TVS and Hyundai announce new investments at Tamil Nadu Global Investors Meet 2024

The two-day Tamil Nadu Global Investors Meet 2024 which opened in Chennai today has seen the signing of a number of MoUs between the private sector and the Tamil Nadu government.

From the automotive industry, three MoUs confirming investments from TVS Motor Co, Hyundai and Vietnamese EV maker VinFast were signed today with the state government.  

The Chennai-based TVS Motor Co has announced plans to invest Rs 5,000 crore over a five-year period in the automobile, information technology and realty sectors, which will see employment of 500 people.

Korean auto major Hyundai is to invest an additional Rs 6,000 crore to set up a hydrogen resource centre in association with IIT Madras. This fresh investment is over and above the Rs 20,000 crore investment commitment Hyundai had made in May 2023 in developing its electric vehicle programme for the Indian market. Two years ago, Hyundai had announced its plan to introduce six battery electric vehicles in India by 2028.

Vinfast, whose investment of US$ 2 billion or over Rs 16,000 crore in Tamil Nadu in a new plant was announced yesterday, will be setting up both its EV and battery manufacturing plants at Thoothukudi, Tamil Nadu.

Tamil Nadu chief minister MK Stalin also released the Tamil Nadu Semiconductor and Advanced Electronics Policy today, in the presence of Union Commerce Minister Piyush Goyal.

Lead photo: TN Industrial