The Tamil Nadu Global Investors Meet 2024, commencing today in Chennai and spanning two days, has witnessed the signing of several Memorandums of Understanding (MoUs) between the private sector and the Tamil Nadu government.
In the automotive sector, three MoUs confirming investments from TVS Motor Co, Hyundai, and Vietnamese EV manufacturer VinFast were formalised with the state government. Chennai-based TVS Motor Co has outlined plans to invest Rs 5,000 crore over the next five years across the automobile, information technology, and real estate sectors, leading to the employment of 500 individuals.
Korean automotive giant Hyundai is set to invest an additional Rs 6,000 crore in establishing a hydrogen resource center in collaboration with IIT Madras. This new investment is in addition to the Rs 20,000 crore commitment Hyundai made in May 2023 for the development of its electric vehicle program for the Indian market. Two years ago, Hyundai announced its intention to introduce six battery electric vehicles in India by 2028.
VinFast, having declared a significant investment of US$2 billion (over Rs 16,000 crore) in a new plant in Tamil Nadu yesterday, will establish both its electric vehicle and battery manufacturing plants in Thoothukudi, Tamil Nadu.
Tamil Nadu Chief Minister MK Stalin, alongside Union Commerce Minister Piyush Goyal, unveiled the Tamil Nadu Semiconductor and Advanced Electronics Policy today.