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

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1 year ago

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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.

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Sensex, Nifty trade flat as crude oil declines, monsoon remains in focus

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16 hours ago

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June 17, 2026

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Mumbai, June 17: Domestic equity benchmarks traded flat in morning session on Wednesday after a three-day rally driven by lower crude oil prices and optimism over a US-Iran peace deal.

Sensex was trading at 76,817.58, up 8.58 points or 0.01 per cent, while Nifty was at 23,988, down 1 point in early trade.

Earlier in the day, the 30-share index opened higher, rising 284.69 points or 0.37 per cent to hit an intraday high of 77,093.17. The 50-script basket began the day at 24,044.50, up 58.89 points or 0.24 per cent.

On the sectoral front, Nifty Consumer Durables was the top performer, gaining 1.26 per cent, followed by Nifty IT and Nifty Media.

In addition, healthcare and pharma stocks remained in demand, with Nifty Pharma advancing 0.24 per cent and Nifty Healthcare rising 0.18 per cent.

In contrast, selling pressure was visible in metal and realty stocks. Nifty Metal fell 0.87 per cent, while Nifty Realty declined 0.68 per cent. Nifty Auto, Private Bank and PSU Bank indices also traded in the red.

Among the Nifty 50 constituents, Hindalco Industries, NTPC, Trent, ONGC, Bharti Airtel, Dr Reddy’s Laboratories and Axis Bank were among the top losers.

According to market experts, two factors are likely to influence market trends in the near term — one positive and the other negative.

“The positive factor is the steady and sharp decline in crude oil prices. Brent crude has fallen by around 16 per cent over the last five days to about $79 per barrel, easing concerns over a widening balance of payments deficit in India,” they said.

The negative factor is the deficient monsoon, which is raising concerns about food inflation. However, experts noted that monsoon activity could improve in the coming days, as has happened in the past, easing such concerns.

The positive trend is likely to continue as the rupee has been steadily strengthening and could appreciate further, experts added.

On the commodities front, international benchmark Brent crude declined 0.72 per cent to $78.39 per barrel, while US West Texas Intermediate (WTI) crude decreased almost 1 per cent to $75.35.

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Centre refutes reports on deep-sea energy pipeline between India and the Gulf

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2 days ago

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June 16, 2026

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New Delhi, June 16: The government on Tuesday refuted media reports that it is pursuing a deep-sea energy pipeline, connecting Gujarat to Oman and other Gulf countries.

In a clarification, the Petroleum Ministry said it has noticed a series of media reports suggesting that the Government of India is actively pursuing a deep-sea energy pipeline, sometimes referred to as the Middle East-India Deepwater Pipeline (MEIDP), connecting Gujarat to Oman and other Gulf countries.

“The Ministry of Petroleum and Natural Gas wishes to categorically clarify that no such proposal is currently under consideration by this Ministry. There are no active discussions or negotiations with Oman or any other Gulf countries on this project at any level in this Ministry,” it said in a statement.

“This clarification is issued to put all speculation in this regard to rest,” added the ministry.

Meanwhile, the Malta-flagged LNG carrier DISHA, managed by a Shipping Corporation of India-led consortium, safely transited the Strait of Hormuz on Monday with a cargo of 62,370 metric tonnes of LNG bound for Dahej in Gujarat, and is likely to reach India on June 18.

The government said it remains in continuous coordination with the Ministry of External Affairs, Indian missions abroad, shipping companies, and other relevant stakeholders to ensure the safety and welfare of Indian seafarers and provide all assistance. Port operations across India remain normal, with no congestion reported.

The Directorate General of Shipping (DGS) has also advised shipping companies as well as maritime recruitment and placement agencies to restrict deployment of Indian seafarers to in the Middle East conflict areas until further orders, days after three Indian seafarers onboard MT Settebello were killed after the US military strike on the commercial vessel off the Oman coast.

DG Shipping, in a circular, said masters of vessels operating in or transiting through the Gulf region, including the Strait of Hormuz and adjoining waters, are advised to maintain heightened security awareness, closely monitor navigational warnings received and advisories issued from security agencies, and implement all applicable ship security measures and company security procedures.

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Business

Indian equity markets trade higher amid easing West Asia tensions

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2 days ago

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June 16, 2026

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Mumbai, June 16: Indian equity markets traded higher in morning trade on Tuesday after the United States and Iran reached a preliminary agreement to end conflict.

Sensex rose over 300 points or 0.41 per cent to touch an intraday high of 76,579 in early trade, while Nifty gained around 90 points or 0.36 per cent to trade at 23,941.

Sectorally, buying was seen in realty, IT, consumer durables and financial stocks, with Nifty Realty gaining 0.86 per cent and Nifty IT rising 0.74 per cent.

FMCG, media, chemicals and auto indices also traded in positive territory.

In contrast, metal stocks witnessed selling pressure, dragging Nifty Metal down more than 1 per cent.

From the Nifty pack, Hindalco Industries, JSW Steel, Axis Bank, HDFC Life, Tata Motors Passenger Vehicles (TMPV) and Tata Steel were among the top losers.

Analysts said the sharp correction in Brent crude prices to below $84 per barrel and stability in the rupee have the potential to lend resilience to the market.

“The strong macro headwind of a rising balance of payments (BoP) deficit is no longer a serious issue for the economy. This positive development has imparted stability to the rupee, which has appreciated to 94.71 against the dollar from its recent low of 96.96,” market experts said.

However, analysts cautioned that a weak monsoon remains a concern, as a below-normal rainfall season could fuel inflationary pressures. They said developments on the monsoon front would need to be closely monitored in the coming weeks.

According to senior US officials, the two sides have signed a memorandum of understanding (MoU) aimed at ending the nearly four-month-long war, with a formal signing ceremony expected on Friday.

Moreover, US officials indicated that shipping traffic through the Strait of Hormuz is likely to resume gradually, easing concerns over disruptions to global energy supplies.

On the commodities front, international benchmark Brent crude traded 0.37 per cent lower at $82.86 per barrel, while US West Texas Intermediate (WTI) crude slipped 0.22 per cent to $80.57 per barrel.

Asian markets traded mostly higher. Japan’s Nikkei advanced 0.62 per cent, while South Korea’s KOSPI surged more than 2 per cent. Indonesia’s Jakarta Composite gained around 4 per cent. However, Hong Kong’s Hang Seng declined over 1 per cent.

Overnight, Wall Street ended higher, with the S&P 500 gaining 1.65 per cent and the Nasdaq surging nearly 3 per cent.

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