Tata Motors has recently inked an MoU with the Tamil Nadu government to establish a state-of-the-art vehicle manufacturing facility, committing a substantial investment of Rs 9,000 crore over a five-year span, potentially creating up to 5,000 job opportunities.
In an official statement, Tata Motors Group, renowned for its commercial and passenger vehicles, announced the signing of a facilitating Memorandum of Understanding (MoU) with the Tamil Nadu government to explore the establishment of a vehicle manufacturing facility within the state. The MoU entails an investment of Rs 9,000 crores over a period of five years and has the potential to generate up to 5,000 jobs, both directly and indirectly.
Following the formalization of this MoU, teams from Guidance, Tamil Nadu’s primary agency for investment promotion and facilitation, and Tata Motors Group will collaborate to advance this promising opportunity.
The MoU exchange ceremony took place in the esteemed presence of Tamil Nadu’s Chief Minister, M.K. Stalin, and was signed by V Vishnu, IAS, Managing Director & CEO of Guidance, and PB Balaji, Group CFO of Tata Motors.
Additionally, Dr. TRB Rajaa, the Minister for Industries, along with Mr. Arun Roy IAS, Secretary of Industries, Investment Promotion & Commerce Department, and senior officials from Tata Motors Group, graced the occasion.
“Over the recent years, Tamil Nadu has rapidly accelerated its growth trajectory, emerging as a premier investment destination, driven by our Chief Minister’s unwavering commitment to fostering substantial employment opportunities for our dynamic youth and bolstering our industrial landscape,” remarked TRB Rajaa.
“This significant initiative marks the second Original Equipment Manufacturer (OEM) entry into Tamil Nadu, a mere 65 days following the Tamil Nadu Global Investors Meet 2024, underscoring the state’s reputation as a dependable, supportive, and forward-thinking partner,” observed Guidance Tamil Nadu.
Tamil Nadu’s emergence as a prominent business hub is further solidified by the groundbreaking ceremony of VinFast, a Vietnamese electric vehicle manufacturer, which occurred on February 25, 2024, just 50 days after the comprehensive MoU signing on January 6, 2024. VinFast’s integrated EV plant, situated in Thoothukudi (formerly Tuticorin), spans 400 acres within the State Industries Promotion Corporation of Tamil Nadu (SIPCOT) industrial estate.