TN Govt Secures Rs 200 Crore Investment from Eaton as CM M.K. Stalin Strengthens State's Position with Fast-Track Clearances and Major USA FDI
BusinessWire India
New Delhi [India], September 4: Chief Minister Thiru M.K. Stalin Achieves Remarkable Success in His USA Visit, Securing Rs 900 Crores in California and Rs 200 Crores in Chicago on the First Day of His Stay. His Chicago stop holds historical importance, reflecting a connection to the late Kalaignar's visit to the same city during his time as Chief Minister. The agreements cover a wide range of industries, with a special focus on Artificial Intelligence and other multi-disciplinary areas, aiming to drive substantial growth for Tamil Nadu and shape its economic future on a global scale.
On September 3, 2024, in Chicago, USA, agreements were signed with Eaton Corporation for an investment of Rs 200 crores to expand their manufacturing facility in Chennai, including setting up research and development, a global utility engineering centre, and with Assurant to establish India's first global capability centre (GCC) in Chennai.
Under the leadership of Chief Minister Thiru M.K. Stalin, during the past three years of the current administration, Tamil Nadu has attracted high-tech industries and created numerous job opportunities, aiming to transform Tamil Nadu into a $1 trillion economy by 2030 through various proactive measures.
Due to the friendly environment in Tamil Nadu, many industries have been established over the past three years. As industries grow, the state develops, and the social and economic conditions of the state improve through the job opportunities created.
In this context, to attract investments for starting more businesses in Tamil Nadu and to generate job opportunities for the youth, Chief Minister Thiru M.K. Stalin is making an official visit to the USA.
During this visit, on August 29, 2024, at an investors' conference held in San Francisco, MoUs were signed with six leading global companies--Nokia, PayPal, Yield Engineering Services, Microchip, Infinx Healthcare, and Applied Materials--for an investment of Rs 900 crores to create 4,100 job opportunities. On August 30, 2024, meetings were held with senior officials from Apple, Google, and Microsoft to invite them to invest in Tamil Nadu, and an MoU was signed with Google to set up artificial intelligence (AI) labs in Tamil Nadu. On August 31, 2024, an agreement was signed with Ohmium for the establishment of a new factory in Chengalpattu district for producing electrolysers and green hydrogen, with an investment of Rs 400 crores and creating 500 job opportunities.
Following this, on September 3, 2024, in Chicago, USA, agreements were signed in the presence of the Chief Minister with Eaton and Assurant companies. Here are the details:
Eaton Corporation: Eaton Corporation is a management company involved in the production and distribution for data centres, applications, industrial, commercial, machinery, residential, aerospace, and power markets. Their products are used for energy production, transmission, distribution, and consumption for residential, commercial, electric vehicles, data centres, and eVTOL vehicles. The company's headquarters are located in Dublin, Ireland, and Beachwood, Ohio, USA. It operates production facilities in approximately 208 locations across 35 countries and is one of the Fortune 500 companies.
Agreement with Eaton Corporation: An agreement was signed in the presence of the Chief Minister for an investment of Rs 200 crores to expand Eaton's existing manufacturing facility in Chennai, and to set up research and development and a Global Utility Engineering Center. The agreement was attended by Eaton Corporation's Global Energy President, Matthew Hockman, and senior officials.
Assurant, Inc.: Assurant, Inc., a Fortune 500 insurance company headquartered in Atlanta, provides disaster management products and services. It offers a range of specialty and key market insurance programs, including property, casualty, and extended warranty protection. The company's global headquarters is in Atlanta, USA.
Agreement with Assurant: An agreement was signed in the presence of the Chief Minister to establish Assurant's first global capability centre (GCC) in India in Chennai. The agreement was attended by Assurant's Vice President, Biju Nair, and senior officials.
During this event, the following dignitaries were present: Minister for Industry, Investment Promotion, and Commerce, T.R.B. Raja, Secretary for Industry, Investment Promotion, and Commerce, V. Arun Roy, I.A.S., Managing Director and CEO of Guidance Tamil Nadu, V. Vishnu, I.A.S., and other senior government officials.
It is to be noted the companies that have attended Global Investors Meet or signed an MoU with the Tamil Nadu Government is fully functional and have been operational at a higher efficacy.
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