TN secures $4.39 bn investments from Apple suppliers, Hyundai Motors

10 Jan 2024 CW Team

Tata Electronics, a division of the Indian conglomerate, committed to investing Rs 120.8 billion in mobile phone assembly operations, as stated by the state government during the agreement signing. Chief Minister M K Stalin emphasised the government's commitment to supporting investors, expressing a desire to play a significant role in India's economic growth.

Pegatron, the Taiwanese supplier for Apple, will invest Rs 10 billion to enhance production, according to the government. Additionally, Tata Power is exploring investments up to Rs 700 billion in Tamil Nadu over the coming years, including contributions to existing projects, as mentioned by its CEO and managing director, Praveer Sinha.

These agreements, unveiled at a global investor meeting, are anticipated to create numerous job opportunities in the state. The announcement precedes another investment summit in Prime Minister Narendra Modi's home state of Gujarat, expected to attract numerous domestic and foreign investors.

Among the notable deals, JSW Energy committed Rs 120 billion for the development of renewable energy projects, and Hyundai Motors pledged Rs 61.8 billion, earmarking some for electric vehicle (EV) battery and car manufacturing. Vietnamese EV maker VinFast also agreed to establish manufacturing facilities in Tamil Nadu, investing up to $2 billion.

Furthermore, Hong Fu, the manufacturer for Nike shoes, is set to sign an agreement to invest nearly Rs 10.4 billion in India, with an additional Rs 16.6 billion expected soon, as mentioned by Aqeel Panaruna, chairman of Florenece Shoe, the company's India partner.

Tamil Nadu, the southern state of India, announced the signing of investment agreements totalling over $4.39 billion with prominent companies such as Tata Electronics and Pegatron, key suppliers for Apple, along with major player Hyundai Motors. This move is part of Apple's strategy to expand production beyond China, with Pegatron planning a second factory in India, where Tata Group initiated iPhone assembly last year. Tata Electronics, a division of the Indian conglomerate, committed to investing Rs 120.8 billion in mobile phone assembly operations, as stated by the state government during the agreement signing. Chief Minister M K Stalin emphasised the government's commitment to supporting investors, expressing a desire to play a significant role in India's economic growth. Pegatron, the Taiwanese supplier for Apple, will invest Rs 10 billion to enhance production, according to the government. Additionally, Tata Power is exploring investments up to Rs 700 billion in Tamil Nadu over the coming years, including contributions to existing projects, as mentioned by its CEO and managing director, Praveer Sinha. These agreements, unveiled at a global investor meeting, are anticipated to create numerous job opportunities in the state. The announcement precedes another investment summit in Prime Minister Narendra Modi's home state of Gujarat, expected to attract numerous domestic and foreign investors. Among the notable deals, JSW Energy committed Rs 120 billion for the development of renewable energy projects, and Hyundai Motors pledged Rs 61.8 billion, earmarking some for electric vehicle (EV) battery and car manufacturing. Vietnamese EV maker VinFast also agreed to establish manufacturing facilities in Tamil Nadu, investing up to $2 billion. Furthermore, Hong Fu, the manufacturer for Nike shoes, is set to sign an agreement to invest nearly Rs 10.4 billion in India, with an additional Rs 16.6 billion expected soon, as mentioned by Aqeel Panaruna, chairman of Florenece Shoe, the company's India partner.