Mumbai: The Mumbai Metropolitan Region Development Authority (MMRDA) signed a $12 billion (₹1,03,800 crore) Memorandum of Understanding (MoU) with Brookfield, a global investment firm, to accelerate infrastructure development in the Mumbai Metropolitan Region (MMR). The MoU was signed by MMRDA Metropolitan Commissioner Dr Sanjay Mukherjee, IAS, in the presence of Brookfield CEO Anuj Ranjan.
The agreement aims to develop key projects, including Metro networks, roads, bridges, urban infrastructure, real estate, and transit-oriented development (TOD). Special focus will be given to Mumbai 3.0, covering KSC New Town (323.24 sq. km.) and Special Planning Areas (SPAs) in northern (1,006.76 sq. km.) and southern (673.33 sq. km.) MMR. The initiative also includes the development of residential, commercial, and mixed-use spaces, along with logistics parks, data centres, and Global Capability Centres (GCCs).
The MoU is part of MMRDA’s efforts to attract global investments, following its participation in the World Economic Forum (WEF) Annual Summit at Davos for the second consecutive year. Over the last two years, the authority secured MoUs worth $40 billion.
With Maharashtra targeting a $1 trillion economy, this partnership is expected to contribute to MMR’s $300 billion economic growth and create 3 million jobs by 2030. Brookfield, a Toronto-based asset management firm, will provide financial expertise and operational support, positioning MMR as a key global economic hub over the next 5 to 7 years.