The Mumbai Metropolitan Region Development Authority (MMRDA) signed five MoUs worth ₹4.07 lakh crore, including a 1.5 lakh crore agreement with HUDCO for infrastructure development and a ₹900 crore investment in a Global Capability Centre for Unilever’s Magnum Ice Cream business.
The Mumbai Metropolitan Region Development Authority (MMRDA) has entered into Memoranda of Understanding (MoUs) totaling ₹4.07 lakh crore (approximately $48 billion) with leading Indian financial institutions to accelerate infrastructure development in the Mumbai Metropolitan Region (MMR). These agreements were formalized during the India Global Forum’s “NXT25” summit in Mumbai.
Breakdown of the MoUs
- Housing and Urban Development Corporation (HUDCO): Committed ₹1.5 lakh crore to finance housing, transport, and urban development projects, aiming to foster inclusive and sustainable urban growth Allocated ₹1 lakh crore for initiatives in urban mobility, energy efficiency, and integrated infrastructure, enhancing MMRDA’s capacity for long-term development schemes.
- Rural Electrification Corporation (REC):
- Power Finance Corporation (PFC): Pledged ₹1 lakh crore towards developing energy-efficient infrastructure and sustainable urban services Dedicated ₹50,000 crore to bolster transport infrastructure, including metro lines, suburban rail corridors, and multi-modal connectivity systems, aiming to improve last-mile access and reduce urban congestion.
- National Bank for Financing Infrastructure and Development (NaBFID): Provided an additional ₹7,000 crore for funding smart infrastructure and urban development projects.
Maharashtra Chief Minister Devendra Fadnavis highlighted that these domestic financial commitments align with the vision of Aatmanirbhar Bharat India).
Deputy Chief Minister and MMRDA Chairman Eknath Shinde emphasized that these MoUs would significantly boost the development of Mumbai and its surrounding areas, aligning with Maharashtra’s goal of becoming a $1.5 trillion economy and contributing to India’s ambition of reaching a $5 trillion economy.
These strategic partnerships are set to empower MMRDA to execute bankable projects with a 20:80 equity-debt model, accelerating infrastructure rollout while ensuring financial sustainability. The funds will support a wide range of projects, including transport systems, affordable housing, energy-efficient solutions, multimodal connectivity, and smart urban services.
This development marks a significant milestone in Maharashtra’s infrastructure landscape, reflecting a concerted effort to transform the Mumbai Metropolitan Region into a global urban and financial hub showcasing enhanced domestic capability to invest in and implement mega infrastructure projects.
The Mumbai Metropolitan Region Development Authority (MMRDA) has formalized Memoranda of Understanding (MoUs) totaling ₹4.07 lakh crore (approximately $48 billion) with leading Indian financial institutions to expedite infrastructure development in the Mumbai Metropolitan Region (MMR). These agreements were signed during the India Global Forum’s “NXT25” summit in Mumbai.
Housing and Urban Development Corporation (HUDCO): Committed ₹1.5 lakh crore to finance housing, transport, and urban development projects, aiming to foster inclusive and sustainable urban growth Allocated ₹1 lakh crore for initiatives in urban mobility, energy efficiency, and integrated infrastructure, enhancing MMRDA’s capacity for long-term development schemes.
- Power Finance Corporation (PFC): Pledged ₹1 lakh crore towards developing energy-efficient infrastructure and sustainable urban services Dedicated ₹50,000 crore to bolster transport infrastructure, including metro lines, suburban rail corridors, and multi-modal connectivity systems, aiming to improve last-mile access and reduce urban congestion.
- Indian Railway Finance Corporation (IRFC): .
- National Bank for Financing Infrastructure Provided an projects with a 20:80 equity-debt model, accelerating infrastructure rollout while ensuring financial sustainability. The funds will support a wide range of projects, including transport systems, additional ₹7,000 crore for funding smart infrastructure and urban development projects.
Deputy Chief Minister and MMRDA Chairman Eknath Shinde highlighted that these MoUs would significantly boost the development of Mumbai and its surrounding areas, aligning with Maharashtra’s goal of becoming a $1.5 trillion economy and contributing to India’s ambition of reaching a $5 trillion economy.
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