Mumbai, April 8 Maharashtra Chief Minister Devendra Fadnavis said on Wednesday that Vietnamese company Vingroup has committed to investing USD 6.5 billion in Maharashtra over the next two years in various sectors, including electric mobility solutions, renewable energy, tourism, and entertainment.
An earlier official statement mentioned the investment figure as USD 8.5 billion.
A memorandum of understanding (MoU) was signed between Vingroup, the state industries department, and the Mumbai Metropolitan Region Development Authority (MMRDA) in the presence of CM Fadnavis at his official residence, 'Varsha', the statement said.
Speaking during the event, Fadnavis said that the investment by the Vietnamese conglomerate would accelerate sustainable development, adoption of green energy, modern infrastructure, and dynamic mobility systems in the state.
"It is a matter of pride that Vingroup has chosen Maharashtra at a time when the state is witnessing rapid growth. Mumbai and the Raigad region are poised to emerge as some of the most dynamic urban clusters globally," he said, expressing confidence that the project would create a robust and modern urban ecosystem.
As part of the agreement, Vingroup plans to invest the proposed amount over the next two years across nearly 5,000 acres in the Mumbai Metropolitan Region and other select locations, generating an estimated 24,700 direct jobs.
The project includes the development of smart residential townships, electric mobility solutions, public and social infrastructure, renewable energy, and tourism facilities. A key component will be an integrated, eco-friendly township spread over about 2,700 acres, designed to accommodate a population of around two lakh.
The company also proposes to launch large-scale electric taxi services and develop a mobility-as-a-service platform to boost electric mobility in the state.
In the social infrastructure segment, Vingroup will establish international-standard schools, multi-speciality hospitals, and a statewide EV charging network. A 500 MW solar power project is also planned as part of the clean energy push.
Additionally, tourism infrastructure, such as a theme park, zoo, and safari project, will be developed over about 865 acres, aimed at enhancing tourism and generating employment.