Tamil Nadu Secures Rs 850 Crore MoUs to Boost Investment and Employment

Tamil Nadu has secured MoUs worth Rs 850 crore with US-based companies including Lincoln Electric, Vishay Precision, and Visteon during Chief Minister M K Stalin's US visit. These agreements aim to expand R&D and manufacturing facilities, generating over 5,000 jobs. The initiative is part of a larger goal to transform Tamil Nadu's economy.

Tamil Nadu has signed MoUs worth Rs 850 crore during Chief Minister M K Stalin's visit to the US, aiming to attract substantial investments, the state government announced on Friday.

The agreements were formalized on September 5 in Chicago between state officials and companies such as Lincoln Electric, Vishay Precision, and Visteon, all of which have committed significant investments.

Lincoln Electric will invest Rs 500 crore in expanding its R&D and manufacturing facility in suburban Chennai. Vishay Precision plans to set up a sensors and transducers facility in Kancheepuram with a Rs 100 crore investment. Visteon Corporation will invest Rs 250 crore to establish manufacturing units in Chennai and Coimbatore. These investments are expected to create over 5,000 jobs in Tamil Nadu, the government said.

(With inputs from agencies.)