The Tamil Nadu government on Friday signed memorandums of understanding (MoUs) for investments worth Rs 850 crore with three companies — Lincoln Electric, Vishay Precision and Visteon.
The deals were inked as part of chief minister M K Stalin’s visit to the United States.
A deal was signed with Lincoln Electric for an investment of Rs 500 crore for the expansion of its research and development, and manufacturing unit in Chengalpattu.
Additionally, an MoU with Vishay Precision for Rs 100 crore was inked to establish a production facility in Kanchipuram for sensors and transducers.
Furthermore, a pact with Visteon for Rs 250-crore investment was signed to establish electronics manufacturing units in Chennai and Coimbatore.
Tamil Nadu continues to attract investments in industries by developing world-class infrastructure facilities such as industrial parks, research, and development projects, and new initiatives to attract foreign investment, the government said in a statement.
These initiatives are helping Tamil Nadu progress rapidly in industrial production while keeping pace with the fast-growing global technology advancements.
The state is becoming a key player in sectors such as global capability centres (GCC) and research and development, contributing significantly to its growth.
Tamil Nadu, the second-largest economic state in India, aims to reach a $1 trillion economy by 2030.
During the CM’s US tour, MoUs were signed with 10 leading global companies in San Francisco and Chicago.
On Wednesday, an MoU was signed with Trilliant in Chicago for an investment of Rs 2,000 crore to establish a global support and development Centre.
Moreover, the chief minister met senior executives of Nike, and healthcare company Optum Healthcare. He extended an invitation for new investments in Tamil Nadu.
First Published: Sep 06 2024 | 4:44 PM IST
