Maharashtra inked memorandum of understanding (MoUs) worth USD 57 billion

Maharashtra inked memorandum of understanding (MoUs) worth USD 57 billion, including the Rs 6,000 crore pact with Hyundai Motor India at the recently concluded World Economic Forum in Davos. The state also inked an MoU with Inox Air Products to set up the state's first green ammonia plant with a planned outlay of USD 3 billion and Hero Future Energies for a USD 1 billion investment in the renewables space.

According to the MoU with Inox Air Products, the company will build a green hydrogen and ammonia plant with a capacity of 5,00,000 MTPA, which will be operational within three to five years, propelling the state to the forefront of the green hydrogen arena.

"It's my stated ambition for Maharashtra to become a USD 1 trillion economy, and I see partnerships with the industry as central to this goal," Maharashtra Chief Minister Eknath Shinde has said in his social media posts post the event.

Mahatma Phule Renewable Energy and Infrastructure Technology, the state's renewable energy and infrastructure technology arm, also signed a USD 1 billion with Hero Future Energies to develop renewable energy projects and advanced clean technologies in Maharashtra.

Rahul Munjal, Chairman and Managing Director of Hero Future Energies, stated that the MOU will focus on the development of a wide range of green energy projects such as solar and wind initiatives, green hydrogen, hybrid energy solutions, rooftop solar units and microgrids.

Hero Energies said in a statement that its MOU with the state will push the envelope for its pursuit of sustainable economic growth to usher in a greener future for the state."

Maharashtra worked on the theme of ‘Bringing Confidence during a Changing World’ at the World Economic Forum, where CM Shinde led the delegation with discussions with a significant number of global and Indian business executives and important decision makers.