Rs 850 cr investment: Tamil Nadu signs MoUs with Lincoln Electric, Vishay Precision, Visteon

CHENNAI: The Tamil Nadu government on Friday signed MoUs worth Rs 850 crore with major US firms, including Fortune 1000 firm Lincoln Electric.

An official release issued by the state government said that an MoU was signed with Lincoln Electric in Chicago in the presence of Chief Minister M K Stalin for an investment of Rs 500 crore for the expansion of its R&D and manufacturing unit in Chengalpattu.

A Fortune 1000 firm headquartered in Ohio, USA, and a leader in arc welding, robotic welding systems and plasma and oxyfuel cutting equipment, Lincoln Electric operates in more than 160 countries with 42 production facilities worldwide, including locations in North America, Europe, Middle East, and Asia.

Additionally, an agreement was signed with Vishay Precision, a manufacturer of semiconductors and electronic components with production facilities in Israel, Asia, and the UAE, which is headquartered in Pennsylvania in USA, for a Rs 100 crore investment to establish a production facility for sensors and transducers in Kancheepuram, an expansion of its manufacturing unit.

Another MoU was signed with Visteon, a Fortune 500 company leading in automotive electronics with specialisation in cockpit electronics and production facilities in 17 countries, for a Rs 250 crore investment to establish electronic manufacturing units in Chennai and Coimbatore. The government release said that Stephen Shriver, senior VP (Sales) of Vishay Precision, announced that their firm would expand production in Hosur and generate numerous job opportunities and increase sales.

Altogether, pacts were signed for investments to the tune of Rs 850 crore during the ongoing US visit of Chief Minister M K Stalin to attract investments in the presence of senior vice president of Lincoln Electric Gregory Doria, senior VP (sales) of Vishay Precision Stephen Shriver, and Visteon's CEO and president Sachin Lawande and senior VP Franics Kim, besides state industries minister TRB Rajaa and state industrial secretary Arun Roy.

CM Stalin, in a post on 'X' said: "In the land of opportunities, every new dawn ignites fresh hopes. We’ve secured MoUs worth ₹850 crores with Lincoln Electric, Vishay Precision, and Visteon, bringing us one step closer to realising our vision. Through relentless effort and determination, we continue to turn our dreams into reality!-

On August 27, the CM embarked on the US tour and he is scheduled to be in America till September 14 to attract investments to the state. The visit is a part of overall initiatives to achieve the goal of transforming the state into a USD one trillion economy by 2030, the government said.

During the CM's current US visit, the state government has already inked pacts with several leading companies and all such investment proposals together have a potential to offer employment to over 5,000 people in Tamil Nadu.

(With PTI inputs)