Maharashtra Becomes 1st State to Partner with Starlink for Rural Connectivity

Maharashtra has officially become the first Indian state to sign a partnership with Elon Musk’s Starlink for satellite internet, marking a major step in bridging the digital divide across rural and underserved regions. The agreement was formalized on November 5, 2025, through a Letter of Intent (LOI) signed in Mumbai.

Key highlights of the partnership

• Historic first: Maharashtra is the first state in India to partner with Starlink, positioning itself as a pioneer in satellite-based connectivity.
• Digital Maharashtra mission: The collaboration supports the state’s flagship initiative to make the state future-ready by expanding internet access to remote communities.
• High-speed, low-latency internet: Starlink’s satellite technology will deliver fast, reliable internet to areas where traditional telecom infrastructure is limited or absent.
• Focus areas:
  • Rural education: e-learning platforms and school connectivity
  • Telemedicine: remote diagnostics and healthcare access
  • Government services: digital governance and citizen services
  • Disaster resilience: coastal development and emergency connectivity

Who was involved

• Chief Minister Devendra Fadnavis: Led the signing ceremony, highlighting transformative potential for state development.
• Lauren Dreyer (Starlink VP): Attended the event in Mumbai, underscoring Starlink’s commitment to India.
• Starlink Satellite Communications Pvt Ltd: The Indian arm that signed the LOI.

Strategic implications

• Complementary to telecom: Meant to fill connectivity gaps rather than replace existing providers.
• Digital inclusion: Expected to reduce the digital divide and enable access to education, e-commerce, and government services.
• Global signal: Indicates India’s openness to next-gen satellite internet solutions and may spur other states to follow.

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Broader context

• Last-mile connectivity: Addresses persistent access challenges in rural and tribal regions.
• LEO constellation: Uses low-Earth orbit satellites to leapfrog infrastructure hurdles and accelerate adoption.
• Alignment with DPI: Complements India’s digital public infrastructure like Aadhaar, UPI, and BharatNet.

Summary

Maharashtra’s deal with Starlink is a landmark move that could redefine rural connectivity in India, serving as a test case for integrating satellite internet with national digital strategies.

PM Modi Inaugurates Sunstream’s 140 MWp Solar Project in Maharashtra; Company Targets 1 GW Renewable Portfolio

Honorable Prime Minister Shri Narendra Modi today inaugurated Sunstream Green Energy’s 140 MWp solar project in Maharashtra, as part of the 2,458 MW of renewable energy projects launched nationwide. The Company also announced its plan to develop a 1-gigawatt (GW) portfolio of operating renewable energy assets within the next 18–24 months. This vision builds on Sunstream’s 500 MW project portfolio with 250 MW operational and 250 MW under execution, underlining its strategy of scaling high-quality assets for India’s clean energy transition.

Sunstream Green Energy was founded by Mr Bhadra Kanaiya in 2019 which is backed by Lighthouse Trust Singapore based, emerging market focussed growth fund, “At Sunstream, our work is centered on powering India’s Utility and C&I sector with reliable distributed renewable energy. Our 140 MWp project in Maharashtra reflects our execution strength, while our long-term focus is on helping large corporates and multinational companies achieve their clean energy and net-zero commitments,” said Kanaiya Bhadra, Founder & CEO, Sunstream Green Energy.

The launch of 2,458 MW of solar projects by Prime Minister Modi marks a major step in India’s journey toward energy independence and net-zero by 2070. With PM-KUSUM the world’s largest distributed renewable energy program and initiatives such as Maharashtra’s Mukhya Mantri Saur Krushi Vahini Yojana (MSKVY), India is building a model that combines clean power growth with economic empowerment.

Sunstream Green Energy’s strategic focus is to be the partner of choice for Corporate & Industrial customers, including listed entities and multinational corporations. By delivering cost-effective and scalable renewable power solutions, the company enables its customers to lower energy costs, enhance competitiveness, and meet global sustainability commitments such as RE100 and net-zero goals. With its growing expertise in hybrid and storage-backed solutions, Sunstream is also enabling corporates to secure reliable round-the-clock clean power for their operations.

Backed by a Lighthouse Trust, Singapore-based fund, Sunstream Green Energy is well-capitalized to expand its footprint. The company is actively developing projects that integrate solar, wind, and energy storage, strengthening its position as a trusted partner for corporates in their net-zero transition.

Sachin-Backed RRP Electronics to Build One of India’s Largest Semiconductor Fabs in Navi Mumbai

• Company is going to set up fab facility with a capacity of 1.25 lakh wafers per month

RRP Electronics, a leading-edge powerhouse in semiconductors and backed by cricket legend Sachin Tendulkar, has secured 100 acres in Navi Mumbai as Chief Minister of Maharashtra Devendra Fadnavis presented Letter of Comfort for relocating a semiconductor fab from one of the world’s most established semiconductor companies in Sherman, Texas.

Devendra Fadnavis, Chief Minister lauding the development said, "This allotment of land firmly positions Maharashtra at the heart of India’s Semiconductor Mission roadmap. Our government is fully committed to extending all necessary support; be it in infrastructure, policy facilitation or skill development to ensure the success of this initiative.

The establishment of such a facility will not only accelerate industrial growth but also create significant employment opportunities, strengthen local supply chains and reinforce Maharashtra’s leadership as a hub for high-technology manufacturing in India.”

Mr. Rajendra Chodankar, Chairman of RRP Electronics Ltd said, “We are thankful to the Government of Maharashtra and Honourable Chief Minister and his team for the continued encouragement and support towards enabling Maharashtra in taking pioneering initiatives for the semiconductor ecosystem. This acquisition is a landmark step in our journey to make India self-reliant in semiconductors.”

A year after the launch of Maharashtra's first OSAT (Outsourced Semiconductor Assembly and Test) semiconductor manufacturing facility in Navi Mumbai, this marks a significant leap in RRP's growth journey, as one of the region’s largest and most advanced fab facility with a capacity to produce 1.25 lakhs wafers per month. Together, these steps place Maharashtra and India at the forefront of the global semiconductor value chain.

About RRP Electronics

RRP Electronics Ltd. stands at the forefront of cutting-edge packaging technologies, offering innovative solutions in semiconductor packaging. With a dedication to excellence, sustainability, and continuous advancement, RRP Electronics is committed to meeting the ever-evolving needs of the electronics sector. The company’s focus on providing high-performance and reliable packaging solutions positions it as a leader in propelling the technology landscape forward.

Maharashtra Partners with AEEE to Boost Energy Efficiency and Decarbonisation Under Climate Action Plan

The Alliance for an Energy Efficient Economy (AEEE) and the State Climate Action Cell (SCAC), Department of Environment and Climate Change, Government of Maharashtra, announced a Memorandum of Understanding (MoU) today to establish a strategic framework supporting the State Action Plan on Climate Change (SAPCC).

