August 31 :
Tamil Nadu's Chief Minister M.K. Stalin led the signing of MoUs with six international business heavyweights during an investors' meeting in San Francisco on August 29, 2024, marking a major step toward attracting more industrial investment to the state. Out of a total investment of US$108 million (₹900 crore), the agreements are anticipated to generate 4,100 new employment opportunities in the cities of Madurai, Coimbatore, and Chennai.
The chief minister of Tamil Nadu, Stalin, who left for his American tour on August 27, spoke at the ceremony and reaffirmed the state's ambition to become the economic powerhouse of India by 2030, with a goal of reaching a trillion dollars in exports. He said that these MoUs are an important step toward their goal of luring large investments and providing young people in Tamil Nadu with meaningful work opportunities.
A memorandum of understanding was inked with Nokia, a prominent multinational telecommunications firm based in Finland, which was one of the most noteworthy aspects of the meeting. Under the terms of the deal, a new research and development center and the biggest fixed network testing facility in the world would be established at Siruseri, SIPCOT, Chennai.
There will be 100 new jobs created by the project, which is anticipated to receive an investment of $54 million (₹450 crore). Chief Strategy and Technology Officer Nishant Batra of Nokia and President of the Fixed Network Business Group Chandy Modley signed the MoU.
An MoU was inked by the American financial technology giant PayPal to set up an Advanced Development Centre in Chennai. About a thousand new employment will be created by this AI-focused program.
The deal, which was seen by Srini Venkatesan, PayPal's executive vice president (chief technology officer), and Zi-Yang David Fan, head of international government relations, signifies a substantial increase to the current workforce in Chennai, where PayPal already employs more than 2,500 individuals.
In order to build a plant in Sulur, Coimbatore, to develop and manufacture semiconductor equipment, Yield Engineering Systems, a provider of technology solutions based in California, will invest US$18 million (€150 crore). Three hundred additional positions will likely be generated by this establishment. Both the chairman and chief executive officer of the company, Ramakant Alapathy, and the chief financial officer, Prabhat Mishra, signed the merger agreement.
The Hyderabad-based research and development division of Arizona-based Fortune 500 semiconductor supplier Microchip Technology will be extended to Chennai. A capital expenditure of $30 million (₹250 crore) is needed to establish the new plant, which would employ 1,500 people and will be centered around semiconductor technology. Patrick Johnson, senior corporate vice president, and Bruce Weyer, corporate vice president, of Microchip Technology, signed the memorandum of understanding.
An investment of $6 million (₹50 crore) will be made by San Jose-based Infinx Healthcare to build a Technology and Global Delivery Centre at ELCOT, Madurai, creating 700 employment. The chief marketing officer of Infinx Healthcare, Radhika Tandon, signed the MoU.
Applied Materials, a global leader in semiconductor and display equipment manufacturing, will establish a state-of-the-art Advanced Artificial Intelligence Enabled Technology Development Centre in Taramani, Chennai, to support semiconductor manufacturing. With an investment of $12 million (₹100 crore), the facility is anticipated to generate 500 job opportunities. On behalf of Applied Materials, Dr. Prabhu Raja, president, and Satish Kuppurao, vice president, signed the memorandum of understanding.
Officials from the Tamil Nadu government, including V. Arun Roy, I.A.S., secretary to the Government, Industries, Investment Promotion and Commerce Department, and Vishnu, I.A.S., managing director and chief executive officer, Guidance Bureau, were present at the MoU signings alongside Consul General Srikar Reddy of the Indian Consulate General in San Francisco and Minister T.R.B. Rajaa.
