Tamil Nadu Secures Major Investments with MoUs from Nokia, PayPal, and More in U.S.

The Tamil Nadu government has signed MoUs with notable investors including Nokia and PayPal during CM MK Stalin's U.S. visit. These agreements, established by Guidance Tamil Nadu, aim to set up R&D and development centers, creating thousands of jobs and promoting technology advancements.

During his recent visit to the United States, Tamil Nadu Chief Minister MK Stalin secured significant investment agreements with several key players in the tech industry. Notable among these investors are Nokia, PayPal, Microchip, and Yield Engineering Systems, with the deals being facilitated by Guidance Tamil Nadu, the state's investment promotion agency, in the presence of Chief Minister Stalin and Industries Minister TRB Rajaa.

In a landmark move, Nokia will establish a new Research and Development Center in Tamil Nadu at a cost of Rs 450 crore, expected to generate 100 jobs. Concurrently, PayPal is set to launch an Advanced Development Centre in Chennai, aimed at creating 1,000 jobs. Microchip's plans include a new R&D Centre for Semiconductor Technology in Semmancherry, Chennai, with an investment of Rs 250 crore and the generation of 1,500 jobs.

Yield Engineering Systems will contribute by setting up a product development and manufacturing facility for semiconductor equipment in Sulur, Coimbatore, at a cost of Rs 150 crore, creating 300 jobs. These strategic MoUs mark a substantial step toward enhancing Tamil Nadu's technological landscape and employment opportunities, reflecting the government's relentless pursuit of economic growth and innovation.

(With inputs from agencies.)