TN inks MoUs with Lincoln Electric, Visteon for investment worth Rs 850 cr

Tamil Nadu government has signed MoUs worth Rs 850 crore with companies including Lincoln Electric during the ongoing US visit of Chief Minister M K Stalin to attract investments, the state government said on Friday.

The MoUs were exchanged in the presence of the chief minister on September 5 in Chicago between officials of the government and firms that have committed investments.

Lincoln Electric, a leader in arc welding, robotic welding systems and plasma and oxyfuel cutting equipment inked a pact to invest Rs 500 crore for expansion of its R&D and manufacturing facility in suburban Chennai.

Vishay Precision, manufacturers of semiconductor and electronic parts and with operations in several countries signed an MoU to invest Rs 100 crore to set up a sensors and transducers facility in Kancheepuram district, an expansion of its manufacturing unit.

 

Visteon Corporation, an automotive electronics maker has committed Rs 250 crore for establishing manufacturing units in Chennai and Coimbatore. Lincoln, Vishay and Visteon are US headquartered firms and the MoUs will facilitate good employment opportunities, the government said.

CM Stalin, in a post on 'X' said: "In the land of opportunities, every new dawn ignites fresh hopes. We've secured MoUs worth ?850 crores with Lincoln Electric, Vishay Precision, and Visteon, bringing us one step closer to realising our vision. Through relentless effort and determination, we continue to turn our dreams into reality!

On August 27, the CM embarked on the US tour and he is scheduled to be in America till September 14 to attract investments to the state. The visit is a part of overall initiatives to achieve the goal of transforming the state into a USD one trillion economy by 2030, the government said.

During the CM's current US visit, the state government has already inked pacts with several leading companies and all such investment proposals together have a potential to offer employment to over 5,000 people in Tamil Nadu.