Tamil Nadu, India, inks a $4.4 billion agreement with Pegatron and Tata Capital

Tamil Nadu, India, inks a $4.4 billion agreement with Pegatron and Tata Capital

Tamil Nadu, India, inks a $4.4 billion agreement with Pegatron and Tata Capital

The government claimed that automaker Hyundai Motors has also contributed Rs 61.80 billion, some of which is designated for the production of cars and batteries for electric vehicles (EVs).

The deal, which was announced at an international investment conference, is anticipated to generate thousands of new employment for the state.

Tamil Nadu, a state in southern India, said on Sunday that it had inked investment agreements totaling more than $4.39 billion with businesses including Hyundai Motors, a major automaker, and Tata Electronics and Pegatron, suppliers to Apple.

As the tech giant prepares to shift some manufacturing away from China, Apple is looking to India as the next major growth engine. Pegatron is working toward a second facility in the nation, where the Tata group produced iPhones last year. had begun to act.

During the agreements' signing, the state government announced that Tata Electronics, a division of the Indian conglomerate, had committed to investing Rs 120.8 billion for mobile phone assembly activities.

Minister in Chief M.K. Stalin said, "The Tamil Nadu government will support investors in every possible way." She declared her desire to have a significant impact on India's growth.

According to the government, Pegatron, an Apple supplier based in Taiwan, would also spend Rs 10 billion to increase manufacturing.

The deal, which was announced at an international investment conference, is anticipated to generate thousands of new employment for the state.

Among the agreements made on Sunday is one for JSW Energy to spend Rs 120 billion in the development of renewable energy projects.

The government claimed that automaker Hyundai Motors has also contributed Rs 61.80 billion, some of which is designated for the production of cars and batteries for electric vehicles (EVs).

As more businesses attempt to get into the third-largest auto market in the world, Vinfast, a Vietnamese electric car manufacturer, said on Saturday that it will establish its first production facility in India and explore spending as much as $2 billion in Tamil Nadu.

($1.30 = 83.1030 Indian Rupees)