TATA Motors inks MoU with TN Govt to invest Rs 9,000 cr
Welcoming Tata Motors, the State Minister for Industries, Investment Promotions and Commerce, TRB Rajaa said, "For the first time ever, Tamil Nadu has attracted two big automobile manufacturing investments within a span of just 2 months."
TATA Motors inks MoU with TN Govt to invest Rs 9,000 cr (X: @TRBRajaa)
CHENNAI: In a landmark move, Tata Motors on Wednesday inked an Memorandum of Understanding (MoU) with the Tamil Nadu government to invest Rs 9,000 crore for establishing a vehicle manufacturing facility.
Welcoming Tata Motors, the State Minister for Industries, Investment Promotions and Commerce, TRB Rajaa said, "For the first time ever, Tamil Nadu has attracted two big automobile manufacturing investments within a span of just 2 months."
"In the presence of our chief minister MK Stain, Tata Motors today signed an MoU with the Government of Tamil Nadu to establish a cutting-edge vehicle manufacturing facility, committing an investment of Rs 9,000 crore and generating up to 5,000 plus jobs for Tamil Nadu, " Rajaa told reporters at his residence here.
Rajaa further said over the past couple of years, Tamil Nadu has hit the fast lane and become the ultimate hub for investments, showcasing the chief minister's dedication to fostering top-tier employment for our vibrant youth and amplifying our industrial prowess.
"We are not just building factories; we are engineering dreams and accelerating towards a brighter, more prosperous future. Since 2021, the government has attracted 10 lakh crore investments and assured around 31 lakh jobs which is an effective progress towards the goal of achieving one trillion dollar economy by 2030. We'are aiming at atleast 70 per cent conversion rate. Unlike other states in India, the companies are willing to invest in Tamil Nadu for the skilled manpower, " he noted.
Speaking on the investment, Chief Minister Stalin said, "With this investment, Tamil Nadu further solidifies its position as the unrivalled automobile capital of India, reminiscent of the transformative impact of Hyundai's investment during Kalaignar's regime."
Tata Motors' investment in the state, has come within weeks after VinFast Auto Limited announced an investment to the tune of Rs 16,000 crore.
The proposed manufacturing unit will be Tata Motors' second facility in south India.
The company had in 2011 developed an automobile manufacturing facility in Dharwad, Karnataka.