Vingroup will invest $3 billion in Telangana for developing a “multi-sector ecosystem” that will include India’s first large-scale electric taxi fleet, mobility-as-a-service platform, and real estate projects, said the Vietnamese conglomerate on Tuesday.
The two sides signed a memorandum of understanding (MoU) according to which they will collaborate to explore “strategic opportunities” in smart urban development, electric mobility solutions, health care, education, tourism, renewable energy, and charging infrastructure in Telangana, as well as electric taxi services.
The MoU, which was signed on the sidelines of the Telangana Rising Global Summit in Hyderabad, will help the state’s socio-economic development and long-term growth vision, said a statement. It marks a milestone in Vingroup’s global expansion and reinforces the international stature of one of Vietnam’s leading multi-sector corporations.
Vingroup will introduce India’s first large-scale electric taxi fleet and mobility-as-a-service platform in Telangana and may explore opportunities associated with electric vehicle manufacturing initiatives in the future.
In urban development, Vingroup plans to develop the Vinhomes Smart City mega urban area designed for around 200,000 residents on a 1,080-hectare site. The project is expected to generate around 10,000 jobs and will feature a mix of low-rise and high-rise developments, international-standard amenities, a limited built-up footprint and sustainable urban planning principles.
“The $3 billion investment by Vingroup is a massive vote of confidence in the ‘Telangana Rising’ vision, particularly our focus on sustainable urban development and green infrastructure,” said Chief Minister A Revanth Reddy.
“This is more than capital; it’s a partnership to build a futuristic, net-zero city and introduce India’s first large-scale electric taxi fleet, directly improving the quality of life for our citizens. Our government guarantees accelerated execution to ensure this global vision becomes a local reality,” he said.
In social infrastructure, Vingroup proposes to develop facilities on a planned land area of around 70 hectares, including Vinschool’s integrated K-12 education system, Vinmec international-standard multi-specialty hospitals and the V-Green electric vehicle charging network.
In tourism and entertainment, Vingroup, through VinWonders, aims to develop an integrated complex that includes a theme park, zoo and safari across around 350 hectares, enhancing Telangana’s tourism infrastructure and creating large-scale employment.
Source: Businessstandard