Vingroup has signed a Memorandum of Understanding (MoU) with the Government of Maharashtra to explore investments worth $6.5 billion (around ₹54,000 crore) across multiple sectors, marking one of the largest foreign investment proposals in the state’s infrastructure and mobility space.
The agreement establishes a broad framework for collaboration across the Mumbai Metropolitan Region (MMR) and other parts of Maharashtra, covering sectors such as electric mobility, urban development, renewable energy, and public infrastructure.
A key highlight of the proposal is the company’s plan to deploy a large-scale electric vehicle fleet of around 60,000 units, primarily in the form of electric taxis under a mobility-as-a-service model. This initiative will be executed through its subsidiary GSM India, with an estimated investment of about $1.5 billion, and is expected to be rolled out over the next three to five years.
Beyond mobility, a major portion of the investment, approximately $5 billion, will be directed toward the development of integrated urban townships spanning nearly 1,000 hectares. These projects will include residential, commercial, educational, healthcare, and supporting infrastructure, aimed at creating new growth hubs in and around Mumbai, including emerging zones such as Mumbai 3.0.
The MoU also outlines plans to explore opportunities in renewable energy through VinEnergo, aligning with India’s energy transition goals, as well as expansion into social infrastructure sectors such as education, healthcare, tourism, and public transport through various group entities.
Commenting on the development, Pham Sanh Chau, CEO of Vingroup Asia, stated:
“The signing of this MoU with Maharashtra marks another step in the well-defined and long-term strategy of Vingroup in India.”
Maharashtra Chief Minister Devendra Fadnavis highlighted the significance of the investment, noting that the scale and scope of the proposed projects will enhance urban infrastructure, boost sustainable mobility, and generate large-scale employment opportunities in the state.
The state government will support the projects through land identification, regulatory approvals, planning assistance, and infrastructure provisioning, in line with existing policies, to facilitate smooth implementation.
This agreement also reflects Vingroup’s broader strategy to expand its footprint in India, following similar engagements in Tamil Nadu and Telangana, as the company aims to build a fully integrated ecosystem spanning electric mobility, urban infrastructure, and green energy solutions.