Vingroup to Invest $3B in Telangana for Urban, EV, Energy

• Vingroup and Telangana government partner for a multi-sector ecosystem, covering e-mobility, urban development, and renewable energy
• Plans include India's first electric taxi fleet, Vinhomes Smart City, a tourism complex, and a 500 MW solar farm
• Telangana to provide land, planning, approvals, and incentives for the timely execution of the investment

A memorandum of understanding (MoU) was signed between Vietnamese conglomerate Vingroup and the Government of Telangana for an investment of $3 billion over multiple phases to develop a broad multi-sector ecosystem in Telangana. This MoU was signed during the Telangana Rising Global Summit and represents one of Vingroup's largest foreign expansion commitments to date.

This MoU includes collaboration on a number of strategic initiatives across many different sectors, including urban development, electric mobility solutions, healthcare solutions, education solutions, tourism, renewable energy sources, charging infrastructure, and electric taxi services. This multi-sector ecosystem will encompass approximately 2,500 hectares.

With regard to electric mobility, Vingroup plans to offer India’s first large-scale fleet of electric taxis as well as a mobility-as-service platform for customers who use Vingroup’s VinFast vehicles through its GSM affiliate. Furthermore, Vingroup will also evaluate opportunities for future electric vehicle manufacturing in Telangana.

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The Vinhomes Smart City is a significant component of this investment, which would also be a 1,080-hectare Urban Township that would be home to an estimated 200,000 people. The goal of the project is to create 10,000 new jobs and feature a blend of both low and high-rise residential buildings, international-quality amenities, and incorporate sustainable design principles into its design and construction.

Vingroup has also committed to constructing various Social Infrastructures, such as the Vinschool K-12 Education Systems, Vinmec Multi-Speciality Hospitals, and the V-Green Electric Vehicle Charging Network. In addition, coming from VinWonders, Vingroup will build a 350-hectare Tourism and Entertainment Complex that would include a theme park and safari park.

Furthermore, Vingroup's Energy Division, VinEnergo, is establishing a 500-megawatt solar farm, which will provide clean energy for the ecosystem. The Telangana Government will support the project by providing assistance with land identification, simplifying approval processes, and providing incentives for timely execution.