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Chennai: In order to provide a financial boost to the economy, the Tamil Nadu government has signed Memoranda of Understanding (MoUs) with several investors including Nokia, Paypal, Microchip, Yield Engineering Systems, etc. The agreements were signed by Guidance Tamil Nadu, an investment promotion agency of the state during Chief Minister MK Stalin’s visit to the United States.
The following investment plans have been decided under the agreements signed:
- Nokia will set up a new Research and Development (R&D) Center in SIPCOT, Siruseri, Chengalpattu to establish the world’s largest ‘fixed network’ testbed for innovations in 10G, 25G, 50G, and 100G passive optical network (PON), fixed wireless access, and Multiple Dwelling Unit (MDU) solutions. The project aims to generate 100 new jobs.
- Paypal will build an Advanced Development Center in Chennai focusing on Artificial Intelligence which will create 1000 jobs.
- Microchip will set up a R&D center for semiconductors Semmencherry, Chennai. The investment will provide jobs to 1500 individuals
- Ohmium, a US based company, plans to develop a manufacturing facility in Chengalpattu for manufacturing components related to electrolysis and hydrogen solutions systems. This project will also give jobs to around 500 individuals.
- Applied Materials, an engineering solutions company will launch an advanced AI-enabled technology development center dedicated to semiconductor manufacturing.
- GeakMinds will establish an IT and analytics service center in Chennai and is expected to generate 500 new jobs.
- Yield Engineering Systems will set up a product development and manufacturing facility in Coimbatore for semiconductor equipment.
In his post on X, the Chief Minister of the state wrote that these deals are cumulatively worth more than Rs.900 crore. They are part of the state’s larger goal to transform Tamil Nadu into a $ 1 Trillion economy by 2030.
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