Maharashtra Government Inks MoUs Worth Rs 8,000 Crore In Waves
The City and Industrial Development Corporation (CIDCO) had demarcated 100 acres of land in Navi Mumbai for “Educity”, which will house the campuses of the foreign universities.
Mumbai: The Maharashtra government on Friday inked four MoUs with University of York, University of Western Australia, DNEG-Prime Focus Limited and Godrej Fund Management and Investment Advisor Pvt Ltd worth Rs 8,000 crore in the WAVES Summit. Maharashtra chief minister Devendra Fadnavis said that two leading universities from the United Kingdom and Australia will set up their campuses in Navi Mumbai. Around five thousand employment will be generated directly while 20,000 jobs will be created indirectly, said an official from the state government.
Mr. Fadnavis also announced that the NSE has launched Waves Index, which includes 43 companies and aims to reflect the growth and potential of India’s media, content, and entertainment sectors.
The City and Industrial Development Corporation (CIDCO) had demarcated 100 acres of land in Navi Mumbai for “Educity”, which will house the campuses of the foreign universities. The Educity will be developed close to Navi Mumbai airport, said an official. The CIDCO has linked MoUs with the two foreign universities.
The industries department of state signed the partnership with the DNEG-Prime Focus Limited, a global leader in visual effects and post-production services. Mr. Namit Malhotra, CEO of the DNEG-Prime Focus Limited and the chief minister of Maharashtra were present during the signing of the MoU. This partnership is expected to contribute significantly to Maharashtra’s growing reputation as a center for film and digital media production, the official said.
Speaking with the reporters at Maharashtra Pavilion at WAVES 2025 in the Jio centre, the chief minister said that foreign universities can set up their campuses in the country under new education policy. “We are developing a educity (education city) in Navi Mumbai with the help of CIDCO. 10 to 12 best universities of the world will be brought in the educity… We signed two MoUs with two of the best universities- - University of Western Australia and University of York. They will set up their campuses in Navi Mumbai. They will initially invest Rs 1,500 crore each,” Mr. Fadnavis said.
According to the CM, they are also having a dialogue with three other universities, which are in process to receive the clearance from the UGC (university grant commission). Apart from this, the state government has held primary discussions with five universities. “Earlier, our students had to go abroad for quality education, contributing to foreign economies. Now, world class education will be at our doorstep,” he said.
When asked by this newspaper when these MoUs will materialise, the chief minister said that both universities would perform the ground breaking ceremony of their campuses this year itself. Apart from this, both studios would try to begin their works this year.
Mr. Fadnavis said that DNEG-Prime Focus Limited will invest Rs 3,000 crore to develop a film city in the state. It would generate 2,500 jobs directly and 10,000 indirect jobs. “Most expensive and technologically advanced studio will be set up by Prime Focus in the state,” he said.
The CM said that Godrej will also develop a film city at Panvel with an investment of Rs 2,000 crore. It will also generate a large employment in the state. “A total Rs 8000 crore worth of MoUs have inked in today,” Mr. Fadnavis said.
