Chennai, March 13 (SocialNews.XYZ) The Tata Motors Group, which rolls out commercial and passenger vehicles, will set up a vehicle manufacturing plant in Tamil Nadu at an outlay of about Rs 9,000 crore, it was announced on Wednesday.
The Tata Motors Group on Wednesday inked a facilitation MoU with the Tamil Nadu government. As per the MoU, the investment of about Rs 9,000 crore will be spread over five years and can create about 5,000 jobs – direct and indirect.
Following the signing of this MoU, teams from Guidance, Tamil Nadu's nodal agency for investment promotion and facilitation, and Tata Motors Group will work together to take this opportunity forward.
The MoU was signed by V. Vishnu, Managing Director & CEO, Guidance, and P.B. Balaji, Group CFO, Tata Motors, in the presence of Chief Minister M.K. Stalin.
Tamil Nadu Industries Minister T.R.B. Rajaa said on X: "For the FIRST time EVER, TN has attracted TWO BIG Automobile Manufacturing #Investments within a span of just 2 months."
“Over the past couple of years, Tamil Nadu has hit the fast lane and become the ultimate hub for investments, showcasing our Chief Minister's dedication to fostering top-tier employment for our vibrant youth and amplifying our industrial prowess," Rajaa said.
"We're not just building factories; we're engineering dreams and accelerating towards a brighter, more prosperous future!" he added.
Last month, Vietnam’s VinFast group’s Indian arm VinFast Auto India Ltd laid the foundation stone for its electric vehicle factory in Tuticorin. The company will invest Rs 4,000 crore in the first phase.
Source: IANS
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