Tata Electronics is set to formalise a significant Memorandum of Understanding (MoU) valued at Rs 12,082 crore with the Tamil Nadu government.
The agreement is expected to be inked during the Tamil Nadu Global Investors Meet 2024 in Chennai, inaugurated by Chief Minister M. K. Stalin and Union Minister Piyush Goyal on 7 January.
During the summit, Chief Minister Stalin expressed that the state is witnessing a significant influx of investments.
As per the ET report, the Tamil Nadu government has signed major investment pacts with JSW Renewable, TVS Group, and Mitsubishi Electric, amounting to Rs 12,000 crore, Rs 5,000 crore, and Rs 6,180 crore, respectively.
“The Tamil Nadu government will support investors in every way possible,” the CM further said adding that it sought to play a major role in the country’s growth.
As per reports, Pegatron, Apple’s Taiwan supplier, is also expected to invest Rs 1,000 crore to expand production.
In addition, Hyundai Motors has also committed Rs 6,180 crore, a part of the investment for electric vehicle (EV) battery and car manufacturing.
Earlier on Saturday, Vietnamese EV maker VinFast announced to set up its first manufacturing facilities in India and is working toward an investment of up to Rs 200 crore in Tamil Nadu.
These pacts, unveiled at a meeting of global investors during the summit, are projected to generate thousands of jobs in the state.
Reports suggest that Tata Electronics is gearing up to invest Rs 7,000 crore in the expansion of its Hosur plant, spread over a six-year timeline.
This move aligns with Tata’s strategic plans for growth and development.
Notably, in November 2023, the Tata Group finalized a binding share purchase agreement with SMS InfoComm (Singapore) and Wistron Hong Kong Limited.
This agreement marked the acquisition of a 100 percent equity stake in Wistron Infocomm Manufacturing (India), propelling the Tata Group into the Apple supply chain as an official iPhone assembler.
