Tamil Nadu inks MoU with six companies for investment proposals

The Tamil Nadu government inked pacts with leading industrial companies including Nokia, PayPal, Yield Engineering Systems, Microchip, Infinx, and Applied Materials for a commitment of Rs 900 crore to provide employment to 4,100 people in Chennai, Coimbatore and Madurai, the government said on Friday.

Six companies signed the Memorandum of Understanding (MoUs) in the presence of Tamil Nadu Chief Minister M K Stalin and officials during the investors meeting in San Francisco, an official release said.

The chief minister, who is leading a high-level official delegation, is currently on a tour to the US till September 14 to attract investments into Tamil Nadu, as part of an ambitious goal to transform the state into a USD one trillion economy by 2030. He left for the US on August 27. He participated in a meeting with potential investors in San Francisco on Thursday.

An MoU was signed with Nokia, represented by Chief Strategy and Technology Officer Nishant Batra and President – Fixed Network Business Group Sandy Motley, for a new Nokia R&D Center, their Largest Fixed Network test bed in the world, for innovations in 10G, 25G, 50G, and 100G PON, Fixed Wireless Access, MDU solutions, to be set up at SIPCOT, Siruseri, Chengalpattu at a cost of Rs 450 crore generating 100 jobs.

The Finnish multinational telecommunications, information technology and consumer electronics company is one of the Fortune 500 companies.

An agreement with the American multinational financial technology company supporting online money transfers PayPal, represented by Srini Venkatesan and Zi-Yang David Fan, for an Advanced Development Centre focused on AI, to be set up at Chennai, generating 1,000 jobs, was signed on the occasion.