Tata Motors signs MoU with Tamil Nadu govt to set up ₹9,000-crore vehicle manufacturing facility
Main industrial and passenger vehicle producer Tata Motors on March 13 introduced that it had signed a memorandum of understanding (MoU) with the Tamil Nadu authorities for setting up a vehicle manufacturing facility within the state.
In a regulatory submitting, the corporate mentioned the MoU envisaged an funding of round ₹9,000 crore over the following 5 years and would assist create up to 5,000 direct and oblique jobs.
The groups from Tata Motors and Steering, Tamil Nadu’s nodal company for funding promotion and facilitation, will work collectively to take this plan ahead after the signing of the MoU.
The settlement was signed within the presence of Tamil Nadu Chief Minister MK Stalin, Tata Motors’ Group CFO PB Balaji, and Steering’s MD and CFO V Vishnu.
Tamil Nadu Industries Minister TRB Rajaa took to X and wrote, “One other BILLION DOLLAR INVESTMENT comes into #TamilNadu ! #TataMotors and the Authorities of Tamil Nadu are revving up for an epic journey! Within the presence of our Honourable @CMOTamilNadu Thiru. @MKStalin avargal, @TataMotors at this time signed an MoU with the Authorities of Tamil Nadu to set up a cutting-edge vehicle manufacturing facility, committing an funding of Rs. 9000 crores and producing up to 5000+ #JobsForTN (sic) For the (sic) FIRST time EVER(sic), TN has attracted TWO BIG Car Manufacturing #Investments inside a span of simply 2 months (sic).”
“Following the signing of this MoU, groups from Steering, Tamil Nadu’s nodal company for funding promotion and facilitation, and Tata Motors Group will work collectively to take this chance ahead,” Tata Motors mentioned within the inventory trade submitting.
This might be Tata Motors’ second plant in South India. The corporate already has a manufacturing unit in Karnataka’s Dharwad. Nevertheless, it didn’t specify what autos could be made on the proposed facility in Tamil Nadu.
It might be famous that on February 25, Chief Minister MK Stalin had laid the muse stone for an electrical vehicle automobile and battery manufacturing facility of VinFast Auto.
The agency had earmarked investments to the tune of ₹16,000 crore within the state after it signed an MoU with the state authorities to set up the plant through the maiden version of the International Buyers Meet by the DMK authorities in January.
