According to recent reports, Tamil Nadu, a state in India, has successfully drawn significant investments in the electronics manufacturing sector. The two-day Global Investors Meet event held by the government of Tamil Nadu saw several major companies announcing their plans to invest in the state.
Pegatron, a multinational electronics manufacturing company, revealed its intention to invest INR10 billion in building a second factory in Tamil Nadu. This move signifies the company’s confidence in the state as a favorable destination for their operations. Similarly, Tata Electronics has committed to investing INR120.8 billion to assemble handsets, demonstrating their long-term commitment to the region.
Qualcomm India, a leading semiconductor and telecommunications equipment company, proposed an investment of INR1.77 billion to establish a new design center in Tamil Nadu. This move aligns with the state’s efforts to bolster its semiconductor industry and attract global players.
VinFast, a Vietnamese automotive manufacturer, also expressed its interest in Tamil Nadu. They announced plans to invest US$500 million in setting up an integrated facility in the state, indicating Tamil Nadu’s emerging stature in the automotive sector as well.
Furthermore, Hyundai, a renowned automobile manufacturer, announced an investment of INR61.8 billion in Tamil Nadu. This investment will be directed towards electric vehicle (EV) battery and car manufacturing, showcasing the state’s commitment to sustainable and eco-friendly transport solutions.
In addition to these investments, Tamil Nadu has recently introduced the Tamil Nadu Semiconductor and Advanced Electronics Policy 2024. Under this policy, approved semiconductor projects will receive a 50% subsidy from the Indian central government, along with an additional 50% subsidy from the state government. This initiative aims to support and encourage more semiconductor investments in Tamil Nadu.
These developments in Tamil Nadu’s electronics manufacturing sector are expected to create numerous job opportunities, boost economic growth, and position the state as a key player in the global electronics market. With the state government’s policies and initiatives, Tamil Nadu is steadily becoming a preferred investment destination for electronics companies worldwide.
The source of the article is from the blog papodemusica.com