'Third Mumbai' to boost metropolitan region development: Fadnavis

Maharashtra Chief Minister Devendra Fadnavis has said his government is developing 'Third Mumbai' in neighbouring Raigad district to boost development in the Mumbai Metropolitan Region (MMR).

This would mark a new chapter in the state's economic growth, Fadnavis said on Monday at the inauguration of the expanded office of global investment banking giant Goldman Sachs in Worli area here.

The CM also held discussions with investors during the event.

"The opening of Goldman Sachs' new facility is a matter of pride for the state. It reaffirms Maharashtra's skilled workforce, robust markets, and investor-friendly environment. This also underlines the state's leadership in the financial sector," he noted.

"The state government is committed to development and is working with the private sector to build 'Third Mumbai'. The new city will host centres of international universities and will play a crucial role in the economic growth of both Mumbai and Maharashtra. The project will include medical colleges, innovation hubs, and research facilities," the CM said.

Research in areas like quantum computing and AI-based systems will be a key feature, he added.

Fadnavis assured that connectivity between Mumbai and 'Third Mumbai' would be seamless, supported by infrastructure projects like the Coastal Road, Atal Setu and the ongoing Worli-Sewri Link Road.

Appealing to private investors to take an initiative in the development of the new city, the CM said, "Good development happens through public-private partnerships. All necessary clearances for incoming investors will be fast-tracked at the government level. Maharashtra is an investor-friendly state. We are continuously improving our ease-of-doing-business rankings." The state is ensuring no obstacles come in the way of investors, and if any issues arise, they are resolved promptly, he said.

Kevin Sneader, president of Goldman Sachs, said opportunities in the Indian market are of great significance to the firm.

Goldman Sachs India CEO Sanjay Chatterjee said the new office marks a milestone in the company's journey in India, adding the design of the new space focuses on collaboration, innovation, and employee well-being.

A statement from the CM's Office said Goldman Sachs began its services in India in the 1980s and established full ownership presence in Mumbai in 2006.

It currently offers investment banking, equity sales and trading, fixed income securities, asset management, and research services, the statement said.