NEWS

Tamil Nadu Government inks $4.4 billion deals with Apple suppliers, other investors

By VARINDIA - 2024-01-08

Tamil Nadu Government has inked an investment deal of over $4.39 billion with Apple suppliers like Tata Electronics and Pegatron, and also with Hyundai Motors.

Apple is counting on India as the next big driver of its growth as the tech giant looks to diversify some production away from China, with Pegatron working towards a second factory in the country where Tata Group last year began to assemble iPhones.

Tamil Nadu Government while signing the agreements said that Tata Electronics will invest Rs 120.8 billion for mobile phone assembly operations.

"The Tamil Nadu Government will support investors in every way possible," Chief Minister M. K. Stalin said at the event, adding that it sought to play a major role in India's growth.

The government also mentioned that Pegatron will pour in Rs 10 billion to expand production.

Separately, Tata Power is exploring investments up to Rs 700 billion in Tamil Nadu over the next several years, including investments made in some existing projects, its Chief Executive Officer and Managing Director Praveer Sinha said at a press briefing at the event.

The pacts are unveiled during a meeting of global investors and it will generate thousands of jobs in the state.

The state's summit comes days before another investment summit in Prime Minister Narendra Modi's home state Gujarat where hundreds of domestic and foreign investors are expected to attend.