Vingroup announced that it will put $3 billion into Telangana to create a "multi-sector ecosystem," which will feature India’s first extensive electric taxi fleet, a mobility-as-a-service platform, and various real estate developments.

The two parties entered into a memorandum of understanding (MoU) whereby they will cooperate to identify “strategic opportunities” in areas such as smart urban development, electric mobility solutions, healthcare, education, tourism, renewable energy, and charging infrastructure in Telangana, along with electric taxi services.

The MoU, signed during the Telangana Rising Global Summit in Hyderabad, will support the state's socio-economic advancement and long-term growth objectives, according to reports.

It signifies a significant achievement in Vingroup’s worldwide growth and strengthens the global status of one of Vietnam’s top multi-sector companies.

Vingroup plans to launch India’s first extensive electric taxi fleet and mobility-as-a-service platform in Telangana and might look into prospects related to electric vehicle production initiatives later on.

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In urban development, Vingroup intends to create the Vinhomes Smart City large urban area intended for approximately 200,000 inhabitants on a 1,080-hectare property. The initiative aims to create approximately 10,000 employment opportunities and will include a blend of both low-rise and high-rise structures, amenities that meet international standards, a restricted built-up area, and principles of sustainable urban planning.

“The $3 billion investment from Vingroup represents a significant endorsement of the ‘Telangana Rising’ vision, especially regarding our emphasis on sustainable urban growth and eco-friendly infrastructure,” stated Chief Minister A Revanth Reddy.

“This transcends mere capital; it’s a collaboration to develop an innovative, net-zero city and launch India’s inaugural large-scale electric taxi fleet, directly enhancing the quality of life for our residents.”

"Our administration assures prompt implementation to turn this worldwide vision into a community reality," he stated.

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Vingroup aims to create social infrastructure with planned facilities covering approximately 70 hectares. This includes the Vinschool integrated K-12 education system, Vinmec hospitals adhering to international standards, and the V-Green electric vehicle charging network.

In tourism and entertainment, Vingroup, via VinWonders, plans to create a comprehensive complex featuring a theme park, zoo, and safari over approximately 350 hectares, improving Telangana’s tourism facilities and generating extensive job opportunities.

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In the field of renewable energy, Vingroup, via VinEnergo, plans to invest in a 500 megawatt (MW) solar farm spanning approximately 500 hectares to ensure a consistent supply of green electricity for cities, industrial areas, and the electrified transportation ecosystem.