The Venu Srinivasan-headed TVS Motor Co., one of the world’s largest makers of two- and three-wheeler makers, has inked a memorandum of understanding (MoU) with the government of Tamil Nadu for an expenditure of Rs 1,200 crore incoming technologies and electric vehicles. On Tuesday, the MOU was signed in the proximity of chief minister M.K. Stalin at the Tamil Nadu Investment Conclave 2021 in Coimbatore.
All in all, 59 MoUs were signed at the conference. They included a calculated expenditure of above Rs 35,000 crore and are required to produce nearly 75,000 jobs in the state. Besides TVS Motor, Coimbatore-based electric vehicle (EV) manufacturer Boom Motors, too, has signed an MoU to grow its production base with an expected investment of Rs1,000 crore.
Also signing MoUs were a couple of cement majors, Dalmia Bharat Green Vision and UltraTech Cement, which plans to establish grinding/manufacturing units. An Aditya Birla Group company, UltraTech, has an existing presence in Tamil Nadu, having expanded in the state through purchasing Dharani Cements in 2013.
Big titles such as Adani, Welspun, Larsen & Toubro have indicated their intention to establish IT centres. While energy company Shell declared its intention to double the number of its retail centres in the state, Hindustan Unilever inked an MoU for investment in the food space. A few component producers were also part of the MoU signing ceremony.
Of the 59 MoUs, two are under the SPA or structured package of assistance model, where the state government offers some incentives. One is with Japanese firm Daicel Corporation, which will fund ₹230 crores to make auto components at Chengalpattu. The other is with PCBL (TN) Ltd, an arm of Philips Carbon Black Ltd, which will invest ₹600 crores in Tiruvallur.