Home India News Tata Motors inks deal with Tamil Nadu government to establish ₹9,000-crore vehicle manufacturing plant

Tata Motors inks deal with Tamil Nadu government to establish ₹9,000-crore vehicle manufacturing plant

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Tata Motors and the Tamil Nadu Government have agreed to establish a vehicle manufacturing facility, investing Rs 9,000 crore over the next five years. This move is expected to create 5,000 jobs, contributing to employment growth in the state.

 The announcement follows VinFast’s decision to build a factory in Tamil Nadu, marking the second automobile manufacturing investment within two months.

Tamil Nadu’s Industries Minister, Dr. T R B Rajaa, shared on X about the large-scale project, highlighting the state’s emergence as a prime investment destination and its path towards a prosperous future.

“In recent years, Tamil Nadu has surged ahead, emerging as a premier investment destination, a testament to our Chief Minister’s commitment to creating quality employment opportunities for our dynamic youth and enhancing our industrial strength. We’re not just establishing factories; we’re shaping aspirations and advancing towards a brighter, more prosperous tomorrow!” he expressed.

The Memorandum of Understanding (MoU) was formalized in the presence of Tamil Nadu’s Chief Minister, M.K. Stalin. V Vishnu, IAS, Managing Director & CEO of Guidance, and PB Balaji, Group CFO of Tata Motors, signed the agreement.

“Dr. TRB Rajaa, Minister for Industries, Arun Roy, IAS, Secretary of Industries, Investment Promotion & Commerce Department, and senior officials from Tata Motors Group were also in attendance,” the automobile company stated.

“Following the MoU signing, teams from Guidance, Tamil Nadu’s investment promotion agency, and Tata Motors Group will collaborate to advance this initiative,” it added.

“Chennai, often referred to as the ‘Detroit of Asia’ and Tamil Nadu’s capital, hosts manufacturing facilities of renowned global automotive firms like BMW, Daimler, and Hyundai.”

Tata Motors Overview

Tata Motors, a part of the USD 150 billion Tata group, is a leading global automobile manufacturer with a market capitalization of USD 42 billion. It produces cars, utility vehicles, pick-ups, trucks, and buses, offering a wide range of integrated, smart, and e-mobility solutions. With its brand promise of ‘Connecting Aspirations,’ Tata Motors is a market leader in commercial vehicles in India and ranks among the top three in the passenger vehicles market.

The company focuses on innovation, with state-of-the-art design and R&D centers in India, the UK, the US, Italy, and South Korea. Its engineering and tech-enabled automotive solutions are geared towards the future of mobility, emphasizing sustainability and meeting evolving market and customer needs. Tata Motors is leading India’s Electric Vehicle (EV) transition and collaborating with the government to develop a supportive policy framework.

Operating in India, the UK, South Korea, Thailand, South Africa, and Indonesia, Tata Motors sells its vehicles in Africa, the Middle East, Latin America, Southeast Asia, and the SAARC countries. As of March 31, 2023, the company’s operations include 88 consolidated subsidiaries, two joint operations, three joint ventures, and several equity-accounted associates.

You might also be interested in – Tata Motors’ shares surpass Rs 1,000 post demerger news, surging almost 5%

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