VinGroup to Invest $6.5 Billion in Maharashtra to Promote EVs, Renewable Power, More

Vietnamese conglomerate VinGroup, parent company of VinFast, has signed a strategic MoU with the Government of Maharashtra, expressing its intention to invest up to $6.5 billion (approximately ₹60,150 crore) to develop electric mobility including EV charging infrastructure, renewable energy, townships, tourism, and social infrastructure, among other areas of interest. The move could generate around 24,700 jobs, according to a social media post by Maharashtra Chief Minister Devendra Fadnavis.  

The initiative, announced by the Mumbai Metropolitan Region Development Authority, aims to advance urban infrastructure, generate employment, and accelerate a transition to electric mobility. The move is in line with the Government of Maharashtra’s target of $300 billion in foreign investment by 2030. It is being hailed as one of the most significant state-level investments in India by a Vietnamese firm.

The scope of the strategic collaboration agreements will include developing integrated smart urban townships of around 1,000 hectares each in high-potential locations such as the proposed “Mumbai 3.0” (Karnala-Sai-Chirner New Town) outside the Mumbai Metropolitan Region. The agreement also envisages deployment of large-scale electric mobility solutions, including around 60,000 EVs in Maharashtra deployed as part of VinGroup's Green Smart Mobility (GSM) subsidiary. Specifics of the proposed setups are still to be announced.

VinGroup would also explore renewable energy investments in line with India’s net-zero goals, tourism and recreation facilities such as amusement parks and leisure destinations, and social infrastructure including schools and hospitals.

VinGroup had previously spoken to ACKO Drive about its intentions to diversify its interests in India, investing in schools, hospitals, recreation, and tourism development. The company officially entered India’s automotive market in late 2025 with its VinFast VF6 and VF7 electric SUVs, and has since announced firm plans to enter the commercial mobility space with a taxi offering, as well as launch electric bikes and buses here. It also operates a large-scale manufacturing facility in Tamil Nadu, which is undergoing expansion.

Under the new MoU, VinGroup will explore investing in Maharashtra through VinFast as well as other interests such as Vin Energo (renewable energy), real estate (VinHomes), and entertainment (VinPearl). The next steps for the new partners will be forming joint working groups, conducting project-level feasibility studies, identifying land across the state for new projects, formulating policies, and establishing single-window clearance mechanisms. Implementation of specific projects will be undertaken through individual project-specific agreements, to be signed by all stakeholders in the future.

The scope of the strategic collaboration agreements will include developing integrated urban townships of around 1,000 hectares each in high-potential locations such as the proposed “Mumbai 3.0” (Karnala-Sai-Chirner New Town) outside the Mumbai Metropolitan Region. The agreement also envisages deployment of large-scale electric mobility solutions, including around 60,000 EVs in Maharashtra. Specifics of the proposed setups are still to be announced.

VinGroup would also explore renewable energy investments in line with India’s net-zero goals, tourism and recreation facilities such as amusement parks and leisure destinations, and social infrastructure including schools and multi-specialty hospitals.