Japanese electrical and electronic equipment manufacturer Mitsubishi Electric on Tuesday announced that it will invest Rs 1,891 crore towards opening an air-conditioner and compressor plant in Tamil Nadu. The company said it was investing through the foreign direct investment (FDI) route.
On Tuesday, Tamil Nadu Chief Minister MK Stalin, flanked by Mitsubishi Electric's group president Yasumichi Tazunoki and Kazuhiko Tamura, MD of Mitsubishi Electric India, unveiled the foundation stone for the company's plant in Thiruvallur. The company has inked an memorandum of understanding (MOU) with the Tamil Nadu Government to build and operate the plant.
A release by Mitsubishi said the company was targeting production commencement by October 2025, with an initial capacity of 300,000 room air conditioners. Compressor unit production, it added, would commence by December 2025 with a capacity of 650,000 units.
"Mitsubishi Electric's investment in India — especially in Tamil Nadu — is a strategic one, and I'd like to express my gratitude to the company for having chosen Tamil Nadu as its investment destination," said Thangam Thennarasu, Tamil Nadu's minister for industries.
"The fact that these investments are coming in as 100 percent FDI investments is also important because Tamil Nadu is the only state to receive continuous FDIs," he added.
Mitsubishi's plant, the company's release said, would be constructed on a 52-acre land bank in Peruvoyal Village. It is expected to support Mitsubihi's local supply chain in line with the growing local demand for air-conditioning.
Chief Minister Stalin said nearly 60 percent of its 2,000-member workforce would be women. "This would strengthen the steps the government has taken to improve the welfare of women in the state," said Stalin.
"We have seen a number of Fortune 500 companies like Foxconn and Pegatron invest and commence operations in Tamil Nadu in the recent past," the Chief Minister added.
In June, the Tamil Nadu Government will kickstart its much-hyped Global Investor's meet. Attracting investment commitments from multinational firms in the run-up to the event is seen as crucial to the success of the investor conference.
(Edited by : Vivek Dubey)
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