Tata Electronics is set to sign a major MoU of Rs 12,082 crore with the Tamil Nadu government during its Global Investors Meet inaugurated on January 7th. The agreement, as per Economic Times reports, will likely be finalized during the two-day summit in Chennai.
CM Highlights Spurt in Investments
In his address, Chief Minister MK Stalin mentioned Tamil Nadu is seeing huge growth in investments. Apart from Tata Group, the state has already clinched massive deals with JSW Renewable, TVS and Mitsubishi Electric totaling over Rs 23,000 crore. “The government will fully back investors to play a key role in India’s rise,” CM added.
Apple supplier Pegatron, Hyundai Motors, EV firm VinFast – are all lined up for Rs 1,200 crore, Rs 6,180 crore and Rs 200 crore investments respectively in Tamil Nadu. These deals together can potentially generate more than 40,500 jobs across the state.
Tata’s Strategic Electronics Growth Plans
Reports indicate Tata Electronics itself plans to infuse Rs 7,000 crore over six years to expand its existing Hosur electronics manufacturing plant. This augurs well with Tata’s growth blueprint in the EMS space after its recent Wistron India acquisition.
About Tamil Nadu Global Investors Meet 2024
The flagship investor summit of the state government is being held from January 7-8, 2023 in Chennai. The meet brings together global investors, academia and policymakers to discuss Tamil Nadu’s vision of becoming a $1 trillion economy by 2030 in a sustainable manner.
