The government of Tamil Nadu on Friday signed memoranda of understanding (MoUs) for investments worth Rs 850 crore from three companies—Lincoln Electric, Vishay Precision, and Visteon.
The deals were signed as part of Chief Minister M K Stalin's visit to the United States. A deal was signed with Lincoln Electric for an investment of Rs 500 crore for the expansion of Lincoln Electric's research and development, and manufacturing unit in Chengalpattu. Additionally, an MoU with Vishay Precision for a Rs 100 crore investment was signed to establish a production facility for sensors and transducers in Kanchipuram.
Furthermore, an MoU with Visteon for a Rs 250 crore investment was signed to establish electronics manufacturing units in Chennai and Coimbatore. Tamil Nadu continues to attract investments in industries by developing world-class infrastructure facilities such as industrial parks, research and development projects, and new initiatives to attract foreign investment, the government said in a statement.
These initiatives are helping Tamil Nadu progress rapidly in industrial production while keeping pace with fast-growing global technology advancements. The state, which is already a leading hub of production, is achieving new milestones, becoming a key player in sectors such as Global Capability Centres (GCC) and research and development, contributing significantly to the state’s growth.
Tamil Nadu, the second-largest economic state in India, aims to reach a $1 trillion economy by 2030. During this tour, MoUs were signed with 10 leading global companies in San Francisco and Chicago.
On Wednesday, an MoU was signed with Trilliant in Chicago for an investment of Rs 2,000 crore to establish a Global Support and Development Center in Tamil Nadu. Moreover, the chief minister met with the senior executives of globally leading footwear and sports clothing company Nike, and globally leading healthcare company Optum Healthcare, extending an invitation for new investments in Tamil Nadu.