VMPL
Davos [Switzerland]/ Mumbai/Pune (Maharashtra) [India], January 22: At the ongoing World Economic Forum (WEF) in Davos, the Government of Maharashtra signed a Memorandum of Understanding (MoU) worth approximately ₹2,500 crore with Rural Enhancers Group and Nutrifresh Farm Tech India Pvt. Ltd., in the presence of Hon'ble Chief Minister Shri Devendra Fadnavis.
The MoU was signed by Mr. Ambar Ayade, Managing Director & CEO of Rural Enhancers Group, and Mr. Sanket Mehta, CEO of Nutrifresh Farm Tech India Pvt. Ltd. This agreement marks a significant step towards promoting modern, climate-responsive, and technology-driven smart agriculture in Maharashtra and is the first agriculture-focused agreement signed at Davos.
Under the MoU, large-scale investment will be made in climate-smart and technology-oriented agriculture, with the project scheduled to go live from April 2026. The initiative will leverage the technological expertise of Nutrifresh, one of India's leading companies in Controlled Environment Agriculture (CEA). Nutrifresh is known for delivering safe, consistent, and high-quality agricultural produce through the use of Artificial Intelligence (AI) and Internet of Things (IoT)-based technologies.
Founded in 2019 in Pune by Mr. Ganesh Nikam and Mr. Sanket Mehta, Nutrifresh Farm Tech India Pvt. Ltd. has set a target to expand operations to 2,000 acres by 2028, with an annual revenue goal of USD 250 million. The company offers over 50 products and operates across more than 15 Indian states, in addition to serving international markets.
As outlined in the agreement, Rural Enhancers Group will be the funding agency and project integrator, while the Government of Maharashtra will provide necessary policy, institutional, and implementation support. The project will be financed through a blended funding structure, involving UAE-based financial institutions, Indian public sector banks, development finance institutions, and foreign banks.
Speaking on the occasion, Mr. Ambar Ayade stated that the initiative would lead to large-scale direct and indirect employment generation, promotion of climate-resilient agricultural practices, development of agri-tourism, women's empowerment, and a significant increase in farmers' income. He added that structured programs and assured market linkages would bring long-term positive transformation to the agricultural sector. Mr. Ayade also highlighted that Rural Enhancers Group is actively engaged in sectors such as healthcare, food and agriculture, ports and maritime infrastructure, IT, and education.
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