Tamil Nadu: State signs MoUs for investment of Rs 850 cr from US firms

Chennai: The Tamil Nadu government on Friday signed agreements with three US companies for a total investment of Rs 850 crore in the state. While the agreements cover the opening of production plants and research and development (R&D) centers in the electronic components, semiconductors and other sectors. The agreements were signed in the presence of Prime Minister MK Stalin, as part of his official visit to the US, where he met with representatives of the corporation in Chicago.
One of the collaboration agreements with Lincoln Electric, a company that deals in welding equipment and related products, was to expand its research and development operations and manufacturing facility in Chengalpet. The investment will be Rs 500 crore, according to a government statement.
Tennessee state government has signed a memorandum of understanding with the company’s managing director Sivapathasundaram Kaja and other senior management team members.
Similarly, the state delegation exchanged agreements with semiconductor and electronic components manufacturer Vishay Precision. The company has agreed to set up a sensor and transducer manufacturing facility in Kancheepuram with a capital expenditure of Rs 100 crore. Vishay Precision senior vice president of sales Stephen Shriver said the company will expand its manufacturing facility in Hosur, the release said.
Tamil Nadu has also signed an agreement with automotive electronics company Visteon. It plans to invest Rs 250 crore to set up electronics manufacturing plants in Chennai and Coimbatore.
Visteon CEO and President Sachin Lawande and others were present at the event.
State Industries Minister TRB Raaja, Secretary Arun Roy and Managing Director Guidance Tamil Nadu Vishnu accompanied the Prime Minister during the interactions.