Chennai: During the ongoing US visit of Chief Minister M K Stalin, the Tamil Nadu government has signed a Memorandum of Understanding (MoU) with Eaton, a technology leader in power management solutions, for a Rs 200 crore R & D and engineering centre expansion in Chennai.
The state government has also inked a pact with Assurant, a provider of comprehensive risk management solutions, to set up a Global Capability Centre, the first such facility of the insurance firm in India. Both Eaton Corporation, with headquarters in Dublin (Ireland) and Beachwood (Ohio-US) and the Atlanta (US) headquartered Assurant are Fortune 500 companies.
The agreements were signed on September 3 in Chicago and the Eaton's expansion initiative alone would provide job opportunities to 500 persons, an official release said here.
In a post on X, Stalin said: "Another fruitful day in Chicago! Exchanged MoUs with Eaton for a ₹200 crore R&D and engineering centre expansion in Chennai, creating 500 jobs. Also secured Assurant’s first Global Capability Centre in India, coming soon to Chennai." Industries Minister T R B Rajaa, top officials of the investing companies and the government participated.
The Tamil Nadu government days ago signed an MoU, in the presence of the Chief Minister, with Google for setting up an AI (Artificial Intelligence) lab in Tamil Nadu.
Also, during the ongoing US visit of Stalin, the state government has inked pacts with leading companies including Nokia, PayPal, Yield Engineering Systems, Microchip, Infinx, and Applied Materials for an investment commitment of Rs 900 crore and employment of 4,100 people in Chennai, Coimbatore and Madurai. The state has also secured a Rs 400 crore investment from US-based Ohmium International Inc.
Stalin also had visited the offices of Apple, Google and Microsoft in the US and discussed opportunities open to them for making investment and forging partnerships in Tamil Nadu.
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.
Published 04 September 2024, 09:12 IST