Vietnamese EV Major Vingroup To Invest $8.5 Billion Into Maharashtra For Next Two Years

Maharashtra Chief Minister Devendra Fadnavis said on Wednesday that Vietnam-based Vingroup has committed to investing $8.5 billion in the state over the next two years in projects, including electric mobility solutions, social and public infrastructure, tourism and entertainment.

The projects have the potential to create nearly 24,700 jobs, he said.

A memorandum of understanding (MoU) was signed between Vingroup, the state industries department and the Mumbai Metropolitan Region Development Authority in the presence of the CM, an official release said.

Fadnavis said the investment will support sustainable development, modern infrastructure and a dynamic transport system in the state.

“Vingroup is investing at the right time and in the right place. The Mumbai and Raigad region will emerge as one of the most dynamic urban areas globally,” he said, adding that the project will create a strong and vibrant urban ecosystem.

The chief minister assured full support from the state government and asked the company to directly reach out to the authorities concerned if they face any issues. He said the administration is capable of resolving problems.

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Under the MoU, Vingroup has proposed to invest about $8.5 billion over the next two years to develop projects across around 5,000 acres, generating an estimated 24,700 direct jobs, the release said.

The projects will come up in the Mumbai Metropolitan Region and other selected locations in the state, it said.

The investment will span sectors such as smart residential townships, electric mobility solutions, social and public infrastructure, renewable energy, tourism and entertainment.

A key focus will be on developing large smart townships over about 2,700 acres, designed as integrated and environmentally friendly urban spaces for a population of around 2,00,000, the release said.

In the mobility sector, the company has proposed to roll out large-scale electric taxi services and develop a mobility-as-a-service platform to boost electric mobility in the state.

“In social infrastructure, Vingroup plans to set up international-standard schools under Vinschool and multi-speciality hospitals under Vinmec, along with an electric vehicle charging network across the state through V-Green. These facilities will be developed over about 170 acres,” it said.

The company also plans to set up a 500 MW solar power project over nearly 1,200 acres to promote clean energy.

To boost tourism, projects including an international-standard theme park, zoo and safari are proposed over about 865 acres, which are expected to generate employment and enhance tourism in the state, the release added.

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(This story has not been edited by NDTV staff and is auto-generated from a syndicated feed.)

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