Leading commercial and passenger vehicle manufacturer Tata Motors on March 13 announced that it had signed a memorandum of understanding (MoU) with the Tamil Nadu government for setting up a vehicle manufacturing facility in the state.
In a regulatory filing, the company said the MoU envisaged an investment of around ₹9,000 crore over the next five years and would help create up to 5,000 direct and indirect jobs.
The teams from Tata Motors and Guidance, Tamil Nadu’s nodal agency for investment promotion and facilitation, will work together to take this plan forward after the signing of the MoU.
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The agreement was signed in the presence of Tamil Nadu Chief Minister MK Stalin, Tata Motors’ Group CFO PB Balaji, and Guidance’s MD and CFO V Vishnu.
Tamil Nadu Industries Minister TRB Rajaa took to X and wrote, “Another BILLION DOLLAR INVESTMENT comes into #TamilNadu ! #TataMotors and the Government of Tamil Nadu are revving up for an epic journey! In the presence of our Honourable @CMOTamilNadu Thiru. @MKStalin avargal, @TataMotors today signed an MoU with the Government of Tamil Nadu to establish a cutting-edge vehicle manufacturing facility, committing an investment of Rs. 9000 crores and generating up to 5000+ #JobsForTN (sic) For the (sic) FIRST time EVER(sic), TN has attracted TWO BIG Automobile Manufacturing #Investments within a span of just 2 months (sic).”
“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,” Tata Motors said in the stock exchange filing.
This would be Tata Motors’ second plant in South India. The company already has a manufacturing unit in Karnataka’s Dharwad. However, it did not specify what vehicles would be made at the proposed facility in Tamil Nadu.
It may be noted that on February 25, Chief Minister MK Stalin had laid the foundation stone for an electric vehicle car and battery manufacturing facility of VinFast Auto.
The firm had earmarked investments to the tune of ₹16,000 crore in the state after it signed an MoU with the state government to set up the plant during the maiden edition of the Global Investors Meet by the DMK government in January.
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Published: 13 Mar 2024, 06:16 PM IST