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Tamil Nadu CM MK Stalin Secures Rs 850 Crore in MoUs with US Firms
Tamil Nadu Chief Minister MK Stalin has announced a significant investment boost for the state, securing memorandums of understanding (MoUs) worth Rs 850 crores with three prominent US-based companies: Lincoln Electric, Vishay Precision, and Visteon. This development marks a substantial step towards realizing Tamil Nadu’s vision for economic growth and industrial advancement.
In a post on the social media platform "X," Chief Minister Stalin expressed his optimism about the state’s prospects. “In the land of opportunities, every new dawn ignites fresh hopes. We've secured MoUs worth Rs 850 crores with Lincoln Electric, Vishay Precision, and Visteon, bringing us one step closer to realizing our vision. Through relentless effort and determination, we continue to turn our dreams into reality,” he said.
This announcement follows a series of significant investment agreements secured by Tamil Nadu. On Thursday, the state finalized a Rs 2000 crore MoU with Trilliant to establish a manufacturing unit and a Development and Global Support Centre in Tamil Nadu. Stalin highlighted this achievement, stating, “Exciting developments in Chicago! Secured a Rs 2000 crore MoU with Trilliant to establish a manufacturing unit as well as their Development & Global Support Centre in Tamil Nadu. Thanks to Trilliant for this valuable partnership.”
In addition, Stalin reported productive discussions with Nike regarding the expansion of its footwear production in Chennai and engagement with healthcare firm Optum to develop a talent pipeline in the sector within the state.
Earlier, on Wednesday, Stalin signed an MoU with Eaton, a multinational power management company, for a Rs 200 crore expansion of its R&D and engineering centre in Chennai. This initiative is expected to create 500 jobs. Furthermore, the Tamil Nadu government secured a pact with Assurant, a risk management solutions provider, to establish its first Global Capability Centre in the state.
Stalin is currently on an official visit to the United States, aimed at garnering support and investment to enhance Tamil Nadu's economic landscape. On August 31, 2024, an agreement was signed with Ohmium for a new factory in Chengalpattu district, dedicated to producing electrolysers and green hydrogen with an investment of Rs 400 crores, which will create an additional 500 job opportunities. Stalin described this deal as a crucial step towards fostering a green energy ecosystem and promoting a sustainable future.
Earlier in his visit, on August 30, 2024, Stalin met with senior officials from Apple, Google, and Microsoft to discuss potential investments in Tamil Nadu. Notably, an MoU was signed with Google to establish artificial intelligence (AI) labs in the state.
On August 29, 2024, at an investors' conference in San Francisco, Tamil Nadu signed MoUs with six global companies Nokia, PayPal, Yield Engineering Services, Microchip, Infinx Healthcare, and Applied Materials for an investment of Rs 900 crores, which is expected to create 4,100 job opportunities.
These initiatives collectively underscore Tamil Nadu's robust strategy to attract global investment, boost employment, and strengthen its position as a key player in India's economic development.
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