Maharashtra | Reliance to invest Rs 60K crore, Virgin to build hyperloop

Lauding Maharashtra government's efforts to bring in transformation, industry captains here on Sunday assured their help to make state a trillion dollar economy. They were speaking at the inaugural session of Magnetic Maharashtra.

Reliance Industries chairman Mukesh Ambani announced the establishment of first integrated industrial area (IIA) with a coalition of global companies in Maharashtra with an investment of Rs 60,000 crore over the 10 years in the development of integrated industrial area (IIA).

Ambani said more than 20 global companies including Cisco, Siemens, HP, Dell, Corning and Nokia have agreed to co invest with Reliance in the proposed IIA. "I assure PM Modi and CM Fadnavis that this mega project will make Maharashtra more magnetic," he noted. He did not forget to mention that ''Mumbai is Reliance's Janmabhoomi (birthplace) and my own karmabhoomi (work place).''

The proposed IIA is expected to come up in Navi Mumbai especially after the state cabinet's decision allowing Reliance to convert the special economic zone into IIA spread over 1,840 hectare.

Mahindra Group chairman Anand Mahindra announced that the group will invest Rs 1,700 crore in film-centric tourism attraction at Kandivli in north Mumbai. Besides, the group will invest Rs 500 crore in its electric vehicle venture in the state. The Tech Mahindra will invest in the establishment of centre of excellence in Nagpur with an investment of Rs 125 crore in next three years which will create 2,500 jobs. He informed that this is in addition to Mahindra's investment of Rs 8,500 crore already made in the state.

Virgin Group chairman Richard Branson said the state government has signed a framework agreement to build Vigrin Hyperloop One between Pune and Mumbai beginning with operation demonstration track. ''The proposed hyperloop will connect Pune and Mumbai with Navi Mumbai airport in 15 to 20 minutes. It will connect 26 million people and carry 150 million passengers annually. It will help create competitive region,'' he added.

He informed that hyperloop has the capability of going up to 1,000 km an hour. "Virgin Hyperloop One will save thousands of lives by providing connectivity, creating jobs and transforming airports. This will be similar to trains opening up connectivity in India in the last century," he said.

Tata Group's former chairman Ratan Tata expressed that the group will continue to invest in Maharashtra. ''Tata Group had invested in 1877 in the establishment of textile mill in Nagpur. Maharashtra has been home of many Tata companies,'' he noted.

Tata said Maharahstra has been vanguard of advancement in the country. ''Unfortunately, over the years industrial growth in Maharashtra has exceeded the ability of the state to provide infrastructure to support it. However, under the leadership of Prime Minister and Chief Minister this is now changed and Maharashtra has become vibrant state investing in infrastructure, connectivity and communication capability,'' he opined.

He exhorted investors to invest in Maharashtra as its future is quite rosy.