Tata Motors has signed an MoU with the Tamil Nadu government to set up a manufacturing plant at an investment of Rs 9,000 crore and create 5,000 jobs (direct and indirect) over the next five years. Tamil Nadu CM MK Stalin and senior officials of Tata Motors were present in Chennai for the signing of the MoU. The manufacturing plant is planned to be located in Ranipet district (near Vellore).
"The agreement with Tata Motors Group signifies another significant step towards enhancing industrial development in Tamil Nadu. The manufacturing plant, planned to be located in Ranipet district (near Vellore), will involve an investment of Rs 9,000 crores and is expected to generate employment opportunities for 5,000 people over the next five years. Tamil Nadu, being the second largest economic state in India, is committed to achieving the goal of becoming a trillion-dollar economy by 2030. The industries department of Tamil Nadu government is actively pursuing various initiatives to attract high-value, capital-intensive industries to the state", said a statement from TN CM's office.
Tamil Nadu Industries Minister TRB Rajaa said, "According to the MoU, Tata Motors will establish a cutting-edge vehicle manufacturing facility, committing an investment of Rs 9,000 crore and generating up to 5,000 jobs." Tata Motors, which makes cars, trucks and buses, did not specify what vehicles it would make at the new plant.
"Following the signing of this MoU, teams from Guidance, Tamil Nadu's nodal agency for investment promotion and facilitation and Tata Motors Group will work together to take this opportunity forward," said Tata Motors in a stock exchange filing.
This will be Tata Motors' second plant in South India, after Dharwad in Karnataka.
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