India: the state of Tamil Nadu signs billion-dollar investment deals with Apple, Tata and Hyndai
The southern Indian state of Tamil Nadu has signed investment pacts worth more than $4.39 billion with companies such as Apple suppliers Tata Electronics and Pegatron, as well as automaker Hyundai Motors, according to a statement on Sunday reported by Reuters .
Apple is eyeing India as the next big driver of its growth, as the tech giant looks to diversify manufacturing from China, with Pegatron working to set up a second factory in the country where Tata Group began manufacturing last year. assemble iPhones.
Tata Electronics, a part of the Indian conglomerate, has committed to investing 120.8 billion rupees for mobile phone assembly operations, the state government said while signing the agreements.
“The Tamil Nadu government will support investors in every possible way,” Chief Minister MK Stalin said at the event, adding that he wants to play an important role in India's growth.
Pegatron, Apple's supplier in Taiwan, will also invest 10 billion rupees to expand production, the government added.
Separately, Tata Power is looking at investments of up to Rs 700 billion in Tamil Nadu over the next few years, including investments in some existing projects, its CEO and MD Praveer Sinha said at a press briefing at the event.
The pacts, unveiled at a meeting of global investors, are expected to generate thousands of jobs in the state.
The state summit comes a few days ahead of another investment summit in Prime Minister Narendra Modi's home state of Gujarat, where hundreds of domestic and foreign investors are expected to participate.
Sunday's deals in Tamil Nadu include a deal with JSW Energy (JSWE.NS) to invest 120 billion rupees in the development of renewable energy projects.
Automaker Hyundai Motors has also committed to investing 61.80 billion rupees, partly earmarked for the production of electric vehicle (EV) batteries and cars, the government added.
Vietnamese electric vehicle maker VinFast on Saturday decided to open its first manufacturing plants in India and invest up to $2 billion in Tamil Nadu, as other companies look to penetrate the world's third-largest vehicle market.
Shoe maker Nike Hong Fu is about to sign an agreement with the state to invest around 10.4 billion rupees in India, while another 16.6 billion rupees is expected soon, said Aqeel Panaruna, president of Florenece Shoe – company's partner in India – during the event.
India is investing in view of the next elections in 2024, but also for the economic development of the country, especially in its southern areas. It is now clear that the industrial clash of the 21st century will be between the Asian giants India and China, with the The West, especially Europe, reduced to the role of mere spectator.
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The article India: the state of Tamil Nadu signs billion-dollar investment deals with Apple, Tata and Hyndai comes from Economic Scenarios .
This is a machine translation of a post published on Scenari Economici at the URL https://scenarieconomici.it/india-lo-stato-del-tamil-nadu-firma-accordi-di-investimento-miliardari-con-apple-tata-e-hyndai/ on Mon, 08 Jan 2024 06:20:54 +0000.