The MoU aims to drive decarbonisation and reduce emission intensity by strengthening energy efficiency and demand-side management across key sectors such as buildings, industries, space cooling, and cold chains. This marks a significant step forward in advancing Maharashtra’s climate action.

This announcement was made at a Regional Dialogue convened by the India Cooling Coalition (ICC), titled “How Maharashtra is Building Next-Gen Cooling Infrastructure and Capacity.” The event brought together public and private sector experts, implementation partners, and members of the media, reaffirming Maharashtra’s leadership in advancing climate-resilient cooling solutions.

Abhijit Ghorpade

Announcing the MoU, Shri Abhijit Ghorpade, Director, State Climate Action Cell, Government of Maharashtra, said, "Maharashtra is committed to acting decisively and urgently on climate change. Our partnership with AEEE, and our growing engagement with the India Cooling Coalition, is a step toward scaling sustainable solutions that are suited to Indian conditions. As the state aspires to become India’s first trillion-dollar economy by 2028–30, we must integrate long-term, low-carbon strategies into our growth model. Through the revised State Action Plan on Climate Change and strengthened climate action at the grassroots, we are setting the direction for a climate-resilient future."

The Coalition also explored the urgent need for climate-aligned cold chain solutions in India’s agriculture and food systems, especially to tackle high post-harvest losses in perishable crops like fruits and vegetables. Maharashtra alone produces over 28.8 million tonnes of horticultural output annually, but loses an estimated 2.1 million tonnes to inadequate storage and handling.

A central theme throughout the dialogue was the critical need for robust and accessible cooling infrastructure, particularly in light of India's significant post-harvest losses, estimated between 6.02% to 15.05% for fruits and 4.87% to 11.61% for vegetables. Discussions highlighted the practical application of various support mechanisms, drawing insights from comprehensive resources like the Micro Cold Storage Schemes: A User-Friendly SOP Guide. Developed by the Alliance for an Energy Efficient Economy (AEEE), this guide compiles the key government schemes supporting micro cold chain infrastructure, bringing together scheme-wise Standard Operating Procedures (SOPs), eligibility criteria, documentation requirements, and step-by-step guidance in one accessible resource. It is designed to benefit smallholder farmers, Farmer Producer Organisations (FPOs), cooperatives, rural entrepreneurs, resource institutions, and financial institutions – helping unlock timely access, increase awareness of available support, and drive broader adoption of climate-smart, energy-efficient cold chain solutions that can transform outcomes for farmers and rural communities.

“Resources like this are crucial to turning policy promises into real progress,” said Khushboo Gupta, Principal Research Associate, AEEE. “By simplifying complex processes, they bridge the gap between intent and implementation – ensuring that support actually reaches those who need it most, especially smallholder farmers and grassroots enterprises.”

The Coalition also addressed critical areas such as passive cooling, thermal comfort in buildings and appliances, and innovating cold chains for a climate-resilient Maharashtra. These discussions showcased Maharashtra's leadership in modernising cold chains for the agri and fisheries sectors, scaling indigenous cooling technologies, and proactively shaping policy for sustainable cooling transitions, including the implementation of urban cool roofs.

This event, held on 7 August – a day observed as MS Swaminathan Day – also underscored India’s commitment to agricultural innovation and food security, building on the legacy of the ‘Father of the Green Revolution’ to drive climate-resilient transformation in the years ahead.

$50 Billion Worth of Investments Announced at India Global Forum’s ‘NXT25’ in Mumbai

In a major boost to investment and economic growth, Memoranda of Understanding (MoUs) worth approximately $50 billion USD were announced today between the Government of Maharashtra and leading domestic and global investors at the India Global Forum’s ‘NXT25’ Summit, held at the Jio World Convention Centre in Mumbai.

The Mumbai Metropolitan Region Development Authority (MMRDA) signed five major MoUs for infrastructure development in the Mumbai Metropolitan Region, with a total commitment of $49.02 billion USD, including:

• $18.09 billion USD with Housing and Urban Development Corporation Ltd. (HUDCO)
• $12.06 billion USD with REC Limited
• $12.06 billion USD with Power Finance Corporation Limited (PFC)
• $6.03 billion USD with Indian Railway Finance Corporation Ltd. (IRFC)
• $843 million USD with National Bank for Financing Infrastructure and Development (NaBFID)

In a major consumer sector investment, Magnum Ice Cream Company, a division of Unilever and the world’s largest ice cream brand group, signed an MoU to:

• Establish its India headquarters in Mumbai, which will serve as the regional HQ for the Middle East, Turkey, and South Asia (METSA)
• Set up a Global Capability Center (GCC) in Pune with an investment of ₹900 crore (~$108.4 million USD), aimed at consolidating global business services and innovation. The facility is expected to create over 500 direct jobs by 2029

Speaking ahead of the India Global Forum’s NXT25: Leading the Leap Summit in Mumbai, Maharashtra Chief Minister Devendra Fadnavis laid out an ambitious roadmap for the state’s economic and infrastructural growth. In a Q&A with Bloomberg TV’s Haslinda Amin, he was asked about the high debt levels in the state of Maharashtra. He said, "In India, Maharashtra has the best fiscal health. If you look at other states’ fiscal health—our fiscal deficit is below 3%, and our entire debt is just 17% of the GDP."

Speaking on the investor sentiments in the backdrop of global events, he highlighted, “Today is better than yesterday and tomorrow will be better than today. We are interacting with our investors; they are confident and bullish.”

Maharashtra’s Deputy Chief Minister highlighted the state’s growth story and mentioned, “Mumbai is the growth engine of India. We are making Mumbai and Maharashtra smarter. Our vision is to make Maharashtra a launchpad for India’s economic leap in the future.”

Earlier, Manoj Ladwa, Founder and Chairman of India Global Forum, highlighted the role of youth in shaping future-forward dialogues and driving change and said, “We look forward through the eyes of the next generation to a dynamic and globally savvy next gen which is leading the leap in some remarkable ways. Unapologetically bold, ambitious and patient to change the world they brought fresh energy and a sharpening sense of urgency to this platform.

Bringing together CEOs, policymakers, global investors, and industry disruptors, NXT25 explores the biggest trends shaping India’s future on the world stage, spotlighting India’s ambitions for the next 25 years and its emergence as a global powerhouse in investment, technology, sustainability, and innovation.

For session highlights and speaker insights, click here. 

The summit is supported by the UK Government, Government of Maharashtra, and the Commerce Ministry of India. Bloomberg TV is the official international media partner.

