CHENNAI: Texas-based Caterpillar, world leader in the production of construction and mining equipment, is planning to expand its existing construction equipment manufacturing facilities in Tiruvallur and Krishnagiri districts, with an investment of Rs 500 crore.
The company signed a memorandum of understanding in the presence of Chief Minister MK Stalin and Industries Minister TRB Rajaa in Chicago on Wednesday. Bhuvan Ananthakrishnan, director of Caterpillar, Kirk Eppler, senior vice-president of Caterpillar, and other senior officials took part in the signing event. Caterpillar operates through four business segments — construction industries, resource industries, energy and transportation and financial products.
The company manufactures machinery ranging from tractors to hydraulic excavators, backhoe loaders, motor graders, off-highway trucks, wheel loaders, agricultural tractors, and engines.
The chief minister later tweeted, “The longstanding association between Caterpillar and Tamil Nadu has been further strengthened by new investments! We have exchanged an MoU with Caterpillar to expand their construction equipment manufacturing facilities. A big thanks to Caterpillar for investing further in Tiruvallur and Krishnagiri districts, further strengthening our partnership!”
As part of efforts to attract more industrial investments to Tamil Nadu, the chief minister is on an official visit to the US. During this trip, MoUs worth Rs 7,016 crore were signed with 16 leading global companies in San Francisco and Chicago. Additionally, the chief minister met with senior executives of various leading global companies, inviting them to make new industrial investments in Tamil Nadu.