Tata Motors signs MoU with TN government to establish a vehicle manufacturing facility, investing Rs. 9000 crores and creating 5000 jobs. TN Industries Minister TRB Rajaa and Tamil Nadu CM MK Stalin attend the signing ceremony in Chennai. Tata Motors second plant in south India after Dharwad. VinFast plans manufacturing in Thoothukudi.
The ground breaking ceremony took place in the presence of Tamil Nadu chief minister MK Stalin along with the senior representatives of the Vin group. ET had reported on February 10 that the Vietnamese company that is looking to compete with the likes of Tesla was going to have its ground-breaking ceremony on February 25.
The company, in a statement said that it has committed $500 million for the first phase of the project and that the total outlay will span five years from the commencement date.
VinFast: The company, in a statement said that it has committed USD 500 million for the first phase of the project and that the total outlay will span five years from the commencement date.
This marks the formal entry of another Apple supplier into India, bolstering the expanding ecosystem of Apple as well as electronic component manufacturers in the country.