MUMBAI: The Maharashtra government on Friday signed five memorandum of understanding (MoU) worth Rs 8000 crore with two foreign universities and visual effects companies in the Wave summit. This move will help to generate 5000 direct and 20,000 indirect jobs in the state.
The state government inked the partnership with DNEG-Prime Focus Limited, a global leader in visual effects and post-production services on Friday. Mr Namit Malhotra, CEO of DNEG-Prime Focus Limited was present during the signing of MoU. This partnership is expected to contribute significantly to Maharashtra's growing reputation as a centre for film and digital media production.
Chief Minister Devendra Fadnavis said that the MoU with this visual effects company will infuse Rs 3,000 crore and will create 2500 employment opportunities in the media and jobs sector.
He stated that this is a crucial step in fostering the state's position as a leader in the global media and entertainment landscape. “It will also strengthen the local economy through job creation and technological innovation. The MoU aims to boost the media and entertainment industry in Maharashtra, contributing to the state's growing economy and job market,” he said.
CM Fadnavis also signed the two MoUs with the two foreign universities that are University of York and University of Western Australia. He said that this move will make Maharashtra as an education hub.
Vijay Singhal, the MD at CIDCO, the development body that inked the MoU with two foreign universities, said that they have demarcated 100 acres of land in Navi Mumbai exclusively for educational institutions.
He said this zone close to Navi Mumbai airport will be called the edu-hub, where a minimum of ten renowned foreign universities will set up their full-fledged campuses. “Each university – the University of York and the University of Western Australia is investing Rs 1500 core each, which will also generate thousands of jobs. These universities are already in the process of seeking permission from the University of Grand Commission (UGC).
“Until now, students often had to go abroad for higher education, but that is beginning to change,” said Chief Minister Devendra Fadnavis. “We have developed an Edu-City, where 10 to 12 foreign universities will collaborate to offer world-class education right here in India.”
He noted that agreements have already been signed with two international universities, and discussions are underway with five more. “Maharashtra will be the first state to host such a cluster of global universities in one location. These two institutions will open up new avenues in education and skill development," he added.
Chief minister Fadnavis called it a major success in the direction of building a strong and sustainable investment ecosystem, the first one was the launch of WAVES INDEX that will serve as a profit base for the ecosystem of investment. He said Maharashtra is now rapidly moving forward to take a leading role in the field of education as well.
He further mentioned that the new Film City is being developed in Mumbai with an investment of Rs 2,000 crore.
“Godrej is also developing a modern Film City in Mumbai, with an investment of around Rs 2,000 crore, which will create thousands of employment opportunities. Today, a total investment of Rs 8,000 crore has been made, and several important MoUs have been signed — but the value of this investment should not be seen merely in numbers, but rather in its multiplier effect, which will benefit the entire state in the coming years,” CM Fadnavis added.
WAVES 2025 witnesses participation from over 90 countries, with more than 10,000 delegates, 1,000 creators, 300+ companies, and 350+ startups.