Maharashtra Chief Minister Devendra Fadnavis said that his government has signed close to 85 memoranda of understanding (MoUs) at the World Economic Forum in Davos so far. Fadnavis added that this would have a long-term and tangible impact on the state’s economy.
The CM also addressed the opposition’s claims that such meetings could have been held in Mumbai and the criticism that the Davos engagements were merely optics. He said critics failed to grasp how global capital flows and international business partnerships function.
“The flow of capital comes in the form of foreign direct investment. To grow, Indian businesses collaborate with global players and bring in FDI. Davos is where the world’s biggest companies come together. When Indian states sign MoUs there, it signals global presence and credibility. That is why these agreements matter,” Fadnavis told Business Today on the sidelines of the Davos Summit 2026.
83% FDI-led deals, partnerships from 18 countries
According to the chief minister, 83% of the MoUs signed by Maharashtra involve direct foreign investment, while another 16% are linked to foreign technology partnerships. According to news agency PTI, the investments are expected to flow in from 18 countries, including the United States, the United Kingdom, Japan, Singapore, Switzerland, Sweden, Germany, France, Italy, the UAE, Canada and Belgium, among others.
The agreements span a wide range of sectors such as industry, services, agriculture and advanced technology. Fadnavis said Maharashtra has historically maintained a strong MoU conversion rate of around 75 per cent, adding that agreements signed in previous years have translated into projects at a similar pace. Most investments typically materialise over a three- to seven-year period.
Big names, global footprints
Several major global and Indian corporations are part of the latest round of agreements. These include multinational infrastructure and manufacturing firms, global asset managers, automobile giants, telecom and data centre operators, as well as Indian conglomerates with extensive overseas operations. While some companies are headquartered in India, many operate and invest across more than 160 countries worldwide, reinforcing the international nature of the partnerships.
Key focus areas emerging from this year’s MoUs include quantum computing, artificial intelligence, global capability centres, data centres, healthcare, food processing, green steel, urban development, shipbuilding, fintech, logistics and digital infrastructure.
Innovation City near Mumbai
One of the headline announcements is Maharashtra’s plan to develop India’s first Innovation City near Mumbai in partnership with the Tata Group. Detailed planning for the project is expected to be completed within six to eight months. The initiative, first discussed at last year’s Davos meet, will see investments of over Rs 1 lakh crore, with participation from multiple international investors.
Fadnavis said the scale and diversity of the MoUs reflect Maharashtra’s ambition to position itself as a global investment destination rather than just a domestic industrial hub.