CHENNAI: China will be making its foray into Tamil Nadu in a big way. Shenzen-based BYD, manufacturer of automobiles, battery-powered bicycles, buses, forklifts and rechargeable batteries, will be making an investment of Rs 2,800 crore in mobile components facility, electric vehicles and electric batteries.
According to industry sources, an agreement to this effect will be signed in the presence of Chief Minister Edappadi K Palaniswami during ‘Investment and Skill Development Conclave’ in Chennai on Saturday.
It is learnt this will be one of the nine Memoranda of Understanding to be signed during the event, which will rake in an investment of Rs 5,027 crore and generate 20,351 jobs.
The other major MoU to be signed is with Ather energy for manufacturing batteries for e-vehicles, the sources said.
The government will also be signing knowledge partnerships with Defence Research and Development Organisation (DRDO) and IIT-Madras for Tamil Nadu Defence Corridor. It is learnt that DRDO chairman Sateesh Reddy will be present on the occasion.
The State government will also unveil three apex skill development centres at a cost of Rs 60 crore. This will pertain to auto and ancillaries, health and health services and logistics and transport.
The sources said during the event Biz Buddy, a grievance portal for industry will be launched. The Chief Minister will also be inaugurating three MoU projects of US companies for which agreement was signed during his recent visit to the United States.
The companies include Kapisoft, Kloud Learn and ZL Technology. The MoUs were signed at an investors’ meet at San Jose where Palaniswami showcased Tamil Nadu’s potential to investors and members of Tamil diaspora.
Memoranda of Understanding will also be signed for two new ITIs at a cost of Rs 28.43 crore.