Tata Group company is going to invest ₹12082 crore in the state.
Tata Electronics will invest Rs 12,082 crore for an enclosure manufacturing and mobile phone assembly unit in Krishnagiri district of Tamil Nadu, which is expected to create 40,500 jobs. Tamil Nadu has signed investment agreements worth over $4.39 billion with companies like Apple suppliers Tata Electronics and Pegatron as well as auto major Hyundai Motors at the Tamil Nadu Global Investor Meet (GIM).
During the signing of the agreement, the state government said that Tata Electronics is committed to invest ₹12080 crore for the mobile phone assembly operation.
Another factory wants to install Pegatron
Apple is counting on India as the next big driver of its growth as the company looks to diversify production away from China. Pegatron is working towards a second factory in the country where Tata Group started assembling iPhones last year. Chief Minister M.K. at Tamil Nadu Investor Meet Stalin said that the Tamil Nadu government will support investors in every possible way. He said that it wants to play a major role in India’s development. The government said that Apple’s Taiwan supplier Pegatron will also invest ₹ 1000 crore to increase production.
Separately, Tata Power is looking at investing up to ₹70,000 crore in Tamil Nadu over the next several years, which also includes investments in some existing projects, Tata Power Chief Executive Officer Managing Directors Praveer Sinha said.
JSW Energy will also invest
JSW Energy will invest Rs 10,000 crore to expand its existing footprint in Tuticorin and Tirunelveli districts, which will provide employment to 6,600 people. While Hyundai is expected to invest Rs 6180 crore in ICE, EV passenger car and EV battery manufacturing units in Kanchipuram district and Hydrogen Valley Innovation with IIT Madras.
