Report: Tata Electronics to sign deal worth over Rs 12,000 cr with TN govt

Tata Electronics is set to formalise a significant Memorandum of Understanding (MoU) valued at Rs 12,082 crore with the Tamil Nadu government, according a report.

The agreement is expected to be inked during the Tamil Nadu Global Investors Meet 2024 in Chennai, inaugurated by the Chief Minister M. K. Stalin and Union Minister Piyush Goyal on 7 January.

During the summit, chief minister Stalin expressed that the state is witnessing a significant influx of investments.

As per sources, the Tamil Nadu government has signed major investment pacts with JSW Renewable, TVS Group, and Mitsubishi Electric, amounting to Rs 12,000 crore, Rs 5,000 crore, and Rs 6,180 crore, respectively.

As per reports, Pegatron, Apple's Taiwan supplier, is also expected to invest Rs 1,000 crore to expand production.

In addition to this, Hyundai Motors has also committed Rs 6,180 crore, a part of the investment will be utilised for electric vehicle (EV) battery and car manufacturing.

Earlier on Saturday, Vietnamese EV maker VinFast announced to set up its first manufacturing facilities in India and work toward an investment of up to Rs 200 crore in Tamil Nadu.

These pacts, unveiled at meeting of global investors during the summit, are projected to generate thousands of jobs in the state.