AWS to Invest $8.2 Bn in Maharashtra

AWS has announced a significant investment of $8.2 billion in Maharashtra over the next few years. This investment aims to enhance AWS's infrastructure in India by deploying advanced graphical processing units (GPUs) and establishing state-of-the-art compute facilities and cloud management services. The move is expected to create substantial employment opportunities and contribute to India's growing digital economy.

This investment is part of AWS's larger plan to invest $12.7 billion across India by 2030 to meet the increasing demand for cloud services and artificial intelligence. The commitment to Maharashtra is likely to bolster the state's position as a tech hub and drive economic growth.

AWS's $8.2 billion investment in Maharashtra will focus on several key projects:

• State-of-the-Art Compute Facilities: AWS plans to establish advanced computing facilities equipped with the latest technologies, including graphical processing units (GPUs) to enhance their cloud infrastructure.
• Cloud Management Services: The investment will also include the development of sophisticated cloud management services to support the growing demand for cloud solutions in India.
• Employment Growth: This investment is expected to create significant employment opportunities in the region, contributing to the local economy.
• Innovation City: AWS's investment aligns with Maharashtra's broader vision of becoming a global capital for data centers, as part of the state's AI-powered 'Innovation City' initiative.

These projects aim to bolster Maharashtra's position as a tech hub and drive economic growth in the region.

Maharashtra Gets Major Economic Boost as CIDCO Signs Landmark MoUs at World Economic Forum, DAVOS

Historic International Educity Launches in Navi Mumbai, Set to Revolutionize Education

In a ground-breaking move, CIDCO (City And Industrial Development Corporation Of Maharashtra Ltd) has signed four landmark Memorandum of Understanding (MoUs) at the World Economic Forum in Davos, Switzerland, under the visionary leadership of Hon'ble CM, Shri. Devendra Fadnavis, and guidance of the Honourable Deputy Chief Minister & Urban Development Minister, Shri. Eknath Shinde, giving a major boost to Maharashtra's economy. Shri. Vijay Singhal, IAS, Vice Chairman & Managing Director, CIDCO, played a pivotal role in facilitating these partnerships.

CIDCO signs four landmark MoUs at WEF 2025, Davos, under the leadership of CM Devendra Fadnavis, Dy CM & Urban Dev. Minister Eknath Shinde, and the pivotal role played by Shri. Vijay Singhal, IAS, VC & MD, CIDCO (Source: CMO Maharashtra Facebook)

Two of these significant MoUs were signed with Eruditus and BookMyShow, creating history in the development of Navi Mumbai. The MoU with Erulearning Solutions Private Limited (Eruditus) is signed for a proposed investment of $2.4 to $3 billion over 10 years, creating 20,000 direct employment opportunities. Meanwhile, the MoU with BookMyShow involves an investment of $204 million to develop an outdoor entertainment arena in Maharashtra, creating 500 job opportunities in the state.

Global Education Hub: Navi Mumbai's International Educity to Attract Students and Faculty from Worldwide

CIDCO has launched the first-ever International Educity in Navi Mumbai, bringing together 8-10 esteemed foreign universities from around the world. CIDCO played a pivotal role in making this initiative a global benchmark. The International Educity in Navi Mumbai is poised to become a global learning hub, offering students from around the world the opportunity to learn from renowned international faculty.

For its commitment to creating a world-class educational hub, CIDCO has identified a prime location for this project, situated within a 5 km radius of the forthcoming Navi Mumbai International Airport. This ambitious initiative aims to create a vibrant academic community, fostering cross-cultural exchange and collaboration among students and educators from diverse backgrounds.

With its focus on innovation, accessibility, and community engagement, this Educity is set to redefine the education landscape in India. In a pioneering initiative, Navi Mumbai will become home to India's first-ever international university campus, featuring 8-10 foreign universities. This project will not only give a new identity to the city but also will help in exponential development of Navi Mumbai.

Navi Mumbai Emerges as India's Ultimate Outdoor Entertainment Arena!

CIDCO has unveiled plans to develop a state-of-the-art Outdoor Entertainment Arena in Navi Mumbai, modeled after iconic venues like Madison Square Garden in New York and The O2 Arena in London. This ambitious project aims to create a unique and unparalleled entertainment experience, setting a new benchmark for the industry.

The proposed venue will host a wide range of events, including concerts, sports, theatre productions, and more, catering to diverse audiences and tastes. To bring this vision to life, CIDCO has partnered with BookMyShow, combining the expertise of two industry leaders to ensure world-class standards and attention to detail.

Located in close proximity to Bollywood, this state-of-the-art outdoor entertainment arena will have a massive capacity of 20,000 seated or 25,000 standing, making it the largest and first-of-its-kind in the country. This iconic venue will become the epicenter of entertainment, hosting concerts, award shows, sports tournaments, and more throughout the year.

Maharashtra’s Economic Growth Strengthened by Two Additional MoUs

These landmark agreements are expected to propel Maharashtra's economy forward, driving growth, employment, and opportunities for generations to come. With CIDCO's commitment to innovative and sustainable development, Maharashtra is poised to become a hub for business, entertainment, and education.

In a significant development, CIDCO has signed two additional MoUs, further bolstering Maharashtra's economy:

• Panchshil Realty: A proposed investment of $3 billion to set up a state-of-the-art data center in the CIDCO area. This project will enhance Maharashtra's digital infrastructure and create new avenues for businesses and entrepreneurs.
• Welspun World: A proposed investment of $183 million in a logistics park, creating 2,000 direct employment opportunities.

With these two MoUs, CIDCO has reaffirmed its commitment to fostering economic growth, innovation, and job creation in Maharashtra. These MoUs will drive progress and prosperity for years to come.

These investments are a testament to Maharashtra's growing reputation as a premier investment hub. The International Educity will feature a diverse range of universities, each specializing in various fields, thereby propelling the education industry forward and enhancing the value of education in national development.

Located near Navi Mumbai International Airport, this International Educity will enjoy proximity to key infrastructure, including Aerocity, Sports City, Medicity, Jawaharlal Nehru Port Trust, and proposed transport corridors.

As the country's first-of-its-kind, this International Educity will serve as a model for future educational hubs, driving growth, employment, and opportunities for generations to come.

Maharashtra Defence and Aerospace Venture Fund (MDAVF) Successfully Exit from Two Portfolio Companies

The Maharashtra Defence and Aerospace Venture Fund (MDAVF), a SEBI-registered Category II Alternative Investment Fund (AIF) managed by IDBI Capital Markets & Securities Limited (ICMS) focused on supporting innovative companies in the defence and aerospace sectors, recently announced its successful exit from two of its portfolio companies, viz., Cyronics Innovation Labs Private Limited (CILPL) and JSR Dynamics Private Limited (JSR Dynamics) realizing ₹14.46 crores and ₹59.15 crores respectively.

