Tata Motors signs MoU with govt of Tamil Nadu, to invest Rs 9000 crore in five years

The MoU was exchanged in the presence of the Chief Minister of Tamil Nadu, Thiru. M.K. Stalin and signed between V Vishnu, IAS, Managing Director & CEO, Guidance, and PB Balaji, Group CFO, Tata Motors.

Autocar Pro News Desk By Autocar Pro News Desk calendar 13 Mar 2024 Views icon12866 Views Share - Share to Facebook Share to Twitter Share to LinkedIn Share to Whatsapp
Tata Motors signs MoU with govt of Tamil Nadu, to invest Rs 9000 crore in five years

Tata Motors has signed an MoU with the Minister of Tamil Nadu to establish a cutting-edge vehicle manufacturing facility, committing an investment of Rs 9,000 crore over a five year period, and generating up to 5,000 jobs. 

In an official communication, the company said: "Tata Motors Group, India’s leading manufacturer of commercial and passenger vehicles has signed a facilitation Memorandum of Understanding (MoU) with the government of Tamil Nadu to explore setting-up of a vehicle manufacturing facility in the state. The MoU envisages an investment of Rs 9,000 crores over 5-years and can potentially create up to 5,000 jobs (direct and indirect)."

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.

The MoU was exchanged in the presence of the Chief Minister of Tamil Nadu, M.K. Stalin and signed between V Vishnu, IAS, Managing Director & CEO, Guidance, and PB Balaji, Group CFO, Tata Motors

The Minister for Industries Dr. TRB Rajaa, the Secretary of Industries, Investment Promotion & Commerce Department Mr. Arun Roy IAS, and senior officials of TATA Motors Group were also present.

"Over the past couple of years, Tamil Nadu has hit the fast lane and become the ultimate hub for investments, showcasing our Chief Minister's dedication to fostering top-tier employment for our vibrant youth and amplifying our industrial prowess," TRB Rajaa said. 

"Remarkably, this initiative marks the second OEM entry into Tamil Nadu just 65 days after the Tamil Nadu Global Investors Meet 2024, showcasing the State's reputation as a reliable, supportive, and progressive partner," Guidance Tamil Nadu noted. 

Tamil Nadu is clearly emerging as the next big business destination. On February 25, 2024, 50 days after it signed a comprehensive memorandum of understanding (MoU) with the government of Tamil Nadu on January 6, 2024, Vietnamese electric vehicle manufacturer VinFast had the ground-breaking ceremony of its integrated EV plant at Thoothukudi (formerly Tuticorin) in Tamil Nadu. The plant site spans 400 acres within the State Industries Promotion Corporation of Tamil Nadu (SIPCOT) industrial estate. 

RELATED ARTICLES
Emmforce AutoTech to raise Rs 54 crore through IPO on April 23

auther Autocar Pro News Desk calendar19 Apr 2024

The IPO will comprise 5,499,600 equity shares with the company intending to utilise the capital for setting up a new sub...

Bajaj Auto appoints Ramtilak Ananthan as CTO, Abraham Joseph as MD of Chetak Technology

auther Autocar Pro News Desk calendar19 Apr 2024

Ramtilak Ananthan, before being appointed as the Chief Technology Officer, headed the Test and Validation at R&D departm...

InnerCircle: 'EV industry needs to bank on investments and focus on evaluating various technologies', says Krishnan Kohli of Kalyani Powertrains

auther Autocar Pro News Desk calendar19 Apr 2024

The company President and CEO sees the path forward as a combination of fostering competitiveness, addressing supply cha...