The Tamil Nadu government has secured investment commitments worth Rs.900 crore from major global companies, including Nokia, PayPal, Microchip, and others. This investment will create approximately 4,100 jobs across Chennai, Coimbatore, and Madurai. The agreements were finalized during a recent investor meeting in San Francisco, led by Tamil Nadu Chief Minister M.K. Stalin, who is on a mission to attract foreign investment as part of the state's goal to become a $1 trillion economy by 2030.
During the visit, six companies signed Memorandums of Understanding (MoUs) with the Tamil Nadu government. The agreements include:
Nokia: An MoU was signed with Nokia for the establishment of their largest Fixed Network test bed and an R&D center in SIPCOT, Siruseri, Chengalpattu. This initiative, costing ₹450 crore, will create 100 jobs and focus on advancements in 10G, 25G, 50G, and 100G technologies.
PayPal: An agreement with PayPal will see the creation of an Advanced Development Centre in Chennai, specializing in artificial intelligence (AI). This center will generate 1,000 jobs.
Yield Engineering Systems: A deal was made with Yield Engineering Systems to set up a product development and manufacturing facility for semiconductor equipment in Sulur, Coimbatore. The Rs150 crore investment is expected to create 300 jobs.
Microchip: Microchip will establish an R&D center in semiconductor technology at Semmancherry, Chennai, with an investment of Rs250 crore. This project will generate 1,500 jobs.
Infinx: The MoU with Infinx involves setting up a Technology and Global Delivery Centre at ELCOT Vadapalanji, Madurai, at a cost of ₹50 crore, creating 700 jobs.
Applied Materials: Applied Materials will build an Advanced AI-Enabled Technology Development Centre for semiconductor manufacturing and equipment in Taramani, Chennai. This initiative, costing ₹100 crore, will provide 500 jobs.
Industries Minister T.R.B. Rajaa and senior government officials were present at the signing ceremony. Chief Minister Stalin, who began his US tour on August 27, will address the Tamil community on August 31 and engage with US-based companies in Chicago on September 2 to encourage further investment in Tamil Nadu. He is scheduled to return to Chennai on September 14.
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