The City and Industrial Development Corporation (CIDCO) has signed four major Memorandum of Understanding (MoUs) at the World Economic Forum in Davos, aiming to bring significant economic and infrastructural development to Navi Mumbai. 

Among the key agreements, CIDCO has partnered with Eruditus and BookMyShow for large-scale projects in Navi Mumbai. The MoU with Eruditus involves an investment of Rs 200- Rs 250 billion over the next decade to develop an International Educity, creating 20,000 direct employment opportunities. The collaboration with BookMyShow will establish an outdoor entertainment arena in Maharashtra with an investment of Rs 17 billion, generating around 500 jobs. 

While launching the International Educity project, CIDCO announced it would bring together 8-10 foreign universities to create a global education hub. Located within a 5 km radius of the upcoming Navi Mumbai International Airport, the Educity will offer world-class education infrastructure and research facilities, he added. For the entertainment industry, CIDCO has partnered with BookMyShow to develop a state-of-the-art outdoor entertainment arena modeled after international venues like Madison Square Garden in New York and The O2 Arena in London. The arena will have a seating capacity of 20,000 or standing space for 25,000, making it the largest of its kind in the country.

 

CIDCO has also signed two more MoUs to enhance Maharashtra’s digital and logistics infrastructure. An MoU with Panchshil Realty will bring an investment of Rs 250 billion for a state-of-the-art data center, supporting the growth of businesses and technology firms. Another agreement with Welspun World involves a Rs 15 billion investment in a logistics park, creating 2,000 direct employment opportunities.