Mumbai, Jan 22 – The JSW Group has signed a memorandum of understanding (MoU) with the Maharashtra government to invest ₹3,00,000 crore in the Naxal-affected Gadchiroli district, aiming to transform the region into India’s steel city. The announcement was made on Tuesday during the World Economic Forum (WEF) in Davos, where Maharashtra secured a total of ₹5,00,000 crore in investment commitments through 20 agreements.
The JSW MoU, the largest among the deals, spans critical sectors such as steel, renewable energy, infrastructure, cement, lithium-ion batteries, and solar technologies. Maharashtra Chief Minister Devendra Fadnavis, leading the state’s delegation in Davos, said the investment would drive industrial growth and sustainable development in the region.
“This collaboration will further strengthen Maharashtra’s position as an industrial and economic powerhouse, driving innovation, job creation, and long-term prosperity for our people,” Fadnavis said.
The Maharashtra government will support the investments by expediting clearances, providing fiscal incentives, and ensuring access to essential infrastructure such as land, water, and power, as per its industrial policy.
In addition to JSW’s commitment, Belgium-based AB InBev, the world’s largest brewing company, signed an MoU to invest ₹750 crore in a plant in Chhatrapati Sambhajinagar. Solar PV module manufacturer Waaree Energies also committed ₹30,000 crore for a manufacturing facility in Nagpur.
Several other major agreements included:
- Blackstone-Panchshil Realty: ₹25,000 crore
- ZR2 Group: ₹17,500 crore
- Balasore Alloys Limited: ₹17,000 crore
- Reliance Infrastructure: ₹16,500 crore
- H2E Power: ₹10,750 crore
- Essar Group: ₹8,000 crore
The JSW Group’s investment is expected to bring significant industrial activity to Gadchiroli, a district historically impacted by Naxal insurgency. Fadnavis emphasized the government’s ongoing efforts to reduce extremist activities and foster economic growth through industrial development.
“The investment in Gadchiroli is a significant step towards fulfilling our vision of developing it into the steel city of the country,” Fadnavis added.
The deals signed in Davos are set to solidify Maharashtra’s position as India’s leading industrial hub. With a focus on sustainability, innovation, and job creation, the agreements are expected to drive long-term economic growth across the state.
