Tamil Nadu inks MoUs for Rs 850 crore investments from US firms

CHENNAI: Tamil Nadu govt on Friday signed agreements with three companies in the US for a cumulative investment of 850 crore in the state.
While the MoUs are for opening manufacturing facilities and research and development (R&D) centres in the electronics components, semiconductor and other sectors, the agreements were signed in the presence of chief minister M K Stalin, as part of his official visit to USA, where he met corporates in Chicago.
One of the MoUs was with Lincoln Electric, a company that deas with welding equipment and related products, to expand its R&D operations and manufacturing facility in Chengalpet at an investment of 500 crore, according to a statement from the govt.
TN govt signed a MoU with the company's managing director Sivapathasundaram Kaja and other senior executives.
Similarly, the state's delegation exchanged agreements with semiconductor and electronics components maker Vishay Precision. The company agreed to establish a production facility for sensors and transducers at Kancheepuram with 100 crore capital expenditure. Vishay Precision's senior vice president of sales Stephen Shriver, said their company would expand their production unit in Hosur, the release said.
Tamil Nadu also signed an agreement with automotive electronics company Visteon. It plans to invest 250 crore to establish electronics manufacturing units in Chennai and Coimbatore.
At this event, Visteon's CEO and president, Sachin Lawande and others were present.
State industries minister T R B Raaja, secretary Arun Roy, Guidance Tamil Nadu managing director Vishnu accompanied the chief minister during these interactions.