Tamil Nadu Secures ₹900 Cr Deals with Microchip, Nokia, PayPal

04 Sep, 2024

Tamil Nadu Secures ₹900 Cr Deals with Microchip, Nokia, PayPal

Tamil Nadu Chief Minister M K Stalin, along with Industries Minister T R B Rajaa, secured significant deals with global companies during their visit to the United States. These agreements, worth over Rs 900 crore, are expected to greatly boost the state's economy.

Key investments include a Rs 250 crore project by Microchip to establish a semiconductor R&D center in Chennai, which will create 1,500 jobs. Nokia will invest Rs 450 crore in a new R&D center in Chengalpattu, generating 100 jobs, while PayPal plans to open an AI-focused Advanced Development Centre in Chennai, adding 1,000 jobs.

Additional investments include a Rs 400 crore manufacturing facility by US-based Ohmium in Chengalpattu, which will create 500 jobs. Applied Materials will launch an AI-enabled technology development center in Chennai, generating 500 jobs, while GeakMinds and Infinx will set up centers in Chennai and Madurai, respectively, contributing a total of 1,200 jobs.

Meanwhile, Telangana is also vying for investments, offering 2,000 acres for a 'Foxconn City' to diversify its industrial base. Chief Minister Stalin’s US visit will continue with further meetings aimed at attracting more investments to Tamil Nadu.