MUMBAI: The Mumbai Metropolitan Region Development Authority (MMRDA) signed 11 memoranda of understanding (MoUs) worth $40 billion (approximately Rs 3.5 lakh crore) at the World Economic Forum (WEF) in Davos, aiming to reshape infrastructure in the Mumbai Metropolitan Region (MMR).
The investments focus on urban transport, regional development and advanced technologies, promising economic growth and improved living standards in the next 3-5 years.
One MoU was signed with Crossrail International (UK) and the UK Department for Transport to study and optimise transport infrastructure in the region. The University of Birmingham will support MMRDA in achieving sustainable urban transport.
Major global investors such as Brookfield Corporation (Canada), Blackstone Inc (US), Temasek Capital Management (Singapore), and Sumitomo Realty & Development Co (Japan) committed to significant foreign direct investments, boosting infrastructure development.
Indian companies such as Hiranandani Group and K Raheja Corp, along with global players such as Everstone Group, Sotefin Bharat Pvt Ltd, and MTC Business Pvt Ltd in partnership with Mitsui, will drive projects ranging from urban development to innovative solutions like a Circular Economy Park and advanced parking systems.
