Vietnam’s conglomerate Vingroup to invest $6.5 Bn in India’s Maharashtra state
Vingroup, the largest conglomerate in Vietnam, plans to invest $6.5 billion in Maharashtra, India, of which $1.5 billion will go toward electric vehicles.
Maharashtra Chief Minister Devendra Fadnavis announced on Wednesday that Vingroup, the Mumbai Metropolitan Region Development Authority (MMRDA), and the Department of Industries under the Maharashtra government had signed a memorandum of understanding (MoU) for the investment. The Mumbai Metropolitan Region’s infrastructure, transportation, energy, and tourism projects will all benefit from the investment.
$1.5 billion in electric mobility is a major part of the proposed investment, which will help India’s efforts to reduce urban emissions and promote cleaner transportation. The project intends to install up to 60,000 electric cars in addition to GSM India’s digital mobility platform and charging infrastructure. The Vingroup ecosystem’s taxi operator, Green and Smart Mobility JSC, has an Indian branch called GSM India.
In addition to mobility, a 1,000-hectare integrated township in the Mumbai metropolitan area is being proposed by the Vietnamese conglomerate. The project is intended to be a sizable urban center that combines commercial, residential, and recreational areas.
Through its subsidiary Vinpearl, Vingroup will investigate prospects in the tourism and hospitality industry, such as the possible construction of upscale resorts and an elite amusement park.
In order to support sustainable urban growth and help India achieve its net-zero goals, the company is also researching renewable energy investments through VinEnergo.
Devendra Fadnavis emphasized that the projects could increase Maharashtra’s economy to $1 trillion and create thousands of jobs in the construction, technology, and services sectors.