 

Mr. Amey Belorkar, Fund Manager - Defence and Aerospace Venture Fund, IDBI Capital Markets & Securities Ltd

 
Mr. Amey Belorkar, Fund Manager - Maharashtra Defence and Aerospace Venture Fund (MDAVF), IDBI Capital Markets & Securities Ltd, speaking about the exits said, “Both, Cyronics Innovation Labs and JSR Dynamics, are instrumental in driving technological progress and self-reliance within India’s defence and aerospace industries with a focus on enhancing the operational effectiveness of defence forces. MDAVF remains focused on supporting India’s journey towards self-reliance by investing in high-potential ventures that foster technological breakthroughs and enhance indigenous capabilities. These milestones reflect the strength of our investment strategy and our ongoing commitment to driving innovation in India’s defence and aerospace sectors. By backing sustainable growth in these critical industries, we’re proud to contribute to India’s defence ecosystem and the vision of Atmanirbhar Bharat.”

MDAVF, to date, has invested approximately ₹406 crore in 22 MSMEs. The fund has successfully executed full and partial exits from 12 companies, realizing divestment proceeds of around ₹281 crore and achieving a strong Internal Rate of Return that highlights the fund's disciplined and strategic approach to value creation.

Cyronics Innovation Labs Private Limited (CILPL)

CILPL, founded in 2020, operates in the AI and Machine Learning sectors, specializing in software-defined radio technologies for the defence and aerospace sectors. CILPL has served leading defence and aerospace organizations, including Kirloskar Oil Engines Ltd., Navstar Integrated Systems Pvt. Ltd. (Navy) and Theta Controls (Army), among others.

JSR Dynamics Private Limited (JSR Dynamics)

JSR Dynamics was founded in 2018 with an intention to contribute in a big way towards achieving self-reliance in the defense sector through indigenous Design, Development and Manufacture. JSR Dynamics is engaged in the development and manufacturing of advanced munitions, including glide bombs and loitering munitions. The company’s products are poised to play a significant role in both Indian and international defence markets.

These exits showcase MDAVF’s commitment to supporting high-potential ventures in the defence and aerospace industry, driving technological advancements, and generating strong returns for its stakeholders. Both exits have been marked by impressive internal rates of return (IRR), underscoring the fund’s effective investment strategy and its ability to identify high-growth companies.

Managed by IDBI Capital Markets & Securities Limited, MDAVF continues to play a transformative role in driving indigenous innovation, fostering self-reliance, and enhancing India’s global competitiveness in the defence and aerospace sectors.

For more information, visit: https://idbicapital.com/aif/Maharashtra-Defence-and-Aerospace-Venture-Fund.html

About IDBI Capital Markets & Securities Ltd (ICMS):

IDBI Capital Markets & Securities Ltd (ICMS), a wholly owned subsidiary of IDBI Bank Ltd., is a registered Portfolio Manager with Securities and Exchange Board of India (SEBI) since 1998 and is authorised to undertake Funds Management activities (Debt & Equity). These activities would be governed by Securities and Exchange Board of India. Presently, ICMS Alternative Investment Fund (AIF) is acting as Investment Manager for two SEBI registered AIF’s and is also the Project Advisor to a Scheme of Government of Maharashtra.

JSW Group to Invest $120 Bn for World's Largest Steel Plant in Maharashtra

JSW Group, led by Chairman Sajjan Jindal, announced an investment of ₹1 lakh crore (approximately $120 billion USD) to build the world's largest steel plant in Gadchiroli, Maharashtra. The plant will have a capacity of 25 million tonnes per annum and is expected to be completed in seven to eight years, with the first phase ready in four years.

Gadchiroli in Maharashtra has significant reserves of high-quality iron ore. The region has significant reserves of high-quality iron ore, with a grade of nearly 64%, making it one of the best sources globally.

The planned Gadchiroli plant will surpass the current largest plant in India, which is the Steel Authority of India Limited (SAIL) plant in Bhilai with a capacity of 7 million tonnes.

The Gadchiroli steel plant will have a capacity of 25 million tonnes per annum, making it the largest in the world.

Iron ore in Gadchiroli was first discovered by Jamshedji Tata in the early 1900s. However, mining activities were limited due to the presence of Maoist insurgents until recent years.

The entire plant is expected to be completed in seven years, with the first phase ready in four years. The plant aims to be the most beautiful and environmentally friendly steel-making facility in the world.

The project is expected to boost employment opportunities and economic growth in the Vidarbha region. This project is part of JSW Group's broader vision to develop the Vidarbha region as a steel hub, which could significantly impact India's steel production and economy.

The state government plans to develop Gadchiroli and the surrounding areas into a steel hub, with multiple steel ventures planned in the district.

Tata Motors Signs MoU with Govt of Maharashtra to Restore 1000 Water Bodies in Over 20 Districts

Reinforcing its commitment to safeguard water resources and uplift rural communities, Tata Motors today signed a Memorandum of Understanding (MoU) with Government of Maharashtra to restore 1000 water bodies in over 20 districts in the water-stressed regions of the state. In 2024, Tata Motors rejuvenated and restored 356 water bodies in Maharashtra by leveraging the Gal Mukt Dharan Gal Yukt Shivar Yojana, a community-based de-siltation programme, in partnership with the Soil and Water Conservation Department of Government of Maharashtra, NAAM Foundation, and local communities.

Strengthening its collaboration, Tata Motors intends to scale the water conservation initiative to over 20 districts in the state, including the water deprived regions of Vidarbha and Marathwada. The proposed collaboration aims to rejuvenate and revive 1000 water bodies in Amravati, Latur, Chandrapur, Nagpur, Nanded, Parbhani, Akola, Gadchiroli, Yavatmal, Dharashiv, Chhatrapati Sambhaji Nagar, Ahilya Nagar, Sangli, Solapur, Pune, Palghar, Thane & other districts of the state. NAAM Foundation will be the implementation partner for the programme.

Tata Motors signed a MoU with the Government of Maharashtra to restore 1000 water bodies in the presence of Devendra Fadnavis – Chief Minister, Maharashtra, Nana Patekar – Chairman, NAAM Foundation, Sushant Naik – Global Head – Government & Public Affairs, Tata Motors and Vinod Kulkarni – Head CSR, Tata Motors

Commenting on the initiative, Vinod Kulkarni, Head of Corporate Social Responsibility at Tata Motors says,

We are immensely proud to have strengthened our partnership with the Government of Maharashtra and NAAM Foundation to address the impact of droughts and water scarcity in the state. The successful rejuvenation and restoration of 356 water bodies in 2024 has encouraged us to scale up the programme to over 20 districts and reach many more villages in Maharashtra. This programme strives to raise the water table, provide access to potable water, make irrigation water available throughout the year, thus improving livelihood for villagers.

