MoUs worth Rs 818 crore inked with 6 Japanese firms
CHENNAI: The Tamil Nadu government on Monday signed Memorandum of Understanding (MoU) with six Japanese firms in Tokyo, committing investments to the tune of Rs 818.90 crore.
The MoUs were signed in the presence of Chief Minister MK Stalin, who is on an official visit to Japan to woo the investors and attract investments to the State, besides inviting Japanese firms to participate in the Global Investors Meet (GIM) to be held in Chennai in January 2024, with a view to achieve the target of making Tamil Nadu a one trillion dollar economy by the year 2030.
Guidance Tamil Nadu inked a pact with Kyokuto Satrac to set up a truck spares manufacturing unit spread over 13 acres of land at Sipcot industrial park in Kancheepuram at Rs 113.90 crore. Guidance Tamil Nadu also signed an agreement with Mitsuba for the expansion of Mitsuba India Pvt Ltd’s two and four-wheeler components manufacturing unit for Rs 155 crore at Gummidipoondi in Tiruvallur.
Another agreement was signed with Kohyei for Rs 200 crore to establish a factory manufacturing polycarbonate papers and extrusion lines for electronic components for use in the construction industry in the State. Guidance Tamil Nadu also sealed pacts with Sato-Shoji Metal Works for Rs 200 crore for developing a manufacturing facility to produce space, defence and high-quality steel components used in the construction industry.
The MoUs also include an agreement with Tofle to set up a facility at Rs 150 crore to manufacture stainless steel specialized flexible hoses for use in solar, steel and space technology-related industries.
State Industries Minister TRB Rajaa, state industries secretary S Krishnan, managing director of Guidance Tamil Nadu V Vishnu and representatives of the Japanese firms were also present during the signing of MoUs.
Earlier in the day, Chief Minister Stalin took part in an investors’ conclave organised by Japan External Trade Organisation in Tokyo and invited them to the Global Investors’ Meet to be held in the city in January next year.