Stalin returns to Chennai with Rs 7,600 crore investment from US

Chennai, Sep 14 (SocialNews.XYZ) Tamil Nadu Chief Minister M. K. Stalin, who was on a 17-day US visit, returned to Chennai on Saturday morning after garnering investments totalling Rs 7,600 crore for the state.

Stalin was received by his cabinet colleagues, DMK leaders and officials at the airport.

He left for the US on August 17, accompanied by his wife Durga Stalin and a horde of officials.

During his visit, Stalin met the officials of the US automobile major, Ford in Chicago, and the company was all set to re-enter Tamil Nadu, three years after exiting from the state.

The company has submitted a Letter of Intent (LOI) to the State government, outlining its intention to utilise the existing plant.

Ford decided to shut down its engine and vehicle assembling plant in Chennai in 2022.

While announcing the company's intent to restart its operations in Tamil Nadu, Ford Motors' President Jim Farley said the company would add 2,500 to 3,000 team members in the next few years.

She said that with the company's engine manufacturing team in Sanand and customer and dealer support team, India would be Ford's second-largest employee base worldwide.

The state government has signed a Memorandum of Understanding (MoU) with American construction and engineering equipment manufacturing company Caterpillar to expand the operations of the US company in the state.

The company will invest an amount of Rs 500 crore to expand operations in the Krishnagiri and Tiruvallur districts of the state.

The state government in a statement said that the MoU to this effect was signed in the presence of CM Stalin in Chicago.

After assuming office in May 2021, Stalin travelled to Japan, Spain and the United Arab Emirates (UAE) on business garnering trips before the US visit.

Source: IANS