CHENNAI: TN government signed three MoUs with investments commitments worth Rs 850 crore in different sectors, CM MK Stalin announced on Friday. The cumulative investment commitments during his ongoing visit to the US now stands at Rs 4,350 crore with the addition of these agreements.
“We’ve secured MoUs worth Rs 850 crore with Lincoln Electric, Vishay Precision, and Visteon, bringing us one step closer to realising our vision. Through relentless effort and determination, we continue to turn our dreams into reality!,” Stalin, in his post on X, said.
Lincoln Electric has committed to invest Rs 500 crore for expanding its research and development wing, and its manufacturing unit in Chengalpattu. To set up a production facility for sensors and transducers in Kancheepuram, Vishay Precision is investing Rs 100 crore investment. Visteon signed an MoU committing a Rs 250 crore investment to establish electronics manufacturing units in Chennai and Coimbatore.
A release said the MoUs inked with Lincoln Electric, Vishay Precision and Visteon will create numerous employment opportunities for the youth of the state.
Lincoln Electric, a Fortune 1000 company, operates in more than 160 countries with 42 production facilities worldwide.
With its global headquarters located in Malvern, Pennsylvania, Vishay Precision is a manufacturer of semiconductors and electronic components. It has production facilities in Israel, Asia, the UAE, and the US, producing rectifiers, capacitors, metal-oxide-semiconductor field-effect transistors, optoelectronics, resistors, and inductors.
Visteon is an automotive electronics company, specialising in cockpit electronics, and is a Fortune 500 company. It has operations in 17 countries and supplies automotive electronics products to companies like Ford, General Motors, BMW, and Volkswagen.