Mumbai: Automotive industry major Tata Motors signed a Memorandum of Understanding (MoU) with the government of Tamil Nadu on Wednesday.
As per the agreement, a manufacturing facility will be set up at an investment of Rs 9,000 crore, with the aim of generating 5,000 job opportunities, both directly and indirectly.
In a landmark move, @TataMotors has inked an MoU with the Government of Tamil Nadu to establish a vehicle manufacturing facility, investing Rs. 9000 crores and creating over 5000 jobs.
With this investment, Tamil Nadu further solidifies its position as the unrivaled automobile https://t.co/cAuSMe0wog
M.K.Stalin (@mkstalin) March 13, 2024
The signing ceremony took place in Chennai, attended by Tamil Nadu Chief Minister MK Stalin and top officials from Tata Motors.
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 CMs 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 added.
Tamil Nadu Industries Minister TRB Rajaa stated that, in accordance with the MoU, Tata Motors would be setting up an advanced vehicle manufacturing facility, with an investment of Rs 9,000 crore, expected to create around 5,000 job opportunities.
Tata Motors, a manufacturer of cars, trucks, and buses, did not specify the types of vehicles to be produced at the new plant.
Tata Motors, in a stock exchange filing, stated that after the MoU signing, teams from Guidance, Tamil Nadus agency for investment promotion and facilitation, and Tata Motors Group, would collaborate to progress with this opportunity.
Tata Motors is set to open its second plant in South India, succeeding the Dharwad facility in Karnataka.
On February 25, Tamil Nadu Chief Minister MK Stalin laid the foundation of an electric vehicle and battery manufacturing plant for VinFast Auto Ltd.
The Vietnamese company has pledged investments amounting to Rs 16,000 crore in the state.
This commitment was solidified through a memorandum of understanding with the Tamil Nadu government during the initial session of the Global Investors Meet organized by the DMK government in January.
