Global investment firm Brookfield to invest USD 12 billion in developmental projects in Mumbai Metropolitan Region

Chief Minister Devendra Fadnavis and MMRDA Metropolitan Commissioner Dr Sanjay Mukherjee were present when the MoU was signed in the presence of Anuj Ranjan, the Chief Executive Officer (CEO) of Brookfield.

The Mumbai Metropolitan Region Development Authority (MMRDA) has signed a Memorandum of Understanding (MoU) with Brookfield, a leading global investment firm.

Chief Minister Devendra Fadnavis and MMRDA Metropolitan Commissioner Dr Sanjay Mukherjee were present when the MoU was signed in the presence of Anuj Ranjan, the Chief Executive Officer (CEO) of Brookfield.

According to MMRDA, the agreement, focusing on transforming the Mumbai Metropolitan Region (MMR) into a Global Economic Hub in five to seven years, marks a Foreign Direct Investment (FDI) of USD 12 billion, which is around Rs 1,03,800 crore.

Under Dr Mukherjee's initiative, MMRDA has participated in the World Economic Forum's (WEF) Annual Summit at Davos for the second consecutive year. MMRDA in its press statement claims that it has secured MoUs worth USD 40 billion.

The key highlights of the MoU include focus on developing metro projects, roads, bridges, urban infrastructure, real estate, Transit-Oriented Development (TOD), Land Value Capture opportunities, and sustainable blue and green infrastructure.

According to the planning authority, significant investment will be directed toward Mumbai 3.0 - KSC (Karnala-Sai-Chirner) 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.

MMRDA in its press statement claimed that the 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 three-four years. It is also anticipated that the MoU is projected to help achieve a USD 300-billion economy within MMR and create 3 million additional jobs by 2030.

Brookfield, headquartered in Toronto, is one of the global leader in alternative asset management, wealth solutions, and operating businesses, including real estate, renewable energy, infrastructure, and business services.