V. Vishnu, Managing Director and Chief Executive Officer, Guidance Tamil Nadu, and P.B. Balaji, CFO, Tata Motors Group, signed the MoU in the presence of Chief Minister M.K. Stalin.
T.R.B. Rajaa, Minister for Industries; V. Arun Roy, Secretary, Industries, Investment Promotion and Commerce; and senior officials of Tata Motors Group were present on the occasion.
CHENNAI
Tata Motors Group, which manufactures commercial and passenger vehicles, has signed a memorandum of understanding (MoU) with the Tamil Nadu government for establishing a vehicle manufacturing facility at an investment of over ₹9,000 crore over five years.
The unit is expected to create 5,000 jobs, directly and indirectly.
According to an official statement, the unit is expected to come up in Ranipet.
V. Vishnu, Managing Director and Chief Executive Officer, Guidance Tamil Nadu, and P.B. Balaji, CFO, Tata Motors Group, signed the MoU in the presence of Chief Minister M.K. Stalin.
T.R.B. Rajaa, Minister for Industries; V. Arun Roy, Secretary, Industries, Investment Promotion and Commerce; and senior officials of Tata Motors Group were present on the occasion.
According to details that Tata Motors submitted to the Bombay Stock Exchange, following the signing of the MoU, teams from Guidance, the investment promotion agency of the State government, and Tata Motors Group will work together to take this opportunity forward.
As soon as the MoU was signed, Mr. Rajaa posted the following message on X (formerly Twitter): “Another billion dollar investment comes into #TamilNadu! #TataMotors and the Government of Tamil Nadu are revving up for an epic journey!”
Two big investments
He also mentioned that for the first time, Tamil Nadu had attracted two big automobile manufacturing investments within two months. “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.
In a message on X, Mr. Stalin said, “In a landmark move, @TataMotors has inked an MoU with the Government of Tamil Nadu to establish a vehicle manufacturing facility, investing Rs. 9000 crores and creating over 5000 jobs. 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 tenure.”
Later, at a press conference, Mr. Rajaa said, “At the Global Investors Meet 2024, we signed an MoU with VinFast. This happened in January, and in February, the Chief Minister of Tamil Nadu laid the foundation for this project. No other State has come out with such continuous announcements.” The Minister pointed out that the State had good infrastructure, ease of doing business, a safe environment for women, and a good happiness index.
On February 25, Mr. Stalin laid the foundation for VinFast Auto Limited’s electric car manufacturing facility, which is coming up on 408 acres in the SIPCOT Industrial Complex at Sillanatham in Thoothukudi. The Vietnam-headquartered company has committed itself to investing ₹16,000 crore.
