Vingroup Invests USD 3 Billion in Telangana

New Delhi, Dec 9 (PTI) Vietnam's Vingroup on Tuesday said it plans to invest USD 3 billion in Telangana in a phased manner to develop a multi-sector ecosystem in the state.

The group inked a Memorandum of Understanding (MoU) with the Telangana government at the Telangana Rising Global Summit for the proposed investment.

As per the MoU, both parties will collaborate to explore strategic opportunities across key sectors such as smart urban development, electric mobility solutions, healthcare, education, tourism, renewable energy, and charging infrastructure across 2,500 hectares in Telangana, it said in a statement.

The parties would also collaborate on electric taxi services, with the overall objective of advancing the state's socio-economic development and long-term growth vision, it added.

In electric mobility, the company proposes to introduce India's first large-scale electric taxi fleet and mobility-as-a-service platform using VinFast vehicles through GSM (Green and Smart Mobility) and may explore potential opportunities associated with EV manufacturing initiatives in the future, it said.

Telangana Chief Minister A Revanth Reddy said the USD 3 billion investment by Vingroup is a massive vote of confidence in the 'Telangana Rising' vision, particularly the state's focus on sustainable urban development and green infrastructure.

"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 added.

In urban development, Vingroup plans to develop the Vinhomes Smart City mega urban area designed for around 2 lakh residents on a 1,080-hectare site.

The project is expected to generate around 10,000 jobs and will feature a balanced mix of low-rise and high-rise developments, international-standard amenities, a limited built-up footprint, and sustainable urban planning principles, it stated.

The Group has also proposed to develop in the state Vinschool's integrated K-12 education system, Vinmec international-standard multi-speciality hospitals and the V-Green electric vehicle charging network.

In tourism and entertainment, Vingroup, through VinWonders, aims to develop an integrated complex across 350 hectares that includes a theme park, zoo, and safari, enhancing Telangana's tourism infrastructure and creating large-scale employment, it said.

In renewable energy, Vingroup, through VinEnergo, proposes to invest in a 500 MW solar farm spanning approximately 500 hectares.

"Vingroup sees tremendous potential in Telangana, and we aspire to build a long-term partnership with the state government.

"With our proven track record in delivering mega urban developments, large-scale infrastructure and a comprehensive electric mobility ecosystem, we believe that our collaboration with Telangana will generate tangible value, promote sustainable development and enhance the quality of life for local residents," Pham Sanh Chau, CEO of Vingroup Asia and VinFast Asia, stated.

Vingroup has entered the Indian market through its EV brand VinFast with a manufacturing facility in Tamil Nadu.