Vingroup invested an additional 6.5 billion USD in India

The two sides signed on April 10 in Mumbai. According to the agreement, Vingroup, the Mumbai Metropolitan Region Development Authority (MMRDA) and the Maharashtra State Ministry of Industry will research large-scale investment opportunities in the Mumbai metropolitan area and the entire state. Focus areas include urban development, green transportation, renewable energy and social infrastructure.

In the field of urban development, Vingroup researches and develops integrated urban areas on an area of ​​about 1,000 hectares. With an estimated investment of 5 billion USD, the project is expected to include housing, commercial, educational, medical subdivisions and synchronous amenities. The enterprise aims to form new development centers in the surrounding area of ​​Mumbai, including the potential area of ​​Mumbai 3.0, to modernize the local urban infrastructure.

The green transportation segment accounts for about 1.5 billion USD of the total expected investment capital. Through GSM India, the group proposes to deploy a fleet of 60,000 electric taxis, integrating a smart mobility service platform. This plan not only promotes the greening of transportation in Maharashtra, but is also expected to create tens of thousands of jobs in the next 3-5 years.

In addition, VinEnergo will seek investment opportunities in large-scale renewable energy, consistent with India’s net zero emissions goal. Other member units such as Vinschool, Vinmec and Vinpearl also participate in researching social infrastructure projects in education, healthcare, and tourism services to perfect the local multi-sector ecosystem.

Maharashtra state leaders and MMRDA pledged to support the group in identifying land funds, project planning and completing legal procedures. This state will provide connection infrastructure and consider preferential policies to create favorable conditions for the actual implementation process.

Mr. Pham Sanh Chau, General Director of Vingroup Asia, said this agreement continues to concretize the group’s long-term and methodical strategy in India. After the states of Telangana and Tamil Nadu, businesses gradually expanded their presence in key economic centers with the goal of building a synchronized ecosystem.

Mr. Devendra Fadnavis, Premier of Maharashtra state, highly appreciated the scale of investment and affirmed that the project will significantly improve urban infrastructure as well as promote sustainable transportation for the state.

Maharashtra is currently the state with the largest economic scale in India, contributing about 14% of national GDP with a population of more than 130 million people.