Stalin embarked on his U.S. visit on Aug.27 / X/@mkstalin

In a significant move to boost industrial investments in the Indian state of Tamil Nadu, Chief Minister M.K. Stalin oversaw the signing of Memorandums of Understanding (MoUs) with six global industry leaders at an investors' meet held in San Francisco on Aug.29, 2024. 

The agreements, totaling an investment of US$108 million (₹900 crore), are expected to create 4,100 new jobs across Chennai, Coimbatore, and Madurai.

Addressing the event, CM Stalin, who embarked on his U.S. visit on Aug.27, emphasized the Tamil Nadu government’s commitment to transforming the state into India’s second-largest economy, with a vision to reach a one trillion-dollar economy by 2030. 

"These MoUs represent a crucial step in our mission to attract substantial investments and create employment opportunities for the youth of Tamil Nadu," he stated.

Nokia to establish world's largest fixed network testing facility in Chennai

Among the highlights of the meet was the MoU signed with Nokia, a leading Finnish multinational telecommunications company. The agreement entails setting up the world’s largest fixed network testing facility, alongside a new R&D facility at Siruseri, SIPCOT, Chennai. 

The project will see an investment of US$54 million (₹450 crore) and is expected to generate 100 jobs. The MoU was signed by Nokia's chief strategy and technology officer, Nishant Batra, and president of the Fixed Network Business Group, Chandy Modley.

PayPal to launch AI-Focused advanced development center

PayPal, the American financial technology giant, signed an MoU to establish an Advanced Development Centre in Chennai. This initiative, focused on artificial intelligence, will create approximately 1,000 new jobs. 

The agreement, witnessed by Srini Venkatesan, executive vice president (chief technology officer), and Zi-Yang David Fan, head of International Government Relations at PayPal, marks a significant expansion of PayPal’s existing workforce in Chennai, which already employs over 2,500 people.

 

 

The first day in San Francisco has set a promising tone for the days to follow!

Secured investments exceeding ₹900 crores at Chennai, Coimbatore, Madurai, and Chengalpattu, paving the way for 4,100 new jobs in multiple sectors!

Nokia - ₹450 crore, 100 jobs
PayPal -… pic.twitter.com/1q6sH7Qgjb

— M.K.Stalin (@mkstalin) August 30, 2024

Yield Engineering Systems to set up semiconductor equipment facility in Coimbatore

Yield Engineering Systems, a California-based technology solutions provider, will invest US$18 million (₹150 crore) to establish a product development and manufacturing facility for semiconductor equipment in Sulur, Coimbatore. This facility is expected to create 300 new jobs. The MoU was signed by the company's chairman and CEO, Ramakant Alapathy, and CFO Prabhat Mishra.

Microchip Technology to expand R&D operations in Chennai

Microchip Technology, a Fortune 500 semiconductor supplier headquartered in Arizona, will expand its R&D operations in Chennai. The new facility, focused on semiconductor technology, will require an investment of US$30 million (₹250 crore) and will employ 1,500 individuals. The MoU was signed by Patrick Johnson, senior corporate vice president, and Bruce Weyer, corporate vice president of Microchip Technology.

Infinx Healthcare to open global delivery center in Madurai

San Jose-based Infinx Healthcare is set to invest US$6 million (₹50 crore) to establish a Technology and Global Delivery Centre at ELCOT, Madurai, generating 700 jobs. The MoU was signed by Radhika Tandon, chief marketing officer of Infinx Healthcare.

Applied Materials to develop AI-enabled technology center in Chennai

Applied Materials, the world’s leading semiconductor and display equipment company, will set up an Advanced Artificial Intelligence Enabled Technology Development Centre for semiconductor manufacturing in Taramani, Chennai. The facility will involve an investment of US$12 million (₹100 crore) and is expected to create 500 jobs. The MoU was signed by Dr. Prabhu Raja, president, and Satish Kuppurao, vice president of Applied Materials.

The MoU signings were attended by Indian Consul General  in San Francisco’s Consul General Srikar Reddy, T.R.B. Rajaa, Minister for Industries, Investment Promotion and Commerce, alongside senior officials from the Tamil Nadu government, including V. Arun Roy, I.A.S., secretary to the Government, Industries, Investment Promotion and Commerce Department, and Vishnu, I.A.S., managing director and chief executive officer, Guidance Bureau.