Vietnam’s Vingroup will invest $8.5 billion (around ₹70,000 crore) in Maharashtra over the next two years, Chief Minister Devendra Fadnavis said on Wednesday, marking a major foreign investment push into urban infrastructure and clean mobility.
The investment, formalised through an MoU with the state industries department and the Mumbai Metropolitan Region Development Authority (MMRDA), will span electric mobility, smart townships, tourism and social infrastructure. The projects are expected to generate nearly 24,700 direct jobs.
Developments will be spread across about 5,000 acres in the Mumbai Metropolitan Region and other locations in the state. A key component is the development of integrated smart townships across around 2,700 acres, designed to accommodate about 200,000 people with a focus on sustainable and modern urban planning.
In mobility, Vingroup plans to roll out large-scale electric taxi services and build a mobility-as-a-service platform, along with a statewide EV charging network under its V-Green arm, supporting Maharashtra’s clean mobility push. The company will also invest in social infrastructure, including schools under Vinschool and multi-speciality hospitals through Vinmec, across nearly 170 acres.
Fadnavis said the Mumbai-Raigad region is set to emerge as a globally competitive urban hub and assured full government support for project execution.
Separately, Vingroup’s EV arm VinFast is investing up to $2 billion in an integrated electric vehicle and battery manufacturing plant near Chennai, aimed at both domestic and export markets. The brand currently has multiple electric SUVs on sale in India.