Global Investors Meet 2024, the Tamil Nadu administration entered into Memorandums of Understanding (MoUs) with a total of 11 campanies.
The notable declarations from various companies including VinFast Auto, JSW Renewables, TVS Group, First Solar, Pegatron, Godrej Consumer Products, Qualcomm and Mitsubishi. These announcements are anticipated to create nearly 20,000 employment opportunities within the state.
Vietnamese electric vehicle manufacturer VinFast Auto has signed a memorandum of understanding (MoU) with the Tamil Nadu government. Expanding the list of significant investments, VinFast has declared the establishment of an electric vehicle manufacturing unit in Tuticorin, TN. With an investment of $2 billion (approximately ₹16,000 crore), VinFast aims to contribute to the growth of Tuticorin. This venture is projected to generate more than 3,000 local job opportunities within Tamil Nadu.
Additionally, Hyundai, a significant participant in the automotive industry, announced a further capital infusion of ₹6,180 crore in Tamil Nadu. Qualcomm, a renowned global frontrunner in wireless technology, disclosed its investment amounting to ₹177 crore, which is projected to create 1,600 employment opportunities.
First Solar has declared its plan to build a solar module plant for photovoltaic (PV) solar in Kanchipuram. The company intends to invest ₹2,500 crore in this endeavor, resulting in the creation of 350 job opportunities.
Godrej Consumer Products Ltd has revealed its intentions to establish an integrated manufacturing unit in Chengalpattu, with an investment of ₹515 crore. This project is expected to generate 446 employment opportunities.
Pegatron, a prominent manufacturer of consumer electronics, has announced its entry into Tamil Nadu with a substantial investment of ₹1,000 crore. This venture is set to create an astounding 8,000 jobs.
JSW Renewables has demonstrated its dedication to sustainable energy by announcing its investments in various renewable energy projects throughout Tamil Nadu. The conglomerate intends to allocate ₹12,000 crore towards these initiatives, resulting in the creation of 6,000 job opportunities.
In a similar vein, the TVS Group has unveiled its plans to invest ₹5,000 crore in multiple projects across Tamil Nadu, with an estimated employment of 500 individuals.
Mitsubishi Electric India (MEI) is investing ₹ 200 crore in Gummidipondi, Tamil Nadu.