Mumbai, Jan 22 : The Mumbai Metropolitan Region Development Authority (MMRDA) during its golden jubilee celebrations has signed 11 Memorandums of Understanding (MoUs) worth USD 40 billion (Rs 3.5 lakh crore) at the World Economic Forum (WEF) in Davos in the presence of chief minister Devendra Fadnavis and Metropolitan Commissioner Sanjay Mukherjee.

The proposed investment will take place in urban transport, regional development, and cutting-edge technologies over the next 3'5 years.

Crossrail International (UK) and the Department For Transport, UK have proposed the development and Optimization of Transport Infrastructure in the Mumbai Metropolitan Region (MMR), the University of Birmingham Centre for Railway Research and Education, UK will associate with MMRDA in achieving Sustainable Urban Transport in the MMR, Brookfield Corporation (Canada) will invest USD 12 billion in driving Economic Growth in MMR through FDI in Urban, Regional and Infrastructure Development.

Further, Blackstone Inc. (USA), Temasek Capital Management Pte. Ltd (Singapore), Sumitomo Realty & Development Co., Ltd (Japan) will invest USD 5 billion each and Hiranandani Group (India and Dubai) will invest USD 6 billion in driving Economic Growth in MMR through FDI in Urban, Regional and Infrastructure Development. Moreover, K Raheja Corp Pvt. Ltd. (India and Singapore) and Everstone Group (Singapore) will invest USD 5 billion and USD 1 billion respectively in Driving Economic Growth in MMR through FDI in Urban, Regional and Infrastructure Development.

Sotefin Bharat Private Limited (India and Switzerland) will make an investment of USD 1 billion to drive Economic Growth in MMR through FDI in Areas of Transforming The Parking Solutions in the MMR. MTC Business Private Limited and Mitsui (India and Japan) will invest in the development of the Circular Economy Park in the Mumbai Metropolitan Region.

'The World Economic Forum at Davos has opened a new chapter for MMR, aligning with MMR's vision of becoming a trillion-dollar economy. These partnerships will not only drive infrastructure growth but also foster job creation and economic sustainability for the region while celebrating the golden jubilee of MMRDA, it's a truly' celebration of Development,' said Chief Minister Fadnavis.

Deputy Chief Minister & Chairman MMRDA Shri Eknath Shinde said, 'MMRDA's agreements at Davos reflect the confidence of global investors in Mumbai's growth potential. These partnerships will not only bring financial investments but also world-class expertise and technologies that will define MMR's evolution as a global economic hub. This initiative takes us closer to Maharashtra's vision of becoming a USD 1 trillion economy.'

Metropolitan Commissioner Sanjay Mukherjee said that securing USD 40 billion at Davos marks a historic milestone for MMRDA.

'These investments reaffirm our commitment to driving sustainable, inclusive, and transformative growth in the Mumbai Metropolitan Region, setting new benchmarks in urban development and global collaboration,' he said.

He further added that with targeted investments in infrastructure, new growth centres, and innovative projects like the Circular Economy Park, the Mumbai Metropolitan Region is on track to achieve a USD 300 billion economy and create 3 million jobs by 2030.

/IANS