Vietnamese Firm Vin Group to Invest USD 6.5 Billion in Maharashtra for Smart Urban Development
Vietnam-based Vin Group Joint Stock Company is set to invest approximately USD 6.5 billion in Maharashtra, focusing on sustainable urban development, renewable energy, industrial and tourism growth, and electric mobility. The investment comes through a Memorandum of Understanding signed with the Industries Department and Mumbai Metropolitan Region Development Authority (MMRDA) in the presence of Chief Minister Devendra Fadnavis.
Chief Minister Fadnavis expressed confidence that the investment would strengthen sustainable development, green energy initiatives, modern infrastructure, and a dynamic transport system in the state. He emphasized that Mumbai and the Raigad region are expected to emerge as highly competitive urban hubs globally once the project is implemented. He assured that the state government machinery would provide full support to investors and encouraged them to reach out to officials for any assistance, citing the administration's capability in addressing challenges based on past experience.
Pham Sanh Chau, CEO of Vin Group (Asia Operations), highlighted that the company is proud to participate in the project with Maharashtra's government. He noted that the state is fast-growing and promising in Asia and reiterated Vin Group's global expertise in integrated urban development, electric transportation, and eco-friendly projects. Chau added that the company aims to provide efficient facilities to support long-term economic growth, environmental protection, and improve residents' quality of life.
MMRDA Metropolitan Commissioner Dr. Sanjay Mukherjee stated that the authority aims to make the Mumbai Metropolitan Region a globally competitive economic hub through infrastructure development and international collaboration. He explained that the Vin Group partnership aligns with MMRDA's vision for next-generation urban development, including Mumbai 3.0 and newly proposed Special Planning Authority (SPA) areas. He cited a NITI Aayog report noting that the Mumbai Metropolitan Region contributes over 6 percent to India's GDP and said such projects are intended to further accelerate economic growth.
Under the agreement, Vin Group will deploy its investment over the next two years on about 5,000 acres, generating approximately 24,700 direct jobs. The projects will cover the Mumbai Metropolitan Region and selected locations across the state, focusing on smart residential townships, electric mobility solutions, social and public infrastructure, renewable energy, tourism, and entertainment.
The plans include a world-class, eco-friendly integrated township spanning roughly 2,700 acres, designed to accommodate around 200,000 residents. Large-scale electric taxi services and a mobility-as-a-service platform will support the state's electric mobility goals. Social infrastructure will include international standard schools through WinSchool, multispecialty hospitals via WinMake, and an electric vehicle charging network through V Green, covering about 170 acres.
For renewable energy, Vin Group plans a 500 MW solar project requiring roughly 1,200 acres. Tourism initiatives include an international-standard theme park, zoo, and safari over 865 acres, expected to boost both employment and tourism.
The MoU signing saw the presence of Additional Chief Secretary to the Chief Minister Lokesh Chandra, MMRDA Metropolitan Commissioner Dr. Sanjay Mukherjee, Principal Secretary P. Anbalgan, Chief Advisor Kaustubh Dhavse, CEO Pham Sanh Chau, Consul General of Vietnam Le Quang Bien, and several advisors.
