India’s southern state of Tamil Nadu has signed investment deals worth more than $4.39 billion with companies such as Apple suppliers Tata Electronics and Pegatron as well as auto major Hyundai Motors, it said on Sunday.
Apple is counting on India as the next big driver of its growth as the tech giant looks to diversify some production away from China, with Pegatron working towards a second factory in the country where Tata Group made iPhones last year. Started assembling.
Tata Electronics, a part of the Indian conglomerate, has committed to invest Rs 120.8 billion for mobile phone assembly operations, the state government said during the signing of the agreements.
Speaking at the event, Chief Minister MK Stalin said, “Tamil Nadu government will support investors in every possible way.” She said that she wants to play a major role in the development of India.
Apple’s Taiwan supplier Pegatron will also invest Rs 10 billion to expand production, the government said.
Separately, Tata Power is looking to invest up to Rs 700 billion in Tamil Nadu over the next several years, including investments in some existing projects, its Chief Executive Officer and Managing Director Praveer Sinha said at a press conference at the event. Is included.
The agreement unveiled at a meeting 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 Gujarat, where hundreds of domestic and foreign investors are expected to participate.
The deals struck on Sunday in Tamil Nadu include an agreement with JSW Energy to invest Rs 120 billion to develop renewable energy projects.
Auto major Hyundai Motors has also pledged Rs 61.80 billion, part of which is earmarked for electric vehicle (EV) battery and car manufacturing, the government said.
On Saturday, Vietnamese EV maker Vinfast agreed to set up its first manufacturing facilities in India and work towards investing up to $2 billion in Tamil Nadu, as more companies look to enter the world’s third-largest vehicle market .
Nike shoemaker Hong Fu is set to sign a deal with the state to invest about Rs 10.4 billion in India, and another Rs 16.6 billion is expected soon, said chairman of the company’s Indian partner Florence Shoe. Akil Panaruna said in the program.
