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Tamil Nadu govt inks Rs 900 cr deals with Microchip, Nokia, PayPal during Stalin’s US visit | Photo: Stalin’s X account
Tamil Nadu Chief Minister M K Stalin, along with Industries Minister T R B Rajaa, signed agreements with multiple global companies during their visit to the United States, a move that could significantly boost the state’s economy. The deals are cummulatively worth more than Rs 900 crore, the chief minister said in a post on X (formerly Twitter). The companies the chief minister met with include Microchip, Nokia, and PayPal.
The visit is part of the state’s broader mission to transform Tamil Nadu into a $ 1 trillion economy by 2030.
Key investments announced by the chief minister include:
Microchip
The memorandum of understanding (MoU) signed with Microchip, a manufacturer of microcontroller, mixed-signal, analog and Flash-IP solutions, includes setting up a new research and development (R&D) centre for semiconductors in Semmancherry, Chennai.
A total of Rs 250 crore will be invested into the project that is poised to generate 1,500 new jobs.
Nokia
Nokia plans to set up a new R&D centre in SIPCOT, Siruseri, Chengalpattu. The centre is planned to be the world’s largest ‘fixed network’ test bed for innovations in 10G, 25G, 50G, and 100G PON, fixed wireless access, and MDU solutions.
A total of Rs 450 crore will be invested into the project which is poised to generate 100 new jobs.
Ohmium
US-based Ohmium plans to develop a manufacturing facility in Chengalpattu for components related to electrolyser manufacturing and hydrogen solutions systems, with an investment of Rs 400 crore. This initiative will also create 500 jobs.
Applied Materials
Materials engineering solutions major Applied Materials will launch an advanced AI-enabled technology development centre dedicated to semiconductor manufacturing and equipment in Taramani, Chennai. This project is anticipated to generate 500 jobs.
GeakMinds
GeakMinds is establishing an IT and analytics services centre in Chennai, expected to generate 500 jobs. Similarly, Infinx is setting up a Technology and Global Delivery Centre at ELCOT Vadapalanji, Madurai, with an investment of Rs 50 crore, which will create 700 jobs.
Yield Engineering Systems
Yield Engineering Systems is launching a product development and manufacturing facility for semiconductor equipment in Sulur, Coimbatore, with an investment of Rs 150 crore, generating 300 jobs.
Paypal
PayPal is establishing an Advanced Development Centre in Chennai, focusing on artificial intelligence, which will create 1,000 jobs.
Telangana vying for deal with Foxconn
M K Stalin’s US visit
Chief Minister Stalin’s trip will continue with meetings and discussions aimed at attracting more investments. He is set to address the Tamil community on August 31 and engage with US-based companies’ representatives in Chicago on September 2. During this trip, he will also meet CEOs of Fortune 500 companies to further promote Tamil Nadu as an investment destination. The delegation is scheduled to return to Chennai on September 14.
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!
???? Nokia – ₹450 crore, 100 jobs
???? PayPal -… pic.twitter.com/1q6sH7Qgjb
— M.K.Stalin (@mkstalin) August 30, 2024
First Published: Aug 30 2024 | 11:52 AM IST
