Fadnavis signs five MoUs for Raigad Pen Smart City

In a significant development for the ambitious Mumbai 3.0 mission, Maharashtra Chief Minister Devendra Fadnavis on Tuesday said he has signed five Memorandums of Understanding (MoUs) in Davos for the Raigad Pen Smart City project, four of which are with Singaporean companies. Speaking to PTI-Bhasha on the sidelines of the World Economic Forum (WEF) annual meeting, Fadnavis said these MoUs with five foreign companies have kickstarted the smart city project, which will be a unique project of its kind, located about 15 to 20 kilometers from the Navi Mumbai airport. He said the most important aspect is that for the first time, the government is entering into a joint venture with a private party where the land is being purchased by the private party and the government, through the Mumbai Metropolitan Region Development Authority (MMRDA), is developing the land. “This will actually be the best business district, and all the leading businesses will be located here. The GCCs (Global Capability Centers) will also be located here,” he said. The Chief Minister said the names would be shared soon. “But I can tell you that big giants from the global community and investors have shown interest here. They have signed MoUs with us. So I think this is something that will kickstart the third Mumbai,” Fadnavis said. He added that it will be even bigger than BKC (Bandra Kurla Complex, a major business district in Mumbai). Currently, it is spread over approximately 300 acres, but we want to expand it to 1,000 acres. The Chief Minister said Prime Minister Narendra Modi has already announced that Mumbai is India’s fintech capital, and the entire fintech ecosystem will be located there.