Chief Minister Devendra Fadnavis said on Wednesday that Vietnam-based Vingroup has committed to investing $8.5 billion in the State over the next two years in projects, including electric mobility solutions, social and public infrastructure, tourism and entertainment. The projects have the potential to create nearly 24,700 jobs, he said. A memorandum of understanding (MoU) was signed between Vingroup, the State industries department and the Mumbai Metropolitan Region Development Authority in the presence of the CM, an official release said.

 

Fadnavis said the investment will support sustainable development, modern infrastructure and a dynamic transport system in the State. “Vingroup is investing at the right time and in the right place. The Mumbai and Raigad region will emerge as one of the most dynamic urban areas globally,” he said, adding that the project will create a strong and vibrant urban ecosystem. The Chief Minister assured full support from the State Government and asked the company to directly reach out to the authorities concerned if they face any issues. He said the administration is capable of resolving problems. Under the MoU, Vingroup has proposed to invest about $8.5 billion over the next two years to develop projects across around 5,000 acres, generating an estimated 24,700 direct jobs, the release said.