Indian auto major Tata Motors Ltd on Wednesday (March 13) said it has signed a memorandum of understanding (MoU) with the government of Tamil Nadu to establish a cutting-edge vehicle manufacturing facility, with an investment of ₹9,000 crore and generating up to 5,000 jobs.
Following the signing of the MoU, teams from Guidance, Tamil Nadu's nodal agency for investment promotion and facilitation, and Tata Motors will work together to take this opportunity forward.
"#TataMotors and the Government of Tamil Nadu are revving up for an epic journey!! In the presence of our Honourable @CMOTamilNadu Thiru. @MKStalin avargal, @TataMotors today signed an MoU with the Government of Tamil Nadu to establish a cutting-edge vehicle manufacturing facility, committing an investment of Rs 9000 crore and generating up to 5000+ #JobsForTN ", Rajaa said in a post on 'X.'.
"For the FIRST time EVER, TN has attracted TWO BIG Automobile Manufacturing #Investments within a span of just 2 months", he said in another post.
"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!# Investment #AutoCapitalOfIndia" Rajaa added.
Back in January this year, Hyundai Motor India Ltd said it will invest ₹6,180 crore on various initiatives, including establishing a hydrogen resource centre, in Tamil Nadu.
In February this year, Tamil Nadu Chief Minister M.K. Stalin laid the foundation stone for the electric vehicle car and battery manufacturing facility of VinFast Auto Ltd, which has earmarked an investment of ₹16,000 crore in the state.
Shares of Tata Motors ended at ₹973.05, down by ₹43.55, or 4.28%, on the BSE.
(Edited by : Shoma Bhattacharjee)
First Published: Mar 13, 2024 6:16 PM IST
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