accessible to motorcycle enthusiasts. The bike is now available at Rs 2.95 lakh (ex-showroom), reflecting a price cut of Rs 18,000 from its earlier Rs 3.13 lakh tag. Powered by a 399cc LC4c engine, the latest-generation Duke delivers 46 PS of power and 39 Nm of torque.

The KTM 390 Duke has long been a favorite among thrill-seekers, known for its bold design and sharp handling. The latest Gen-3 version takes performance a step further with a lighter chassis, improved agility, and better traction control. Equipped with advanced rider aids like multiple ride modes, launch control, and cornering ABS, it offers a refined yet exhilarating riding experience.

KTM 390 Duke is built for precision and control, especially on sharp turns. The latest Gen-3 model comes packed with advanced technology, including Supermoto ABS and Cornering ABS for enhanced braking performance. Riders can switch between Street and Rain ride modes with Motorcycle Traction Control (MTC) to adapt to different road conditions. Features like launch control, Quickshifter+, and a dedicated Track Screen further elevate its performance, while the powerful 399cc engine delivers 46 PS and 39 Nm of torque, making it a true powerhouse on the streets.

Recently, KTM introduced the 2025 Adventure range in India, featuring three new models designed for adventure enthusiasts. The lineup includes the KTM 390 Adventure, 390 Adventure X, and 250 Adventure, offering a balance of highway comfort and off-road capability. With advanced features and rugged performance, these motorcycles cater to riders seeking versatility and power. The ex-showroom Delhi prices are set at Rs 3,67,999 for the 390 Adventure, Rs 2,91,140 for the 390 Adventure X, and Rs 2,59,850 for the 250 Adventure, making them accessible to a wide range of riders.

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