Maharashtra Announces Innovation City Near Mumbai Airport; Tata Group to Invest $11 Billion, State Targets 52% Renewable Energy by 2030

Law Notify : Maharashtra Chief Minister Devendra Fadnavis has announced the development of a state-of-the-art “innovation city” near the Mumbai airport, aimed at creating a strong plug-and-play ecosystem for start-ups and new-age businesses. The project will see an investment of USD 11 billion from the Tata Group, marking one of the largest private sector commitments to innovation-led urban development in the state.

Speaking on Maharashtra’s broader economic vision, the Chief Minister said the proposed innovation city will support entrepreneurship, research, and technology-driven enterprises while strengthening Mumbai’s position as a global financial and innovation hub. He also outlined plans for a circular economy model in Mumbai, with a focus on sustainable urban growth and greener infrastructure.

At the global stage, the Mumbai Metropolitan Region Development Authority achieved a major milestone at the World Economic Forum Annual Meeting 2026 in Davos. On the very first day, MMRDA secured investment commitments worth USD 96 billion through the signing of 10 major Memoranda of Understanding. These investments are expected to generate around 9.6 lakh direct and indirect jobs, positioning the Mumbai Metropolitan Region as a leading talent and investment destination in India and Asia.

Addressing the “Scaling Solar Energy Where It Matters” session organised by the International Solar Alliance at the India Pavilion in Davos, Mr Fadnavis highlighted Maharashtra’s rapid transformation of its energy sector. He said the state has implemented Asia’s largest decentralised solar energy programme and is on track to generate 16 gigawatts of solar power by the end of this year.

He explained that agricultural consumers earlier accounted for nearly 30 per cent of electricity usage and were supplied power at heavy subsidies, placing a significant financial burden on the state. To address this, Maharashtra shifted the entire agricultural power load to solar energy by solarising each agricultural feeder and setting up a dedicated company to supply power to farmers. Around 500 MW of solar capacity is being added every month under this programme.

According to the Chief Minister, the initiative has reduced the cost of supplying power to farmers from ₹8 per unit to less than ₹3 per unit, easing pressure on industrial and domestic consumers. He also said that schemes such as PM Surya Ghar Yojana and ‘Magel Tyala Saur Pump’ have gained strong traction in the state, with Maharashtra accounting for about 60 per cent of all solar pumps installed in the country.

Looking ahead, Mr Fadnavis said Maharashtra aims to add 45 GW of power capacity by 2032, with nearly 70 per cent coming from solar energy. The share of renewable energy in the state’s power mix is expected to rise from 13 per cent to 52 per cent by 2030, supported by large-scale battery storage and pump storage projects to ensure grid stability.