Mumbai, April 8: The Vietnamese company Vingroup Joint Stock Company has pledged an investment of approximately $8.5 billion (₹71,000 crore) in Maharashtra.
This investment will focus on sustainable urban development, industrial and tourism growth, renewable energy, and electric mobility.
The memorandum of understanding was signed in the presence of Chief Minister Devendra Fadnavis.
The Chief Minister expressed confidence that this partnership will accelerate green energy, modern infrastructure, and dynamic transportation systems across the state.
Fadnavis stated that this collaboration represents one of the largest foreign direct investments in the state’s history. The total investment of $8.5 billion is expected to create 24,700 direct jobs over the next two years. The projects will span 5,000 acres in the Mumbai Metropolitan Region (MMR) and other selected locations in Maharashtra.
He also mentioned that a world-class, eco-friendly smart residential township will be developed over 2,700 acres, accommodating approximately 200,000 residents. The agreement also aims to launch a large-scale electric taxi service and a “Mobility-as-a-Service” (MaaS) platform to promote green transportation. Besides housing and transport, the agreement includes several critical public sectors such as education, healthcare, electric vehicle infrastructure, renewable energy, and tourism.
The Chief Minister proposed establishing international standard schools through Vinschool and multi-specialty hospitals via Vinmec. Under the V-Green initiative, a state-wide electric vehicle charging network will be created over 170 acres. Additionally, solar projects generating 500 megawatts will be set up across 1,200 acres, along with the development of an international theme park, zoo, and safari project over 865 acres.
He further stated that Vingroup’s entry into Maharashtra is a matter of pride. They are investing at the right time and in the right place. The Mumbai-Raigad area is set to become one of the world’s most dynamic urban centers. Our administration is fully committed to supporting investors and swiftly removing any obstacles.
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