Business honchos announce projects, offer suggestions

MUMBAI: Some of the industrialists and business honchos from the constellation present at Magnetic Maharashtra on Sund-ay made a few announcements for the city and also offered suggestions on improving its business friendliness. Ratan Tata, former chairman of Tata Sons, said the present scenario for industries to invest in Maharashtra is excellent while Anand Mahindra, chairman of the Mahindra Group, warned that Mumbai is a vibrant city but a double-edged sword if not managed properly.

Mukesh Ambani, chairman and managing director of Reliance Industries Ltd, announced that his company was going to invest Rs 60,000 crore for an integrated industrial corridor near Mumbai. Richard Branson, chairman Virgin Hyperloop One, has signed a MoU with Maharashtra to start a hyperloop — a proposed mode of passenger and freight transportation, first used to describe an open-source vactrain design released by a joint team from Tesla and SpaceX — between Mumbai and Pune. “The hyperloop will reduce the distance and commuters can reach their destination in 15-20 minutes. It can carry 150 million passengers per year with a speed of 1,000 km per hour. It can make India a pioneer in global hyperloop transport and help reduce accidents,” Mr Branson said.

Recalling that the Tata Group was set up in Maharashtra first, Mr Tata urged investors to come here. “A few years back the situation was different. Industrial growth surpassed the state’s ability to provide infrastructure. Now the situation has changed and this place is vibrant again. It is well connected with roads and air services. The future of Maharashtra is a very rosy one,” said the noted industrialist, investor and philanthropist.

Mr Mahindra, on the other hand, said that Mumbai should be managed properly. “Maharashtra has two poles of strength: rural areas and Mumbai. The CM initiated to transform 1000 villages into model villages. Mr CM, also tell us about your vision for Mumbai. Mumbai is a commercially exciting place and a jewel. But its a double-edged sword and if mismanaged, it will lead to investors turning away,” he said.

Mr Mahindra also announced a Rs 1,700 crore film-centric tourism venture at suburban Goregaon.