The agreement further bolsters employment generation in the state with a dedicated 5,000 jobs.
The announcement comes after Vietnamese electric vehicle maker VinFast commenced building a factory in the southern state, marking the second automobile manufacturing investment within a span of just 2 months.
Tamil Nadu’s Minister of Industries, Dr T R B Rajaa, also took to X and informed about the mega project and said that the state has become a go to investment hub and is on its way to a prosperous future.
“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. We’re not just building factories; we’re engineering dreams and accelerating towards a brighter, more prosperous future!” he said.
The MoU was exchanged in the presence of the Chief Minister of Tamil Nadu, M.K. Stalin. It was signed between V Vishnu, IAS, Managing Director & CEO, Guidance, and PB Balaji, Group CFO, Tata Motors. The Minister for Industries Dr. TRB Rajaa, the Secretary of Industries, Investment Promotion & Commerce Department Arun Roy, IAS, and senior officials of TATA Motors Group were also present, the automobile company said.” Following the signing of this MoU, teams from Guidance, Tamil Nadu’s nodal agency for investment promotion and facilitation and Tata Motors Group will work together to take this opportunity forward,” it further said.
The Detroit of Asia, Chennai, which is also Tamil Nadu’s capital city, boasts to host factories of global automobile companies including BMW, Daimler and Hyundai.