Tamil Nadu signs pacts for $1.58 billion in new projects by overseas investors
CHENNAI: India’s Tamil Nadu state said it signed agreements worth 150.5 billion rupees ($1.58 billion) for 16 new projects by overseas investors, including France’s Saint-Gobain and U.S. server maker Super Micro Computer, as part of a broader investment push. The state government on Thursday signed 97 agreements worth 674.52 billion rupees across sectors, creating more than 100,000 jobs and…
Chennai, the manufacturing hub of India, recently announced agreements worth $1.58 billion for 16 new projects by overseas investors. The Tamil Nadu state government signed 97 agreements totaling 674.52 billion rupees across various sectors, aiming to create over 100,000 jobs. This marks the first investment conclave since Joseph Vijay took office as chief minister, seeking to attract more business to the state.
Key investments include a 20 billion rupee project from Saint-Gobain for a new plant and a facility expansion in Kanchipuram, as well as a 40 billion rupee expansion of Daimler India Commercial Vehicles' Chennai factory. Other investors include France's Saint-Gobain, U.S. server maker Super Micro Computer, Hinduja Group, space startup Agnikul Cosmos, and e-motorcycle manufacturer Ultraviolette.
The state's capital, Chennai, often dubbed the 'Detroit of India', is home to factories from Hyundai, Renault Group, TVS Motor, Apple suppliers Foxconn, and Tata Electronics.
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