CHENNAI: The Tamil Nadu government has inked pacts with companies such as Nokia, PayPal, Yield Engineering Systems, Microchip, Infinx, and Applied Materials for an investment commitment of Rs 900 crore and employment target of 4,100 jobs in Chennai, Coimbatore and Madurai, the state government said on Friday.
The six companies signed the Memoranda of Understanding (MoU) during the investment conclave held in San Francisco on Thursday in the presence of Chief Minister M K Stalin. The CM is on a two-week visit to the US to attract investments with a focus on high-end jobs.
Nokia, the Finnish multinational telecommunications behemoth, will be setting up the “world’s largest” fixed network testing facility at an investment of Rs 450 crore at the SIPCOT industrial park at Siruseri near Chennai to generate 100 jobs.
The MoU was signed on behalf of Nokia by Nishant Batra, Chief Strategy and Technology Officer, and Chandy Modley, President of Fixed Network Business Group. Yield Engineering Systems Limited, a US-headquartered technology solutions provider for semiconductor systems, signed an MoU for Rs 150 crore investment.
Pact inked for Rs 250-cr research centre in TN with potential to generate 1,500 jobs
The product development and manufacturing facility for semiconductor equipment to come up at Sulur in Coimbatore will generate 300 jobs. Ramakant Alapathy, Chairman and CEO, and Prabhat Mishra, CFO, Yield Engineering Systems, signed the agreement.
The state also inked a pact with Microchip Technology, a semiconductor supplier of smart, connected, and secure embedded control solutions for a variety of applications (5G, EVs, IOT, data centers, etc), for setting up a research and development centre in semiconductor technology in Chennai at an investment of Rs 250 crore generating 1,500 jobs.
Microchip Technology, which is a Fortune 500 company with facilities in US, China, Thailand and South Korea, has been operating in Chennai since 2012 with around 550 employees. Patrick Johnson, Senior Corporate Vice President and Bruce Weyer, Corporate Vice President, Microchip Technology, took part in the event.
Infinx Healthcare, a healthcare technology company headquartered in San Jose, California, signed a deal to set up a technology and global delivery centre at ELCOT, Madurai, with an investment of Rs 50 crore generating employment to 700 people. Radhika Tandon, Chief Marketing Officer, Infinx Healthcare, signed the MoU.
An agreement was also signed with Applied Materials, one of the world’s largest semiconductor and display equipment companies headquartered in Santa Clara, California, for setting up an advanced artificial intelligence-enabled technology development centre for semiconductor manufacturing and equipment at Taramani in Chennai with a potential to generate 500 jobs. The company had established sales, service and field support facilities in Chennai and service and field support facilities in Coimbatore.
PayPal, the US-based financial technology company, which already employs more than 2,500 people in Chennai, signed an agreement to set up an advanced development centre focused on AI with a target to generate 1,000 jobs.
Speaking at the conclave, Stalin said Tamil Nadu has one of the fastest growing economies in the world. With more than 39,000 factories and 2.6 million industrial workers, Tamil Nadu is one of the leading industrial states in India, he said.
Highlighting that over 300 American companies, including many prominent ones, have established their units in Tamil Nadu, Chief Minister Stalin said, “More companies should join this list. We also request the companies that already have a presence to further expand their businesses.”
300 US firms in TN
Highlighting that over 300 American companies, including many prominent ones, have already established their units in Tamil Nadu, Stalin said, “More companies should join this list.”