Vietnamese conglomerate Vingroup will invest $8.5 billion (around ₹70,000 crore) in Maharashtra over the next two years, Chief Minister Devendra Fadnavis announced on Wednesday. The investment marks a major foreign push into urban infrastructure and clean mobility in the state.
Scope of Investment
The investment has been formalised through a memorandum of understanding (MoU) with the state industries department and the Mumbai Metropolitan Region Development Authority (MMRDA). Projects will cover electric mobility, smart townships, tourism, and social infrastructure, generating nearly 24,700 direct jobs.
Smart Townships and Urban Development
Developments will be spread across roughly 5,000 acres in the Mumbai Metropolitan Region and other areas. Around 2,700 acres will be dedicated to integrated smart townships designed to house about 200,000 people, focusing on sustainable and modern urban planning.
Clean Mobility Initiatives
Vingroup plans large-scale electric taxi services and a mobility-as-a-service platform under its V-Green arm. The company will also build a statewide EV charging network to support Maharashtra’s push toward clean mobility.
Social Infrastructure Projects
The company will invest in schools through its Vinschool brand and multi-speciality hospitals under Vinmec, spanning nearly 170 acres across the state.
Government Support and Regional Impact
Fadnavis stated that the Mumbai-Raigad region is poised to become a globally competitive urban hub and assured full government backing for the timely execution of these projects.
VinFast Expansion in Chennai
Separately, Vingroup’s electric vehicle arm VinFast will invest up to $2 billion in an integrated EV and battery manufacturing plant near Chennai. This facility will serve both domestic and export markets, complementing VinFast’s existing lineup of electric SUVs available in India.
