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chennai India’s southern state of Tamil Nadu announced on Sunday that it has signed investment deals worth more than $4.39 billion with companies including Apple suppliers Tata Electronics and Pegatron and auto giant Hyundai.
Apple is looking to India as its next big driver of growth. The company aims to diversify some of its production out of China, and Pegatron is working to build a second factory in the country, where Tata Group began assembling iPhones last year.
Tata Electronics, part of Indian conglomerate, promises investment INRAt the time of signing the agreement, the state government announced that it would spend $12.08 billion on mobile phone assembly projects.
“Tamil Nadu government will support investors in every possible way,” Chief Minister MK Stalin said at the event, adding that it aims to play a key role in India’s growth.
Apple’s Taiwanese supplier Pegatron will also invest INRThe government added 1 billion to expand production, it added.
Apart from this, Tata Power is considering the following investments: INR70,000 crore to invest in Tamil Nadu over the next few years, including investment in some existing projects, the company’s CEO and Managing Director Praveer Sinha said in a press conference at the event. said that it would be carried out.
The deal, announced at a gathering of global investors, is expected to create thousands of jobs in the state.
The state summit comes days before another investment summit in Prime Minister Narendra Modi’s home state of Gujarat, which is scheduled to be attended by hundreds of domestic and international investors.
Sunday’s deals in Tamil Nadu include investment agreement with JSW Energy INR12,000 crore for the development of renewable energy projects.
Automobile giant Hyundai Motor also makes a commitment. INRA portion of the $6.18 billion will be earmarked for electric vehicle (EV) battery and vehicle manufacturing, the government added.
Vietnamese EV maker VinFast on Saturday set up its first manufacturing facility in India, investing up to $2 billion in Tamil Nadu as more companies seek to enter the world’s third-largest auto market. We agreed to work toward this goal.
Nike shoemaker Hong Hu plans to sign an agreement with the state to invest in almost all regions. INR1.04 billion in India, and one more. INRAkhil Panaruna, chairman of the company’s Indian partner Florenze Schuh, said at an event that 1.66 billion yen is expected soon.
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