Key Points
- Maharashtra signed MoUs worth ₹8,000 crore at the WAVES 2025 summit, with major investments in entertainment and education.
- Prime Focus will invest ₹3,000 crore to develop a world-class 200-acre ‘Film City’ in Mumbai, featuring a Ramayana-themed amusement park, hotels, and residential facilities, creating 2,500 jobs.
- Godrej Fund Management announced a ₹2,000 crore studio complex in Panvel, to be developed in two phases and expected to generate thousands of jobs by 2030.
- The projects are part of a broader push to transform Maharashtra into a global hub for media, entertainment, and education, with international universities also set to establish campuses in the state.
- Chief Minister Devendra Fadnavis highlighted the multiplier effect of these investments on the state’s economy and infrastructure.
Mumbai: In a major boost to Maharashtra’s creative economy, the state government on Friday signed Memorandums of Understanding (MoUs) worth ₹8,000 crore with top companies at the World Audio Visual and Entertainment Summit (WAVES) 2025, held at the Jio World Convention Center in Mumbai. The event saw a flurry of investment announcements aimed at transforming Mumbai and its surrounding regions into global centers for film, entertainment, and education.
Prime Focus to Build 200-Acre Film City in Mumbai
The highlight of the summit was the announcement by Prime Focus, a BSE-listed entertainment giant, to invest ₹3,000 crore in developing a sprawling 200-acre ‘Film City’ in Mumbai. The facility, to be built on land allocated by the state government, will offer a comprehensive ecosystem for content creation and entertainment. Features will include:
- A Ramayana-themed amusement park
- High-tech production studios and digital infrastructure
- Live entertainment venues and interactive experience centers
- Hotels, restaurants, shopping areas, and long-term residential accommodations for families
Prime Focus founder Namit Malhotra revealed that the project is expected to generate up to 2,500 new jobs. The groundbreaking ceremony is slated for later this year, with the company poised to approach investors for further funding.
Malhotra emphasized that the new Film City would not only honor India’s cinematic legacy but also position Mumbai as a global leader in content creation and entertainment innovation.
Godrej to Develop Studio Complex in Panvel
Godrej Fund Management, a major real estate private equity firm, announced a ₹2,000 crore investment to develop a state-of-the-art studio complex in Panvel, Navi Mumbai. The project will roll out in two phases-₹500 crore in the first phase and ₹1,500 crore in the second-with completion targeted for 2030. The Panvel studio is projected to create thousands of jobs, further boosting the region’s employment landscape.
International Universities and New Education Hub
The summit also featured announcements on the education front. Chief Minister Devendra Fadnavis shared that York University (UK) and the University of Western Australia will open campuses in the ‘third Mumbai’ area, part of a planned educational hub designed to attract global talent and provide world-class learning opportunities.
State’s Vision: Creative and Economic Transformation
Chief Minister Devendra Fadnavis lauded the WAVES 2025 summit as a landmark event, noting that such a high-quality, global-scale platform had never before been organized in Mumbai. He urged the public to look beyond investment figures and recognize the broader multiplier effect these projects will have on Maharashtra’s economy, infrastructure, and global standing.
“Growth, infrastructure development, and a sustainable future are all vital to the development of Maharashtra. I am glad to add the creation of this next-generation entertainment hub to the list of projects that are transforming our state, keeping us at the forefront of India’s growth and development,” Fadnavis said.
The summit also saw the launch of the ‘NSE Waves Index’, a new stock market index dedicated to the media and entertainment sector, reflecting the sector’s growing importance in India’s economy.
With the signing of ₹8,000 crore in MoUs at WAVES 2025-including mega film cities by Prime Focus and Godrej-the Maharashtra government has set the stage for Mumbai to become a world-class hub for entertainment, media, and education. These projects are expected to create thousands of jobs, attract international talent, and further cement Maharashtra’s position as a leader in India’s creative and economic growth.
