JAKARTA - Vietnam's largest private conglomerate Vingroup signed a Memorandum of Understanding with the Government of Maharashtra and the Mumbai Metropolitan Region Development Authority on April 8.

Under the agreement, the two companies committed to explore approximately $6.5 billion in investments across electric mobility, integrated urban townships, renewable energy, and social infrastructure in the Mumbai Metropolitan Region and broader Maharashtra.

Through GSM India, Vingroup proposes to deploy approximately 60,000 electric vehicles across Mumbai and Maharashtra at an estimated $1.5 billion investment, an initiative Vingroup said is expected to create tens of thousands of jobs over the next three to five years.

The broader deal covers integrated urban townships spanning approximately 1,000 hectares near Mumbai, including emerging zones such as Mumbai 3.0 and KSC New Town, at a total estimated investment of around $5 billion, alongside renewable energy investments through VinEnergo and social infrastructure through Vinschool, Vinmec, and Vinpearl across education, healthcare, and tourism.

Chief Minister Devendra Fadnavis said at the signing, “This MoU marks a landmark moment in Maharashtra's development journey. The scale and scope of the proposed investments by Vingroup will significantly enhance our urban infrastructure, boost sustainable mobility, and create large-scale employment opportunities.”

Dr. Sanjay Mukherjee, Metropolitan Commissioner of MMRDA, said, “MMRDA is committed to transforming the Mumbai Metropolitan Region into a globally competitive economic powerhouse through infrastructure-led growth and strategic international partnerships. 

“As highlighted in the NITI Aayog report, the MMR region contributes over 6% of the national GDP. Through such initiatives, we aim to further accelerate it,” he added. 

Pham Sanh Chau, CEO of Vingroup Asia, said in Vingroup's formal announcement on April 10, “The signing of this MOU with Maharashtra marks another step in the well-defined and long-term strategy of Vingroup in India.”

“Following Telangana and Tamil Nadu, we are progressively expanding our presence in key economic hubs, with the goal of building a fully integrated multi-sector ecosystem spanning urban development, service infrastructure, electric mobility, and green energy."

Maharashtra is India’s largest state economy, with a population of over 130 million and contributing approximately 14% of national GDP. The MMRDA press release describes the deal as one of the largest Vietnam-India state-level investment collaborations and a step toward the MMR region's $300 billion economic vision by 2030.