Tamil Nadu signs MoUs worth Rs 24,000 crores at Hosur Investors’ Conclave

Hosur: At the first Investors’ Conclave in this industrial city, the Tamil Nadu government on Thursday signed Memorandums of Understanding (MoUs) with over 90 companies for investment pledges worth Rs 24,307 crore, expected to generate 49,353 jobs. Some of the major investments in Hosur are in the electric vehicle component sector, industrial parks, and electronics.

Chief Minister M K Stalin, who oversaw the signing of the MoUs, also inaugurated a new state-of-the-art smart manufacturing line and laid the foundation stone for the expansion of Taiwan’s Delta Electronics facility in Kurubarapalli near Hosur. 

Spread across 95 acres with over 3,800 employees, the Kurubarapalli site is a major manufacturing hub for Delta, mainly focused on the production of high-efficiency power supplies and DC brushless fans for a broad range of industrial and commercial applications.

Uno Minda Group signed a MoU with the Tamil Nadu government to invest Rs 1,500 crore in Krishnagiri to manufacture auto and EV components, creating jobs for 4,000 people. Toyota Boshoku Automotive India will invest around Rs 450 crore, while EV component maker Genau Extrusions will invest Rs 441 crore to set up a greenfield manufacturing facility in Krishnagiri district, creating 1,500 jobs.

Avigna Parks will invest Rs 1,500 crore to establish another industrial park in Krishnagiri district, generating 500 jobs, while Fateh Logistics and Himagiri Logistics have pledged Rs 550 crore and Rs 300 crore, respectively, for launching parks. Of the 90 MoUs signed, about 40 are in the MSME sector, with Hosur being a major hub for small businesses.

As reported by DH on September 11, Bengaluru-headquartered Zetwerk Manufacturing Businesses Private Limited pledged to invest Rs 5,000 crore to set up a solar cell manufacturing facility in Tamil Nadu.

This is the second edition of the TN Rising summit – the first was held in Thoothukudi in August as the state government plans to diversify away from Chennai.

In his speech, Stalin claimed the conversion rate of MoUs into projects after his government came to power in May 2021 is 77 percent. 

“Our goal is to create jobs and improve the economic status of the youth and women of Tamil Nadu,” Stalin said, adding that his government’s focus is not just to sign MoUs but to ensure the grounding of projects as early as possible.

The Tamil Nadu government has been positioning Hosur as a key investment destination in the state after Chennai, by bringing in key players like Tata Electronics Private Limited, which assembles high-end iPhones at its Krishnagiri facility, Taiwan’s Delta Electronics, and home-grown EV majors such as Ather and Ola.

The government has also finalised the location for an exclusive airport for Hosur, in addition to considering a metro network to Bengaluru.