Tata sign. Image used for representative purpose only.
| Photo Credit: Reuters
Tata Motors Group, manufacturer of commercial and passenger vehicles, has signed a facilitation Memorandum of Understanding (MoU) with the Government of Tamil Nadu to set up a vehicle manufacturing facility entailing investments to the tune of over ₹9,000 crore over five years. This deal is expected to create 5,000 jobs directly and indirectly. According to a statement issued by the Tamil Nadu government, the facility is expected to come up at Ranipet.
The MoU was exchanged in the presence of Tamil Nadu Chief Minister M.K. Stalin and signed between V Vishnu, Managing Director and Chief Executive Officer , Guidance of Guidance and PB Balaji, Group CFO, Tata Motors. Minister for Industries TRB Rajaa, the Secretary of Industries, Investment Promotion & Commerce Department V Arun Roy and senior officials of Tata Motors Group were also present.
According to details filed by Tata Motors Limited with the Bombay Stock Exchange, 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.
As soon as the MoU was signed Mr.Rajaa posted a message on X (formerly Twitter) saying: “Another billion dollar investment comes into #TamilNadu ! #TataMotors and the Government of Tamil Nadu are revving up for an epic journey!” His message further mentioned that for the first time ever, Tamil Nadu has attracted two big automobile manufacturing investments within a span of just two months. “Over the past couple of years, Tamil Nadu has hit the fast lane and become the ultimate hub for investments, showcasing our Chief Minister’s dedication to fostering top-tier employment for our vibrant youth and amplifying our industrial prowess. We’re not just building factories; we’re engineering dreams and accelerating towards a brighter, more prosperous future!,” the Minister’s message on X said.
Chief Minister M.K.Stalin posted on X saying: “In a landmark move, @TataMotors has inked an MoU with the Government of Tamil Nadu to establish a vehicle manufacturing facility, investing ₹9000 crores and creating over 5000 jobs. With this investment, Tamil Nadu further solidifies its position as the unrivaled automobile capital of India, reminiscent of the transformative impact of Hyundai’s investment during Kalaignar’s tenure.”
Later during a press meet, Mr.Rajaa said, “During the Global Investors Meet 2024 we signed an MoU with VinFast. This happened in January, and in February the Chief Minister of Tamil Nadu laid the foundation stone for this project. No other State has come out with such continuous announcements.” The Minister also highlighted that the state has good infrastructure, ease of doing business, safe environment for women and a good happiness index.
On February 25, Chief Minister M.K. Stalin laid the foundation stone for VinFast Auto Limited’s electric car manufacturing facility coming up on 408 acres in SIPCOT Industrial Complex at Sillaanaththam, Thoothukudi. The Vietnam-headquartered has given an investment commitment for ₹16,000 crore.
