CM Stalin wraps up US trip, returns with investment of Rs 7,516 crore

CHENNAI: The delegation of the Tamil Nadu government led by Chief Minister MK Stalin wound up its 17-day business trip to the US on Friday, after having secured investment commitments worth more than Rs 7,500 crore.

Going by an official release shared by the State government, memoranda of understanding (MoUs) amounting to Rs 7,516 crore were signed with 17 leading global companies, including many Fortune 500 firms. Apart from the commitments, Stalin also met with the top executives of several leading firms and invited them to invest in new industries in Tamil Nadu.

Hours before leaving for home from Chicago on Friday morning, the State government signed a MoU with Rapid Global Business Solutions Inc (RGBSI) in Illinois to establish an advanced electronics and telematics manufacturing facility in Hosur with an investment outlay of Rs 100 crore.

Headquartered in Troy, Michigan, RGBSI provides workforce management, engineering, quality and technological solutions to multiple sectors.

The government believes the trips to overseas business destinations would bolster its efforts to transform Tamil Nadu into a US $ one trillion Economy by 2030, a goal set by Chief Minister Stalin soon after forming the government in May 2021.

During the US trip, the Tamil Nadu delegation signed pacts with global leaders, including Google, Ford and Caterpillar, to secure investment on a wide range of sectors comprising artificial intelligence, semiconductor, data services and automobile manufacturing, besides global capability centres in Tamil Nadu.

The breakthrough in getting Ford to revive its automobile production in Tamil Nadu is considered one of the major achievements of the Chief Minister's business trip.