Mumbai, April 8 (NationPress) The VinGroup Joint Stock Company from Vietnam has announced a substantial investment of approximately $8.5 billion (Rs 71,000 crore) in Maharashtra.

This investment aims to enhance sustainable urban development, boost industrial and tourism sectors, advance renewable energy, and promote electric mobility.

The memorandum of understanding (MoU) was signed in the presence of Chief Minister Devendra Fadnavis.

The Chief Minister expressed optimism that this collaboration will play a crucial role in accelerating green energy, modern infrastructure, and efficient transport systems throughout the state.

"This partnership represents one of the largest foreign direct investments in Maharashtra's history. An investment of $8.5 billion over the next two years is anticipated to create 24,700 direct jobs. The projects will span across 5,000 acres in the Mumbai Metropolitan Region (MMR) and other chosen sites in Maharashtra," stated Chief Minister Fadnavis.

He further noted that a cutting-edge, eco-friendly smart residential township will be developed on 2,700 acres, accommodating nearly 200,000 residents.

The MoU also seeks to launch a comprehensive electric taxi service and a 'Mobility-as-a-Service' (MaaS) platform to facilitate green transportation. Beyond housing and transportation, the MoU encompasses various vital public sectors, including education, healthcare, EV infrastructure, renewable energy, and tourism.

The Chief Minister mentioned plans to establish international-standard schools through VinSchool and multi-specialty hospitals via VinMec, as well as a statewide electric vehicle charging network under the V-Green initiative, which will cover 170 acres. Additionally, 500 MW of solar initiatives will be initiated on 1,200 acres. An international-standard theme park, zoo, and safari project will also be developed across 865 acres, as per the Chief Minister's remarks.

He added, "VinGroup's foray into Maharashtra is a significant achievement. They are investing at an opportune time and place. The Mumbai-Raigad region is poised to become one of the most dynamic urban hubs globally. Our administration remains fully committed to facilitating investors and swiftly addressing any challenges they may encounter."

Meanwhile, Chief Minister Fadnavis indicated that enhanced interconnectivity and the capacity to rapidly scale bandwidth within data centres would greatly aid the state government in tackling technical challenges while implementing online initiatives.

He delivered these comments during the inauguration of Equinix's MB3 Data Centre.

Addressing previous challenges, the Chief Minister remarked that bandwidth limitations often hindered online operations, particularly during sudden surges in internet traffic, such as during farmer application drives, resulting in system failures.

"Equinix, the world's largest data centre and interconnection service provider, operates a network of 280 data centres across 77 metros in 36 countries. The newly inaugurated MB3 facility represents a significant milestone as the company's first fully owned, ground-up data centre in India. The project spans 3.7 acres with a total investment of nearly $750 million (Rs 6,000 crore)," stated the government announcement.

According to the announcement, once fully operational, the facility will accommodate over 4,200 cabinets.

MB3 is equipped with advanced technology designed to support Artificial Intelligence (AI)-based services.

Through hybrid multi-cloud interconnection, the centre will connect to Equinix's global network and over 11,000 customers worldwide.

"In alignment with green energy initiatives, a significant portion of the data centre's power is sourced from a 26.6 MW solar project located in Yavatmal. Currently, approximately 60 percent of the energy utilized by Equinix's Mumbai data centres is derived from this solar facility, aligning industrial growth with environmental sustainability," added the government statement.