Tamil Nadu announces $4 billion investment deals with Apple suppliers and Hyundai
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Chennai: Tamil Nadu has announced significant investment agreements exceeding $4.39 billion with major companies including Tata Electronics and Pegatron, both key suppliers for Apple, and automotive giant Hyundai Motors.
These pacts were unveiled during a gathering of global investors, aiming to fuel job creation and economic growth in the state.
Apple, eyeing India as a crucial growth market, is diversifying its production away from China. Pegatron, an integral supplier for Apple from Taiwan, is set to establish a second factory in India. Concurrently, Tata Group has initiated iPhone assembly operations in the country, reported Reuters.
Tata Electronics, a segment of the Indian conglomerate, is dedicated to investing 120.8 billion rupees into mobile phone assembly operations, reflecting their commitment to expanding manufacturing in India.
Chief Minister M. K. Stalin assured comprehensive support from the Tamil Nadu government, emphasising the state's desire to contribute significantly to India's economic advancement.
Pegatron, in addition to its plans for a new facility, will invest 10 billion rupees to bolster production capacity, augmenting Apple's manufacturing footprint in India.
The investment pacts, unveiled during the investors' meeting, are projected to foster substantial employment opportunities within the state. Notably, JSW Energy has agreed to infuse 120 billion rupees into renewable energy projects, aligning with sustainable development goals.
Hyundai Motors has committed 61.80 billion rupees, intending a portion for electric vehicle (EV) battery and car manufacturing. This move aligns with the increasing emphasis on EV technology in the automotive sector.
Adding to the robust investment spree, Vietnamese EV manufacturer VinFast has pledged to establish its initial production facilities in Tamil Nadu, aiming for an investment of up to $2 billion in the region. This announcement aligns with the growing interest among companies to penetrate India's vast vehicle market, the world's third-largest.
