Maharashtra Chief Minister Devendra Fadnavis at ‘India-Middle East-Europe Economic Corridor (IMEC) Summit 2025’, in Mumbai on Monday
| Photo Credit:
ANI
The Maharashtra government is planning to raise $50 billion in the 3-4 months to invest in various infrastructure and development projects in the State.
Devendra Fadnavis, Chief Minister of Maharashtra, said between 2014 and 2019, the State had invested about $30 billion in infrastructure projects such as the Coastal Road, Atal Setu, Samruddhi Highway and the Navi Mumbai International Airport.
“We are in talks with Indian financial institutions and foreign investors to raise $50 billion in the next 3–4 months,” he said at the India-Middle East-Europe Economic Corridor summit held by Vishwamitra Research Foundation here on Monday.
After New Mumbai, the State is in the process of creating a third Mumbai between Atal Setu, JNPT Port and the new airport. And this will be three times bigger than the existing Mumbai.
Fadnavis said it will be sort of a thematic city with an Education City (Agu City) with 10 global universities from the US and Europe, Health City and an Innovation City on 300 acres dedicated to innovation, with Tata Sons’ Natarajan Chandrasekaran guiding the framework.
The third Mumbai
The third Mumbai is already emerging as the data centre capital of India. Rentals will be 50 per cent lower than Mumbai, making it attractive for IT and tech firms. The fourth Mumbai will be around Vadhvan port with port, airport, bullet train and coastal road connectivity, he said.
While the new Mumbai Airport will be operational soon, he said two new airports are being built in Pune and Vadhvan, while the brownfield expansion is underway at Shirdi and Nagpur airports.
“We are building the Shaktipet Highway to connect Nagpur to Goa for opening up backward regions in the State to major business hubs. Additionally, river-linking projects are being executed to make the Marathwada region drought-free,” he added.
On development of ports, Fadnavis said JNPT currently handles 60–65 per cent of India’s container traffic and is close to nearing full capacity but the ₹76,000-crore Vadhavan Port project will be three times bigger than JNPT.
To integrate Maharashtra with Vadhvan, the State will extend the Samruddhi Highway to the port, connecting 17 districts directly. This port-led development will expand economic opportunities across the State to make Maharashtra future-ready for the IMEG corridor, he added.
Additionally, a cargo hub is being set up at Pune and Nagpur Airport and rapid connectivity to Vadhvan through ports and airports from emerging industrial areas such as Sambhaji Nagar, where entire EV revolution is playing out, he added.
Published on April 28, 2025
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