Automobile major Tata Motors has signed an MoU with the Tamil Nadu government on March 13 to set up a manufacturing plant at an investment of Rs 9,000 crore and create 5,000 jobs (direct and indirect).
Tamil Nadu CM MK Stalin and senior officials of Tata Motors were present in Chennai for the signing of the MoU.
"The agreement with Tata Motors Group signifies another significant step towards enhancing industrial development in Tamil Nadu. The manufacturing plant, planned to be located in Ranipet district (near Vellore), will involve an investment of Rs 9,000 crores and is expected to generate employment opportunities for 5,000 people over the next five years" said a statement from TN CM's office.
"Tamil Nadu, being the second largest economic state in India, is committed to achieving the goal of becoming a trillion-dollar economy by 2030. The industries department of Tamil Nadu government is actively pursuing various initiatives to attract high-value, capital-intensive industries to the state", it adds.
Also, read: If Tesla is looking to invest in a progressive state, TN is the answer: TRB Rajaa
Tamil Nadu Industries Minister TRB Rajaa said, "According to the MoU, Tata Motors will establish a cutting-edge vehicle manufacturing facility, committing an investment of Rs 9,000 crore and generating up to 5,000 jobs." Tata Motors, which makes cars, trucks and buses, did not specify what vehicles it would make at the new plant.
"Following the signing of this MoU, teams from Guidance, Tamil Nadu's nodal agency for investment promotion and facilitation and Tata Motors Group will work together to take this opportunity forward," said Tata Motors in a stock exchange filing.
This will be Tata Motors' second plant in South India, after Dharwad in Karnataka.
Also, read: TN GIM 2024: State to get Rs 6.64 lakh crore investment, to generate 26.9 lakh jobs, says CM Stalin
On February 25, Tamil Nadu Chief Minister MK Stalin laid the foundation stone for the electric vehicle car and battery manufacturing facility of VinFast Auto Ltd, which has earmarked investments to the tune of Rs 16,000 crore in the state.
The Vietnam-based EV maker had signed a memorandum of understanding with the Government of Tamil Nadu for the plant during the maiden edition of the Global Investors Meet by the DMK government in January.
Also, read: Tamil Nadu CM MK Stalin lays foundation stone for VinFast's EV plant in Thoothukudi
Rajaa said: "For the first time ever, TN has attracted two big automobile manufacturing investments within a span of just 2 months. Over the past couple of years, Tamil Nadu has hit the fast lane and become the ultimate hub for investments, showcasing our Chief Minister's dedication to fostering top-tier employment for our vibrant youth and amplifying our industrial prowess. We're not just building factories; we're engineering dreams and accelerating towards a brighter, more prosperous future," he said.
Discover the latest Business News, Sensex, and Nifty updates. Obtain Personal Finance insights, tax queries, and expert opinions on Moneycontrol or download the Moneycontrol App to stay updated!
