GG News Bureau
Chennai, 14th March. Tata Motors, India’s leading automobile company, inked a significant Memorandum of Understanding (MoU) on Wednesday, with the government of Tamil Nadu, signaling the exploration of establishing a vehicle manufacturing facility within the state.
According to the terms outlined in the MoU, Tata Motors plans to invest a staggering sum of 9000 crore rupees over the next five years to establish the manufacturing plant in Tamil Nadu. This substantial investment is anticipated to catalyze economic growth and create a potential of up to 5,000 job opportunities, both directly and indirectly, within the state.
The exchange of the MoU took place in the presence of Tamil Nadu Chief Minister M K Stalin and Industries Minister T R B Rajaa, underscoring the government’s commitment to facilitating industrial development and employment generation in the region.
Tamil Nadu Chief Minister MK Stalin hailed the agreement as a landmark move that further solidifies the state’s position as the premier automobile capital of India, drawing parallels to the transformative impact of Hyundai’s investment during the tenure of former Chief Minister Kalaignar. Industries Minister TRB Rajaa echoed this sentiment on social media platform X, highlighting Tamil Nadu’s success in attracting significant investments in the automotive sector within a remarkably short span of two 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,” Minister Rajaa expressed on X.
While Tata Motors did not provide specifics regarding the types of vehicles to be manufactured at the new facility in Tamil Nadu, the agreement marks a significant milestone in the state’s efforts to attract major players in the automotive industry.
This development follows closely on the heels of another notable investment, with Vinfast, Vietnam’s leading electric vehicle manufacturer, committing 4000 crore rupees in January this year, with potential investments scaling up to 16000 crore rupees in subsequent phases.
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