The proposed investment will span a wide range of sectors, including electric mobility, smart residential townships, renewable energy, tourism, and social infrastructure
Devendra Fadnavis. File Pic
Maharashtra Chief Minister Devendra Fadnavis on Wednesday said Vietnam-based Vingroup has committed to investing USD 6.5 billion in Maharashtra over the next two years in various sectors, including electric mobility solutions, renewable energy, tourism and entertainment.
An official release earlier mentioned the investment figure as USD 8.5 billion.
A memorandum of understanding (MoU) was signed between Vingroup, the state industries department and the Mumbai Metropolitan Region Development Authority (MMRDA) in the presence of CM Fadnavis at his official residence 'Varsha', the statement said.
Speaking during the event, Fadnavis said the investment by the Vietnamese conglomerate would accelerate sustainable development, green energy adoption, modern infrastructure and dynamic mobility systems in the state.
"It is a matter of pride that Vingroup has chosen Maharashtra at a time when the state is witnessing rapid growth. Mumbai and the Raigad region are poised to emerge among the most dynamic urban clusters globally," he said, expressing confidence that the project would create a robust and modern urban ecosystem.
As part of the agreement, Vingroup plans to invest the proposed amount over the next two years across nearly 5,000 acres in the Mumbai Metropolitan Region and other select locations, generating an estimated 24,700 direct jobs.
The project includes development of smart residential townships, electric mobility solutions, public and social infrastructure, renewable energy and tourism facilities. A key component will be an integrated, eco-friendly township spread over about 2,700 acres, designed to accommodate a population of around two lakh.
The company also proposes to launch large-scale electric taxi services and develop a mobility-as-a-service platform to boost electric mobility in the state.
In the social infrastructure segment, Vingroup will establish international-standard schools, multi-speciality hospitals and a statewide EV charging network. A 500 MW solar power project is also planned as part of the clean energy push.
Additionally, tourism infrastructure, such as a theme park, zoo and safari project, will be developed over around 865 acres, aimed at enhancing tourism and generating employment.
Advanced interconnectivity, scalable bandwidth to aid govt services: Maharashtra CM
Meanwhile, Maharashtra Chief Minister Devendra Fadnavis said advanced interconnectivity and the ability to increase bandwidth instantly will be very useful for the government, especially in handling heavy online traffic during implementation of schemes.
"During online implementation of various government schemes, lack of bandwidth was a major issue. Especially when online application processes for farmers were started, sudden increase in internet traffic could lead to system failure. In such a situation, advanced interconnectivity and the ability to immediately scale bandwidth in data centres will be very useful for the government," he said.
Subscribe today by clicking the link and stay updated with the latest news!" Click here!
