Brookfield & MMRDA Partner To Propel Mumbai’s Development With USD 12 Billion MoU

In order to expedite infrastructure development in the Mumbai Metropolitan Region (MMR), the MMRDA and Brookfield, a multinational investment group, signed a USD 12 billion (Rs 1,03,800 crore) Memorandum of Understanding (MoU). In front of Brookfield CEO Anuj Ranjan, MMRDA Metropolitan Commissioner Dr. Sanjay Mukherjee, IAS, signed the Memorandum of Understanding.

Metro networks, highways, bridges, urban infrastructure, real estate, and transit-oriented development (TOD) are among the major projects that the agreement seeks to create. Mumbai 3.0, which includes KSC New Town (323.24 sq. km.) and Special Planning Areas (SPAs) in the northern (1,006.76 sq. km.) and southern (673.33 sq. km.) MMR, will receive particular attention. In addition to logistics parks, data centres, and Global Capability Centres (GCCs), the project entails the construction of residential, commercial, and mixed-use areas.

After MMRDA participated in the World Economic Forum (WEF) Annual Summit in Davos for the second year in a row, the MoU is a part of the organization’s attempts to draw in international investors. The authority has obtained USD 40 billion in Memorandums of Understanding during the past two years.

This alliance is anticipated to help MMR achieve its $300 billion economic development and generate 3 million employment by 2030, with Maharashtra aiming for a $1 trillion economy. With the financial know-how and operational assistance of Toronto-based asset management company Brookfield, MMR will be positioned as a major international economic centre over the course of the next five to seven years.

Source: The Times of India

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