New Delhi, April 10 Vietnam's Vingroup announced on Friday that it has reached an agreement with the Maharashtra government to explore investments worth approximately USD 6.5 billion across multiple sectors in the state.
The company has signed a memorandum of understanding (MOU) with the Maharashtra government, establishing a collaborative framework to explore strategic investments across multiple sectors in the Mumbai Metropolitan Region (MMR) and broader Maharashtra, Vingroup said in a statement.
The investments amounting to approximately USD 6.5 billion include integrated urban townships, electric mobility solutions, renewable energy, and social and public infrastructure, it added.
"The signing of this MoU with Maharashtra marks another step in Vingroup's well-defined and long-term strategy in India," said Vingroup Asia CEO, Pham Sanh Chau.
Following Telangana and Tamil Nadu, he said, "We are progressively expanding our presence in key economic hubs, with the goal of building a fully integrated multi-sector ecosystem spanning urban development, service infrastructure, electric mobility, and green energy."
"The scale and scope of the proposed investments by Vingroup will significantly enhance our urban infrastructure, boost sustainable mobility, and create large-scale employment opportunities," the statement quoted Maharashtra Chief Minister Devendra Fadnavis as saying.
"Maharashtra remains committed to fostering a business-friendly ecosystem and welcomes global partners to participate in our growth story," he added.
Vingroup said that in urban development, it will explore the development of integrated urban townships spanning approximately 1,000 hectares, comprising residential, commercial, education, healthcare, and integrated amenity components.
"The total estimated investment is around USD 5 billion, aimed at creating new growth centres in the vicinity of Mumbai, including emerging growth zones such as Mumbai 3.0," it added.
On the electric mobility front, Vingroup said through GSM India, it proposes to deploy a large-scale electric taxi fleet and mobility-as-a-service platform, targeting approximately 60,000 electric vehicles to serve Mumbai and broader Maharashtra.
"With an estimated investment of approximately USD 1.5 billion, the initiative is expected to create tens of thousands of jobs over the next three to five years, while accelerating the transition to greener mobility across the state," the statement said.
Vingroup further said in energy, through VinEnergo, it will explore opportunities for large-scale renewable energy investments, in alignment with India's energy transition roadmap and net-zero emissions targets.
Besides, through group firms such as Vinschool, Vinmec, and Vinpearl, Vingroup said it will explore the development of social and public infrastructure projects across education, healthcare, public electric bus transportation, and tourism services, contributing to the completion of its integrated ecosystem in the local market.
On its part, the Maharashtra government and MMRDA will support Vingroup in land identification, project planning, facilitation of statutory approvals, provision of connectivity infrastructure, and consideration of applicable incentives in accordance with prevailing regulations, to enable the exploration and implementation of the proposed investments, the statement said.