Speaking on the initiative, Priya Khan, Officer on Special Duty – Chief Minister’s Office, Government of Maharashtra, said—

The Government of Maharashtra launched the ‘Gal Mukt Dharan, Gal Mukt Shivar Yojana’ to increase water capacity of existing dams and water bodies. This programme has evolved into a people’s movement thanks to the invaluable support of our partner organisations like Tata Motors and NAAM Foundation. Together, we are not just restoring water bodies; we are fostering resilience and sustainability to reduce the impact of recurring droughts in the state.

Ganesh Thorat, CEO – NAAM Foundation, adds, 

The NAAM Foundation began addressing Maharashtra’s acute water shortage in 2015. Our partnership with Tata Motors and the Government of Maharashtra is a significant milestone towards these efforts. Last year we collectively expanded our work to ten districts. We are happy to see that the positive impact of the water conservation efforts will now reach more districts.

In 2024, Tata Motors and NAAM Foundation successfully rejuvenated and revived 356 water bodies, excavating ~ 60 lakh cubic meters of silt across 10 districts of Pune, Palghar, Thane, Satara, Dhule, Solapur, Chandrapur, Ahmednagar, Beed and Latur. This collaborative effort has created a capacity of approximately 7000 million litres of water, benefitting 7,000 farmers and significantly raised the water table and improved access to potable water in rural Maharashtra.

Gal Mukt Dharan Gal Yukt Shivar Yojana provides preapproved funds to the farmer for the silt transportation to their farms, which enhances fertility of the soil. The end-to-end digital monitoring mechanism ensures agility and transparency in project implementation.

The success and impact of the rejuvenation of water bodies in Maharashtra is a testament of Tata Motors’ commitment to sustainable development and upliftment of rural communities.

India's First AI University in Maharashtra Soon, Tech Giants Like Tech Mahindra to Join

Maharashtra is set to establish India's first Artificial Intelligence (AI) university. The state government has formed a task force to plan and implement this ambitious project. Tech Mahindra, along with other industry leaders like Google India, Mahindra Group, and L&T, will be part of this task force.

The AI university aims to promote research and development in AI, enhance AI-driven solutions for governance and industry, and nurture a future-ready workforce.

The state government of Maharashtra has formed a task force to plan and implement the project. This task force includes experts from academia, industry, and government. It is chaired by the Information Technology department's principal secretary, Shri S.V.R.Srinivasan.

The task force comprises directors from prestigious institutions like IIT Mumbai, IIM Mumbai, and representatives from organizations such as Google India, Mahindra Group, L&T, and the Ministry of Electronics and Information Technology. Experts from the Rajiv Gandhi Science and Technology Commission and the Data Security Council of India are also part of the task force.

The upcoming AI university aims to promote research and development in AI and related fields, enhance AI-driven solutions for governance and industry, and nurture a future-ready workforce. It will focus on skill development, technological innovation, and policy formulation.

The initiative aligns with the BJP's election manifesto and PM Modi's vision of 'Viksit Bharat 2047'. The goal is to make Maharashtra a global hub for AI education and innovation.

The university will foster collaboration between industry, academia, and government, positioning Maharashtra as a global leader in AI.

This ambitious project reflects the government's commitment to making Maharashtra a hub for technology and innovation.

Essar Renewables Signs MoU With Maharashtra; To Invest ₹ 8,000 Cr for Its Green Mobility Initiative

Essar Renewables Ltd (ERL), Essar’s venture into the green energy sector, has signed a Memorandum of Understanding (MoU) with the Government of Maharashtra at the World Economic Forum (WEF) in Davos. The MoU paves the way for Essar Renewables’ proposed investment in the state, with plans to develop 2 GW of renewable energy capacity for its green mobility initiative.

Under the terms of the agreement, Essar Renewables will invest approximately ₹8,000 crore in a mix of round-the-clock renewable energy projects, primarily aimed at supporting the Electric Vehicle truck charging ecosystem of Blue Energy Motors and Greenline.

This investment is expected to generate direct employment for over 2,000 individuals, contributing to the state’s transition to green energy and economic growth.

The proposed projects are slated to commence in the fiscal year 2026-27.

Commenting on the partnership, Ankur Kumar, CEO, Essar Renewables said, “We are excited to embark on this transformative journey with the Government of Maharashtra. This collaboration represents a crucial milestone in our renewable energy projects and also establish us a formidable player in the sector.”

Prashant Ruia, Director, Essar, added, “As we navigate the global energy transition, this partnership with the Government of Maharashtra is a critical step in reshaping the future of sustainable energy for green mobility. With our investment in renewable energy and green mobility solutions, we are driving the state’s growth while positioning India as a global leader in the green economy.”

The partnership aligns with Essar Renewables' ambitious goal of surpassing 8 GW of renewable energy capacity over the next five years.

Adani Group Incorporates New Company for RE Projects and Renames Dharavi Redevelopment Project

The Adani Group has incorporated a new subsidiary called Adani Green Energy Sixty Eight Limited to focus on renewable energy projects. This move is part of their broader strategy to achieve a 50 GW renewable energy capacity by 2030.

Additionally, they have renamed the Dharavi Redevelopment Project Private Limited (DRPPL) to Navbharat Mega Developers Private Limited (NMDPL). The name change is intended to reflect the company's commitment to building a modern, inclusive, and vibrant community[ However, this decision has faced criticism from the Dharavi Bachao Andolan (DBA), which represents the slum residents.

Here are the details on the two news pieces mentioned above:

1. Adani Group's New Company for Renewable Energy Projects

The formation of a new subsidiary called Adani Green Energy Sixty Eight Limited (AGE68L) will focus on renewable energy generation using wind, solar, and other renewable sources. AGEL aims to achieve a 50 GW renewable energy capacity by 2030. The subsidiary is registered in Gujarat and is part of Adani's broader strategy to enable the clean energy transition.

Here are some key details about AGE68L:

• Objective: The main objective of AGE68L is to generate, develop, transform, distribute, transmit, sell, and supply any kind of power or electrical energy using wind energy, solar energy, or other renewable sources.
• Capital: The authorised capital and paid-up capital of AGE68L is kept at ₹1,00,000.
• Registration: AGE68L is incorporated in India and registered with the Registrar of Companies in Gujarat, at Ahmedabad.
• Operations: AGE68L is yet to commence its business operations.
• Parent Company: Adani Renewable Energy Holding Nine Limited holds 100% share capital of AGE68L.

