An agreement is signed by the Tamil Nadu government and Tata Motors Group to establish a car manufacturing facility.
On March 13, automaker Tata Motors and the Tamil Nadu government inked a memorandum of understanding (MoU) to establish a manufacturing facility at an investment of Rs 9,000 crore and generate 5,000 employment (direct and indirect).
Senior Tata Motors officials and the chief minister of Tamil Nadu, MK Stalin, were in Chennai for the Memorandum of Understanding signing.
“The partnership with the Tata Motors Group represents a major advancement in Tamil Nadu’s industrial growth. The manufacturing plant, planned to be located in Ranipet district (near Vellore), will involve an investment of Rs 9,000 crores and is expected to generate employment opportunities for 5,000 people over the next five years” said a statement from TN CM’s office.
“Tamil Nadu, the country’s second-biggest economy, is determined to reach its target of having a trillion-dollar GDP by the year 2030. It continues, “The Tamil Nadu government’s industries department is aggressively pursuing a number of initiatives to draw high-value, capital-intensive industries to the state.”
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According to the MoU, Tata Motors will establish a cutting-edge vehicle manufacturing facility, committing an investment of Rs 9,000 crore and generating up to 5,000 jobs,” stated Tamil Nadu Industries Minister TRB Rajaa. The vehicles that Tata Motors, a manufacturer of automobiles, trucks, and buses, will produce at the new site were not disclosed.
“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,” stated Tata Motors in a filing with the stock exchange. After Dharwad in Karnataka, this would be Tata Motors’ second facility in South India.
