The Maharashtra government and Bloomberg Philanthropies on Tuesday signed a memorandum of understanding to improve traffic situation in Mumbai over the next five years.

Chief Minister Devendra Fadnavis and Bloomberg Philanthropies' Michael Bloomberg were present at the event, an official release said.

Bloomberg will offer Rs 100 crore (Rs 1 billion) assistance for the initiative, it said.

The former New York Mayor, on visit to India, met the Prime Minister Narendra Modi in New Delhi on Monday.