AGEL, the parent company, is a major renewable energy company in India, developing, owning, and operating utility-scale, grid-connected solar, wind, and hybrid renewable power plants. AGEL is currently developing a massive 30 GW renewable energy plant at Khavda in Gujarat, which is expected to set a global benchmark for ultra-large-scale renewable energy plants.

2. Renaming of Dharavi Redevelopment Project Private Limited (DRPPL)

The Adani Group has renamed Dharavi Redevelopment Project Private Limited (DRPPL) to Navbharat Mega Developers Private Limited (NMDPL). This change is part of the company's effort to build a modern, inclusive, and vibrant community.

However, the renaming has faced criticism from the Dharavi Bachao Andolan (DBA), which represents the slum residents. They are concerned about potential negative impacts on the residents.

Here are some key details about Navbharat Mega Developers Private Limited (NMDPL):

• Purpose: NMDPL is a special purpose vehicle (SPV) formed as a joint venture between the Government of Maharashtra and the Adani Group.
• Objective: The primary goal is to redevelop Dharavi, one of Asia's largest slums, into a modern, inclusive, and vibrant community.
• Name Change: The name change aims to avoid confusion with the Dharavi Redevelopment Project (DRP), which is the special planning authority of the state government.
• Government Role: The role of the Maharashtra Government remains unchanged, and DRP continues to be the supervising authority for the project.
• Commitment: NMDPL is committed to creating a broader and brighter future for everyone associated with or benefiting from the project.
• Housing: The state government has decided to provide free housing to eligible Dharavi residents and affordable housing to ineligible residents under the Pradhan Mantri Awas Yojana or through a hire-purchase scheme.

The name "Navbharat" means "New India," reflecting the project's potential to shape a better future. The initiative aims to ensure transparency, inclusivity, and the welfare of all stakeholders.

Air India Orders 34 Trainer Aircraft for South Asia’s Largest Flying School Coming Up in Amravati, Maharashtra

• Air India has placed an order for 31 single-engine aircraft from Piper Aircraft and 3 twin-engine aircraft from Diamond Aircraft
• Delivery of the aircraft will begin in 2025, strengthening Air India’s commitment to power India’s aviation ecosystem in the coming years.

Air India, India’s leading global airline, has placed an order for 34 trainer aircraft as it prepares to start training of cadet pilots at South Asia’s largest Flying Training Organisation (FTO) coming up in Amravati, Maharashtra by the second half of 2025, post regulatory approvals.

The order includes 31 single-engine aircraft from Piper Aircraft in the United States and 3 twin-engine aircraft from Diamond Aircraft in Austria.

The FTO is a leap forward in Air India’s commitment to bolster its training infrastructure as part of its Vihaan.AI transformation program and cultivate a pipeline of pilots as it expands its fleet, becoming self-reliant.

The trainer aircraft, due for delivery starting 2025, are equipped with glass cockpits, G1000 avionics systems and Jet A1 engines that will ensure advanced training for aspiring pilots.

Archer DX single-engine aircraft by Piper Aircraft

DA42 twin-engine aircraft by Diamond Aircraft

The FTO is coming up at Amravati’s Belora airport and will target to graduate 180 commercial pilots every year.

“The new FTO is a strategic move to exponentially expand our training infrastructure and our commitment to building a self-reliant ecosystem of qualified pilots for both Air India and the Indian aviation industry. With this order of 34 trainer aircraft to support South Asia’s largest Flying Training Organisation, we are delighted to be playing a part in building the aviation infrastructure India needs as one of the world’s fastest-growing aviation markets and to support the government’s vision for an Atmanirbhar Bharat,” said Sunil Bhaskaran, Director, Aviation Academy, Air India.

As part of its commitment to invest in aviation training, Air India opened its new Aviation Training Academy, spread over 600,000 sq ft, the largest in South Asia, in Gurugram. It is also the first airline in India to announce the setting up of an FTO that will complement Air India’s commitment to power India’s aviation ecosystem in the coming years.

At the FTO in Amravati, Air India is developing a state-of-the-art training institute over 10 acres, with digitally enabled classrooms at par with global academies, hostels, a digitized operations center, and its own maintenance facility to elevate operational efficiency. The FTO is curated to deliver best-in-class training with high safety standards.

Adani Partners Israel's Tower Semiconductor for $10 Bn Chip Manufacturing Plant in Maharashtra

The Maharashtra government has approved a joint venture between Adani Group and Israel's Tower Semiconductor to set up a $10 billion semiconductor manufacturing plant in the Navi Mumbai suburbs, specifically in the Taloja area of Panvel.

The project will be developed in two phases:

Phase 1: An initial investment of approximately ₹58,763 crore (around $7 billion) to establish a capacity of 40,000 wafer starts per month (WSPM).

Phase 2: An additional investment of ₹25,184 crore (around $3 billion) to expand the capacity to 80,000 WSPM.

This plant is expected to generate over 5,000 direct jobs and significantly boost India's semiconductor manufacturing capabilities. However, the project still awaits approval from the Union government's India Semiconductor Mission (ISM).

Besides this, there are several other significant semiconductor and high-tech projects in Maharashtra.

RRP Electronics is setting up a semiconductor manufacturing project focused on Outsourced Semiconductor Assembly and Test (OSAT) and chip production. This project is expected to significantly boost the state’s semiconductor ecosystem.

In addition, the Maharashtra government has approved multiple EV manufacturing projects across Marathwada, Vidarbha, Pune, and Panvel. These projects, with a combined investment of ₹1.17 lakh crore, are expected to create around 29,000 jobs.

Toyota, Maharashtra Govt Sign $2.7 Bn Electric & Hybrid Vehicle Manufacturing Deal

Toyota Kirloskar Motor has partnered with the Maharashtra government to establish a greenfield electric vehicle (EV) manufacturing hub in Chhatrapati Sambhajinagar.

This ₹20,000 crore (approximately $2.7 billion) initiative is set to revolutionize Maharashtra's automotive industry, focusing on electric and hybrid vehicles.

The project is expected to generate approximately 16,000 direct and indirect jobs and produce around 400,000 cars annually. The government has allocated 850 acres of land specifically for vehicle production.

Chief Minister Eknath Shinde hailed the project as a “revolutionary step” for the state’s motor manufacturing sector.

Notably, India’s electric vehicle (EV) market is poised for significant growth. EVs could account for over 40% of India’s automotive market by 2030, generating more than $100 billion in revenue. The market is projected to grow from $23.38 billion in 2024 to $117.78 billion by 2032, exhibiting a CAGR of 22.4%2.

The EV industry is projected to create around 50 million direct and indirect jobs by 2030.

Google in Advanced Talks to Acquire 22.5-acre Land in Navi Mumbai for Its 1st India Captive Data Centre

Google is in advanced negotiations to acquire a 22.5-acre land parcel in Juinagar, Navi Mumbai, for its first captive data center in India, reported Economic Times.

