Vietnam-based conglomerate Vingroup will invest $8.5 billion in Maharashtra over the next two years in projects including electric mobility, infrastructure, renewable energy, and tourism.
Maharashtra Chief Minister Devendra Fadnavis said on Wednesday that the investment could create nearly 24,700 jobs.
A memorandum of understanding was signed between Vingroup, the state industries department, and the Mumbai Metropolitan Region Development Authority.
The projects will be developed across about 5,000 acres in the Mumbai Metropolitan Region, Raigad, and other parts of the state.
Fadnavis said the investment would support sustainable development, modern infrastructure, and transport. He said the Mumbai and Raigad region could become one of the world’s most dynamic urban areas.
The largest part of the investment will go towards smart residential townships spread over about 2,700 acres. The townships are expected to house around 200,000 people.
Vingroup also plans to introduce large-scale electric taxi services and build a mobility-as-a-service platform in Maharashtra.
The company will set up international-standard schools under Vinschool and multi-speciality hospitals under Vinmec across about 170 acres.
An electric vehicle charging network will be developed through V-Green.
The company has also proposed a 500 MW solar power project over nearly 1,200 acres.
Tourism projects, including a theme park, zoo, and safari, are planned across about 865 acres. Officials said these projects are expected to create jobs and boost tourism in the state.