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Stalin signs six MoUs in U.S. for 900 investments to Tamil Nadu
Tamil Nadu CM MK Stalin during the first leg of his United States trip said that he has secured investments worth over ₹900 crore and creating over 4,000 jobs at Chennai
Tamil Nadu chief minister MK Stalin during the first leg of his United States trip announced on Friday in San Francisco that he has secured investments worth over ₹900 crore and creating over 4,000 jobs at Chennai, Coimbatore, Madurai and Chengalpattu.
A total of six MoUs were signed between Tamil Nadu and companies like Nokia, PayPal, Yield Engineering Systems, Microchip, Infinix and Applied Materials at the Tamil Nadu Investment Conclave at San Francisco, US on Thursday evening local time.
“The first day in San Francisco has set a promising tone for the days to follow. Secured investments exceeding ₹900 crores at Chennai, Coimbatore, Madurai, and Chengalpattu, paving the way for 4,100 new jobs in multiple sectors,” Stalin said in a post on X. “With two more weeks ahead, we continue to intensify this momentum and attract more investors to Tamil Nadu, propelling our march towards a trillion dollar economy.”
Telecommunications major Nokia has pledged to establish its largest fixed network testbed at an investment of ₹450 crore in Chennai. Nokia’s new facility which will function as the testbed for the company’s technological innovations in 10G, 25G, 50G, and 100G passive optical networks will be set up in an area of three acres at an industrial park in Siruseri run by the State Industries Promotion Corporation of Tamil Nadu (SIPCOT), an official familiar with the matter said on Friday.
Fintech company PayPal, which already has 2,500 people working in Chennai, signed a MoU for setting up an advanced development centre focussed on AI employing about 1,000 people.
US-based Applied Materials will set up an advanced Artificial Intelligence-enabled technology development centre for manufacturing semiconductor equipment in Chennai’s Taramani area, generating around 500 jobs. “It will be an advanced AI centre for semiconductor manufacturing. Applied Materials already has a small centre in Chennai and this new facility will be in addition to the existing one,” an official said.
Microchip Technology will set up a R&D centre in Semiconductor Technology at Chemancherry in Chennai with an investment of ₹250 crore, generating employment for 1,500 people. Yield Engineering Systems will set up a product development and manufacturing facility for semiconductor equipment in Coimbatore, employing 300 people with an investment of ₹150 crore.
Infinix Healthcare will also set up a Technology and Global Delivery Centre at ELCOT (Electronics Corporation of Tamil Nadu) in Madurai with an investment of ₹50 crore. It will provide employment opportunities to 700 people, the government said in a statement.