The land, owned by the Maharashtra Industrial Development Corporation (MIDC) and currently leased to Gramercy Trade Industries, is valued at approximately Rs 850 crore. This move is part of a broader trend where tech giants are establishing hyperscale data centers in India, driven by the post-pandemic digital boom and the country's strategic location.

 

These colorful pipes are responsible for carrying water in and out of our The Dalles, Oregon data center. The blue pipes supply cold water and the red pipes return the warm water back to be cooled.

Early this year, Adani Enterprises Limited, the flagship company of the Adani Group, and the Government of Maharashtra had signed an MoU to set up 1 GW hyperscale data infrastructure in the state at an investment of ₹ 50,000 crore, over the next 10 years.

The establishment of a Google data center in India is expected to have several positive impacts on services for Indian users:

Improved Performance: Local data centers can reduce latency, leading to faster access to Google's services.

Data Localization: With data stored locally, users may experience improved privacy and data protection, aligning with India's data laws.

Enhanced Reliability: A local data center can offer better reliability and uptime for Google's services.

Support for Digital India: It aligns with the government's push for digital services and can enhance the overall digital infrastructure.

Economic Growth: It may contribute to local economic growth through job creation and infrastructure development.

Overall, this move is likely to enhance the user experience and support the growing demand for Google's services in India.

Maharashtra Govt Signs MoU with Adani Group To Set Up 1GW Hyperscale Data Infrastructure of ₹50,000 Crore Investment

• Centers to come up in Mumbai or Navi Mumbai and Pune
• Infrastructure is planned to be powered by renewable energy

Adani Enterprises Limited, the flagship company of the Adani Group, one of the world’s largest infrastructure conglomerates, and the Government of Maharashtra today signed a memorandum of understanding (MoU) to set up 1 GW hyperscale data infrastructure in the state at an investment of ₹ 50,000 crore, over the next 10 years. The MoU was signed in the presence of Maharashtra Chief Minister Eknath Shinde and Adani Group Chairman Mr Gautam Adani at the World Economic Forum 2024 here.

The data center infrastructure, which will be set up in key locations such as Mumbai or Navi Mumbai and Pune, will be powered by renewable energy, which will enhance the green energy infrastructure in Maharashtra, and provide direct and indirect employment to 20,000 people. The Adani Group also intends to make deemed distribution investments to power the proposed 1 GW hyperscale data center infrastructure.

The Maharashtra government is interested in promoting information technology related infrastructure and services and considers the proposed hyperscale project to be economically and socially beneficial to the state.

Mumbai has rapidly transformed from having a minimal share of renewable energy to becoming a global leader in clean energy adoption in just a few years. Mumbai's renewable energy share now surpasses that of major global cities. Mega projects like this have facilitated Mumbai's renewable energy journey and aligns well with its broader sustainability goals contributing to India's broader renewable energy targets.

In 2023, Adani Electricity Mumbai Limited [AEML] has successfully satisfied up to 38 per cent of Mumbai consumers' electricity requirements from renewable sources, and it stands committed to reach the target of 60 per cent by 2027.

Infosys Announces New 2,65,000 Sq. Ft. Development Center in Nagpur

Infosys Japan (used for representation) 

With over INR 230 crore investment, the 265,000 sq. ft. unique state-of-the-art building is an integration of art and science

New center to accommodate over 3,000 employees, in alignment with Infosys’ future-ready hybrid workplace strategy

Infosys (NSE, BSE, NYSE: INFY), a global leader in next-generation digital services and consulting, has announced the inauguration of a new state-of-the-art development center (DC) at the Mihan-SEZ in Nagpur, Maharashtra. Spread across 265,000 sq.ft., Infosys has invested over INR 230 crore in the development of this facility, which will provide greater flexibility for employees to work in a hybrid mode and enable re-skilling and up-skilling of local talent. The new center will also give employees the opportunity to work on next-gen technologies like cloud, AI, and digital across multiple industries, such as telecommunications, banking, retail, aerospace, automobile, logistics, and manufacturing, among others.

The DC was inaugurated by Hon’ble Union Minister Shri Nitin Gadkari, Hon’ble Deputy Chief Minister of Maharashtra Shri Devendra Fadnavis, in the presence of Mr. Nilanjan Roy, Chief Financial Officer, Infosys, Mr. Sunil Kumar Dhareshwar, Executive Vice President, Infosys, Mr. Tarang Puranik, Senior Vice President, Infosys, and Mr. Niladri Prasad Mishra, Vice President, Infosys, and other senior government officials.

The DC, which will accommodate over 3,000 employees, is aligned with Infosys’ future-ready hybrid workplace strategy. Additionally, in line with Infosys’ ESG commitments and green building standards, the office follows the highest standards of occupant health as well as efficiency, and uses innovative systems to reduce consumption of natural resources like energy, water, etc. The campus facilitates low-energy cooling, smart building automation, efficient rainwater harvesting, and 100% recycling of wastewater.

Shri Nitin Gadkari, Hon’ble Union Minister, Government of India, said, "The inauguration of the new Infosys development center in Nagpur is a significant milestone for the city's growth trajectory. The center will serve as a catalyst for ecosystem development and is a testament to our vision of creating an environment for world-class IT services and solutions in the city. We are confident that Infosys’ Nagpur DC will create employment opportunities and contribute to the growth of the state's IT sector."

Inaugurated the @Infosys state-of-the-art office building in Mihan, Nagpur today. Maharashtra Deputy Chief Minister Shri @Dev_Fadnavis Ji, MP Shri Krupal Tumane Ji, and Infosys CFO Shri Nilanjan Roy Ji were present at the ceremony.

The entry of prominent MNCs like Infosys into… pic.twitter.com/akFWa4U4W9

— Nitin Gadkari (@nitin_gadkari) December 16, 2023

Shri Devendra Fadnavis, Hon’ble Deputy Chief Minister of Maharashtra, said, "We are proud that Infosys has put Nagpur on its global development center map with the commencement of operations at its state-of-the-art development center. I am absolutely delighted to see Infosys's commitment to green practices and sustainability which has been a key design factor in developing this center. This is in line with our State/National vision for a better future. We look forward to a fruitful collaboration with Infosys in the years to come."

Nilanjan Roy, Chief Financial Officer, Infosys, said, “The inauguration of the development center in Nagpur is a part of our commitment towards continuous innovation. We believe that this center will contribute to the growth of businesses, create direct and indirect job opportunities, promote sustainability and ecosystem development, and give an impetus to local and global businesses through its cutting-edge solutions and services."

