The Raigad Pen Smart City near Mumbai has attracted investments exceeding Rs 1 trillion, Maharashtra Chief Minister Devendra Fadnavis said on the sidelines of the World Economic Forum summit in Davos.

Speaking in an interview, Fadnavis said the state government has signed memoranda of understanding with global investors from the United States, the United Arab Emirates, Singapore, Australia and the Netherlands to develop the smart city. He added that land has been identified, approvals have been secured and the project has been opened to investors, with commitments already crossing Rs 1 trillion and expected to be operationalised soon.

The Chief Minister also highlighted the proposed Innovation City near Navi Mumbai International Airport, which he described as a global innovation ecosystem for India. The project is expected to host multiple artificial intelligence and innovation hubs, with Tata Sons committing USD 11 billion towards its development.

Fadnavis said pollution remains a key challenge in India and outlined plans to develop a comprehensive circular economy model for Mumbai. The initiative aims to enable municipal authorities and private investors to convert waste into economic value, improving air and water quality. Waste from sectors such as electronics, construction and healthcare will be addressed under the programme.

He said the circular economy project, designed in collaboration with Tata Sons and open to other private players, will be led by the municipal corporation and developed as a national model. As part of the initiative, the government plans to treat legacy waste, including the Deonar landfill site, through biomining, with reclaimed land proposed for housing development.

Fadnavis noted that these infrastructure and urban development initiatives are long-term projects expected to take seven to nine years to complete, though visible progress is anticipated within the next year.

He also said India continues to be a preferred destination for global investors, citing political stability, strong governance and consistent policy frameworks. According to him, even investors from countries with trade differences view India as a stable and attractive investment destination.