Hello Mumbai City Desk
Historic FDI to Propel MMR Towards Becoming a Global Economic Hub in 5 to 7 years
Mumbai, January 29, 2025:
In a historic move under the visionary leadership of Chief Minister Shri Devendra Fadnavis and the Chairmanship of Deputy Chief Minister Shri Eknath Shinde, the Mumbai Metropolitan Region Development Authority (MMRDA) has signed a Memorandum of Understanding (MoU) with Brookfield, a leading global investment firm. The initiative was spearheaded by Dr. Sanjay Mukherjee, IAS, Metropolitan Commissioner, MMRDA. The MoU was signed in the presence of Mr. Anuj Ranjan, CEO, Brookfield.
This landmark agreement marks an unprecedented Foreign Direct Investment (FDI) of USD 12 billion (₹103800crore), focusing on transforming the Mumbai Metropolitan Region (MMR) into a Global Economic Hub in 5 to 7 years.
Under the initiative of Dr. Sanjay Mukherjee, IAS, Metropolitan Commissioner, MMRDA has participated in the World Economic Forum (WEF) Annual Summit at Davos for the second consecutive year, securing MoUs worth USD 40 billion. As it celebrates 50 years of planning and infrastructure development, MMRDA continues to attract investments that shape the region’s future.
Key Highlights of the MoU
• The collaboration focuses on developing Metro projects, roads, bridges, urban infrastructure, real estate, Transit-Oriented Development (TOD), Land Value Capture opportunities, and sustainable blue and green infrastructure.
• Significant investment will be directed toward Mumbai 3.0 (KSC New Town, spanning 323.24 sq. km.), Special Planning Areas (SPAs) in the northern (1,006.76 sq. km.) and southern (673.33 sq. km.) regions of MMR.
• These projects will include Residential, Commercial, and Mixed-use developments, along with Logistics Parks, Data Centres, and Global Capability Centres (GCCs). The focus will also be on enhancing physical, digital, and social infrastructure.
This initiative will support Maharashtra’s ambition to become a USD 1 trillion economy and contribute significantly to India’s goal of achieving a USD 5 trillion economy within the next 3–4 years. The MoU is projected to help achieve a USD 300 billion economy within MMR and create 3 million additional jobs by 2030.
About Brookfield
Brookfield, headquartered in Toronto, is a global leader in alternative asset management, wealth solutions, and operating businesses, including real estate, renewable energy, infrastructure, and business services. With its extensive experience in real estate and infrastructure development, Brookfield is poised to bring strategic investment, financial expertise, and operational excellence to the Mumbai Metropolitan Region.
