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China-based automobile and electronics company BYD is planning to invest around Rs 2,800 crore in Tamil Nadu. The deal is one of the nine MoUs worth Rs 5,027 crore that companies have signed with the state government.
The project will create employment for 20,351 people. BYD India, the domestic arm of the Chinese company, plans to set up a unit for manufacturing phone components.
The proposed facility is likely to provide employment to 11,500 persons. The Indian subsidiary has two factories covering more than 1,40,000 sq mtr, with a cumulative investment of over USD 150 million.
BYD India’s business covers mobile components, solar panels, battery energy storage, electric buses and trucks, electric forklifts, chargers, and rail transit. Mitsuba Sical India will infuse around Rs 503.6 crore to expand its range of four-wheeler and two-wheeler components. The investment is likely to create 330 jobs.
Other MoUs include ITC Paper Board and Speciality Papers plan to set up a paper board manufacturing unit at an investment of Rs 515 crore, Data Patterns Rs 50 crore plan to manufacture radar and communication systems for defence applications and Growth Link Overseas Companys Rs 175 crore project to expand its footwear manufacturing capacity.
Shreevari Energy Systems will pump Rs 250 crore to manufacture structural components for thermal and wind energy production and SNF Components and Bull Machines will invest Rs 98 crore in a construction equipment plant. The state government also signed MoUs for setting up three skills development centres at a cost of Rs 60 crore.
One of the partners in this initiative is TVS Training and Services, which is establishing Apex Skill Development Centre for auto, auto components and machine tools. The state also signed a knowledge partnership deal with IIT Madras for the Defence Industrial Corridor and an MoU with Defence Research and Development Organisation (DRDO) for development of cutting-edge technologies and systems for the Defence Industrial Corridor. |
