Tamil Nadu government said on September 5 that it secured Rs 850 crore in new investments through a series of Memorandums of Understanding (MoUs) with prominent global companies. These agreements were finalised in the presence of Chief Minister MK Stalin who is on his official visit to the United States.
Tamil Nadu government said it secured three significant investment agreements in Chicago. While Lincoln Electric committed Rs 500 crore to expand its research and development and manufacturing operations in Chengalpattu, Vishay Precision agreed to invest Rs 100 crore to establish a production facility for sensors and transducers in Kanchipuram. Additionally, it said Visteon pledged Rs 250 crore to set up electronics manufacturing units in both Chennai and Coimbatore.
The Tamil Nadu government aims to transform the state into a $1-trillion economy by 2030, as envisioned by Chief Minister Stalin.
During his visit to the United States, Stalin secured several significant investments for Tamil Nadu. On September 4, 2024, in Chicago, he signed an MoU with Trilliant for an investment of Rs 2,000 crore to establish a Global Support and Development Center in Tamil Nadu. He also engaged with senior executives from Nike and Optum Healthcare, inviting them to explore new investment opportunities in the state.
Earlier, on September 3, the Tamil Nadu government signed an MoU with Eaton, a global leader in power management solutions, for a Rs 200 crore expansion of its R&D and engineering center in Chennai. Additionally, an agreement was reached with Assurant to set up its first Global Capability Centre in India, also in Chennai. Eaton’s expansion is expected to create 500 jobs.
The government also finalized an MoU with Google for establishing an AI lab in Tamil Nadu. Furthermore, on August 29, Tamil Nadu secured agreements with Nokia, PayPal, Yield Engineering Systems, Microchip, Infinx, and Applied Materials, totaling Rs 900 crore in investments and promising 4,100 new jobs across Chennai, Coimbatore, and Madurai. Another Rs 400 crore investment from Ohmium International Inc. will fund a new factory in Kancheepuram district, creating 500 jobs.
Chief Minister Stalin began his US tour on August 27 and is scheduled to remain until September 14, focusing on attracting investments to Tamil Nadu.
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