Taiwan's Gogoro to Deploy $1.5 Billion Smart Battery Infrastructure in Maharashtra

India’s State of Maharashtra and Gogoro to Partner On ‘Ultra Mega Project’ to Manufacture and Deploy Smart Battery Infrastructure that Would Exceed $1.5 Billion Over Eight Years

Maharashtra’s Ultra Mega Project Offer Outlines an Eight Year Phase 1 Investment Plan that Includes More Than $500 Million Investment in Manufacturing and $1 Billion in Smart Battery Infrastructure Deployment by Gogoro supported by Financial Incentives and Reimbursements by the State of Maharashtra.

The Project Would be One of the Largest EV Investments in India’s History and

Follows an MOU Announcement at Davos in January 2023.

The Indian State of Maharashtra and Gogoro Inc. (Nasdaq: GGR), a global technology leader in battery swapping ecosystems that enable sustainable mobility solutions for cities, today announced that the Maharashtra government had presented Gogoro with an offer letter to enter into an ‘Ultra Mega Project’ agreement to manufacture vehicles, smart battery packs and battery swap stations, and deploy an open and accessible battery swapping infrastructure in the State beginning in late 2023. The announcement was made, at a Maharashtra’s State Government press conference, by Chief Minister Shri. Eknath Shinde.

The proposed Ultra Mega Project deal would exceed $1.5 billion and include financial incentives and support from Maharashtra. The offer letter follows a MOU between Maharashtra and Gogoro that was previously announced at Davos in January 2023.

Late last year, Gogoro debuted in India market with its electric scooter and also announced its collaboration with Hero Motocorp for battery swapping infrastructure.

The Maharashtra government categorizes Ultra Mega Projects as significant strategic investments exceeding $500 million that usually result in government incentives to ensure successful project execution. Gogoro’s request for financial incentives was approved and endorsed by the Maharashtra state cabinet and the two parties expect to complete the agreement soon.

“As the leading State in India for electric vehicles, Maharashtra is demonstrating our strong commitment towards sustainable transportation for all. We are creating a smart battery ecosystem with Gogoro, a leader in sustainable vehicles and electric fuel technologies. As part of the project, Gogoro will establish its India vehicle, smart battery and battery swapping station manufacturing in Maharashtra and deploy their industry leading smart battery infrastructure in the state, generating approximately 10,000 direct and indirect jobs,” said Hon. Chief Minister Shri. Eknath Shinde.

“In line with the vision set by our Hon Prime Minister Shri. Narendra Modi, Maharashtra is fully committed to help build a green and sustainable future for our state. I am delighted to announce that today we approved an ultra mega project with Gogoro, a Nasdaq listed, global two-wheel EV company," said Devendra Fadnavis, The Deputy Chief Minister of Maharashtra. "Gogoro aims to produce two-wheel EV’s that utilize its open and accessible battery swap technology which is absolutely state of the art. We have provided Gogoro with the necessary financial and other key incentives to usher in a new paradigm shift in the way we will move people across metros and cities. The EV revolution is gripping the world and our state is not far behind in its early adoption. With this project we anticipate creating a fertile ecosystem for local manufacturers who will avail the necessary tech transfer and help create world class products for our citizens."

Gogoro plans to build a smart energy infrastructure in Maharashtra that is open and accessible and establishes battery swapping and smart battery stations as a leading source for mobility and energy storage. The deployment is also expected to accelerate job growth throughout the smart energy, electric vehicle, and sustainability value chain. Gogoro is expected to lead the increase of foreign direct investment into the state of Maharashtra in both supply chain capabilities and smart battery infrastructure.

The Global EV Battery Swapping Market Size accounted for USD 134.1 Million in 2021 and is projected to occupy a market size of USD 1,123.9 Million by 2030 growing at a CAGR of 26.8% from 2022 to 2030. 

“Building on Gogoro’s successful deployment of an open battery swapping network that supports multiple vehicle makers in Taiwan, we plan to proceed in partnership with the Maharashtra government to bring Gogoro vehicles, smart batteries and swap stations to India starting with the state of Maharashtra. We are focused on creating a domestic supplier ecosystem that allows for domestic growth and foreign market expansion,” said Horace Luke, founder, and CEO of Gogoro. “It is essential that we transform industries and infrastructure to successfully enter a new era of clean, connected mobility. We are excited to be partnering with the Maharashtra government in its vision to transform urban transportation and provide a better path forward for its residents and businesses.”

The battery swapping infrastructure expects to begin deploying across Maharashtra in late 2023 which will leverage Gogoro’s smart energy ecosystem including smart battery stations, swapping technologies, network management solutions, and will provide numerous innovations to the State, contributing in the areas of smart city design and development, energy storage stations & systems, smart mobility sharing, smart electric vehicles, demand response services and distributed energy storage, among other applications.

With more than 120 million residents, Maharashtra is India’s largest economy and industrialized State with a gross domestic product of more than US$450 billion that accounts for 16-percent of India’s industrial output.

Cautionary Statement

Finalization and implementation of the Proposed Ultra Mega Project Investment Plan is subject to, among other things, the execution of mutually agreeable definitive agreement(s), completion of due diligence, procurement of necessary funding, approval by the board of directors of Gogoro, and obtaining governmental approvals that may be required in the State of Maharashtra or elsewhere in India and Taiwan where relevant. Although both parties are actively working to finalize the agreement, there can be no assurance that a definitive agreement will be entered into, the required approval will be obtained or that the Proposed Ultra Mega Project Investment Plan will be implemented or consummated on the terms set forth herein or at all.

About The State of Maharashtra

Maharashtra is one of the 28 states within the Republic of India. Maharashtra is known as India’s growth engine due to its large contribution to India’s GDP. It is also nationally recognized as the most advanced in terms of manufacturing and services sector. Maharashtra has consistently topped India’s ranking in terms of FDI received. Mumbai, the capital of Maharashtra is a global world class city.

https://maharashtra.gov.in/1125/Home

About Gogoro

Founded in 2011 to rethink urban energy and inspire the world to move through cities in smarter and more sustainable ways, Gogoro leverages the power of innovation to change the way urban energy is distributed and consumed. Gogoro Network is a new generation of distributed smart energy infrastructure that is optimized for swappable battery refueling and architected for intelligent bidirectional demand response and energy storage that is a key building block of a smart grid. Gogoro has quickly become an innovation leader in battery swapping, energy storage, connected vehicles, electric propulsion systems, smart battery design, and advanced cloud services that utilize artificial intelligence to manage battery availability and safety. The challenge is massive, but the opportunity to disrupt the status quo, establish new standards, and achieve new levels of sustainable growth in densely populated cities is even greater. For more information, visit www.gogoro.com/news and follow Gogoro on Twitter: @wearegogoro