Automobile manufacturer Tata Motors Group, on Wednesday, signed a memorandum of understanding (MOU) with the Government of Tamil Nadu, India to initiate an investment of ₹9,000 Crore ($1.09 billion) and establish vehicle manufacturing in the state.
The automotive firm said the investment will be made in five years and is aiming to create 5,000 direct and indirect jobs.
The manufacturing facility will be established in Ranipet district, reported Telegraph India.
The MoU was signed between Vishnu Venugopalan, IAS and CEO at Guidance, Tamil Nadu, and Pathamadai Balaji, Group CFO of Tata Motors.
Guidance, Tamil Nadu is the designated nodal agency for investment promotion and aids single window approvals for industries.
Earlier this year, South Korean car maker Hyundai Motor invested ₹6,180 Crore, and Vietnam’s EV maker VinFast financed $2 billion in Tamil Nadu, both with the objective to expand its footprint. Tata Motors’ decision is the third automotive investment made in Tamil Nadu in 2024 so far.
Earlier this week, car maker Tata Motors announced a split of business into two distinct listed companies and all Tata Motors shareholders will maintain the same percentage of shares in both listed companies.
Tata Motors divided the companies into commercial vehicles (CV) and related investments in one entity, while passenger vehicles (PV), electric vehicles (EV), Jaguar Land Rover (JLR), and related investments in another entity.
At the point of conversion, $1=₹ 82.86
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