CM Stalin-led team signs MoUs with two Fortune 500 firms in Chicago

CHENNAI: The Tamil Nadu government on Wednesday signed MoUs with two 'Fortune 500' companies as Chief Minister MK Stalin-led state business delegation made its second pit stop at Chicago in the United States.

The state government signed Assurant Inc., a Fortune 500 insurance company headquartered in Atlanta, offering disaster management products and services among major market insurance services, to establish the firm's first Global Capability Centre (GCC) in India at Chennai. Executive vice-president of Assurant Inc Biju Nair was also present during the signing of the MoUs in the presence of the Chief Minister.

The Tamil Nadu government also inked a pact with Eaton Corporation to expand its production facility in Chennai and set up its R&D and Global Utility Engineering Centre in Chennai at Rs 200 crore. A Fortune 500 management firm involved in the data centre, utility, industry, trade, housing, space and production and distribution for the functional market, Eaton's investment would generate 500 jobs, an official release issued by the State government said.

Eaton Corporation already has 208 production facilities in 35 countries spread across the globe. Mathew Hackman, Global energy head of Eaton Corporation, Industries minister TRB Rajaa and Industries secretary Arun Roy, CEO and MD of Guidance Tamil Nadu V Vishnu were also present during the formalisation of the deal. Sharing the information on his official 'X' page, Chief Minister Stalin said, "Another fruitful day in Chicago! Exchanged MoUs with Eaton for a Rs 200 crore R&D and engineering centre expansion project in Chennai, creating 500 jobs. Also secured Assurant's first Global Capability Centre in India, coming soon to India."

The state government has already signed agreements with leading firms like Google, Nokia, Paypal, Infinix healthcare and globally renowned US-based semiconductor firms worth over Rs 1,300 crore and capable of generating 4,600 jobs in the State in sectors ranging from AI, semiconductor and healthcare during the first leg of CM Stalin's US business trip in San Francisco to woo investments to Tamil Nadu.