Chennai: Continuing his Memoranda of Understanding (MoU) signing spree with US-based multinationals, Chief Minister M K Stalin oversaw, on Thursday, the inking of three deals totally worth Rs 850 crore with Lincoln Electric agreeing to invest Rs 500 crore in Chengalpattu, Vishay Precision committing to set up a production facility for sensors and transducers in Kanchipuram at a cost of Rs 100 crore and Visteon promising Rs 250 crore investments in Chennai and Coimbatore.
‘In the land of opportunities, every new dawn ignites fresh hopes,’ Stalin, who is on an official tour of the US, said in his message on X from Chicago, adding: Through relentless effort and determination, we continue to turn our dreams into reality!
The three agreements for Lincoln Electric to expand its research and development facility and manufacturing unit in Chengalpattu, Vishay Precision to also increase production in its Hosur unit to create more jobs and Visteon to establish electronic manufacturing unit had brought the State ‘one step closer to realizing our vision,’ he said.
Besides, the new projects would enhance the employment opportunities for the youth of Tamil Nadu. Lincoln Electric, a global leader in welding products, arc welding equipment, welding consumables, plasma and oxy-fuel cutting equipment, and automated welding solutions is a Fortune 1000 company, operating in more than 160 countries with 42 production facilities.
Vishay Precision, having its global headquarters in Malvern, Pennsylvania, is a manufacturer of semiconductors and electronic components having production facilities in Israel, Asia, the UAE, and the USA, producing rectifiers, capacitors, MOSFETs, optoelectronics, resistors, and inductors.
At the MoU signing event, Vishay Precision's Senior Vice President of Sales, Stephen Shriver, announced that their company would expand their production unit in Hosur, generating numerous job opportunities and increasing sales and thanked the Chief Minister and Tamil Nadu government for their continuous support.
Visteon, a Fortune 500 automotive electronics company, specializes in cockpit electronics having operations in 17 countries, including the USA, UK, Germany, France, China, Japan, and India. Visteon supplies its automotive electronics products to companies like Ford, General Motors, BMW, and Volkswagen.
The State was able to continuously attract investments in industries because it had developed world-class infrastructure facilities like industrial parks, research, and development projects and ‘these initiatives are helping Tamil Nadu progress rapidly in industrial production while keeping pace with the fast-growing global technology advancements,’ an official press release said.
As the second-largest economy in India now, Tamil Nadu aims to become a US $ 1 trillion economy by 2030, as envisioned by the Chief Minister, who has undertaken the official tour to attract industrial investments that would generate more jobs. In his ongoing tour of the US, MoUs have already been signed with 10 leading global companies.
