China-based automobile and electronics major 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. Hero Group-backed Ather Energy's Rs 600 crore-plus plan to establish a manufacturing facility for e-Vehicles is among the other large investment commitments.
The nine MoUs exchanged between the State and various firms have combined investment commitments worth Rs 5,027 crore and the potential to create 20,351 jobs.
BYD India Pvt Ltd, the domestic arm of the Chinese parent, plans to set up a unit for manufacturing phone components. The proposed facility is likely to provide employment to 11,500 persons.
Shenzen-based BYD is also a leading manufacturer of electric buses, trucks and other vehicles. Its domestic arm was established in March 2007 in Chennai and has an office in New Delhi. The Indian subsidiary has two factories covering more than 140,000 square meters, with a cumulative investment of over $150 million.
BYD India’s business covers mobile components, solar panels, battery energy storage, electric buses and trucks, electric forklifts, chargers, and rail transit.
Hero MotoCorp-backed Ather Energy, a Bengaluru-based maker of electric scooters, is planning a manufacturing facility for e-vehicles and lithium-ion batteries in Hosur at an investment of Rs 635.4 crore and employment potential of 4,321 jobs.
Mitsuba Sical India Pvt Ltd will invest around Rs 503.6 crore to expand its range of four-wheeler and two-wheeler components. The CAPEX is likely to generate 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 Pattern's Rs 50 crore plan to manufacture radar and communication systems for defense applications and Growth Link Overseas Company's Rs 175 crore project to expand its footwear manufacturing capacity.
Shreevari Energy Systems Pvt Ltd will invest Rs 250 crore to manufacture structural components for thermal and wind energy production and SNF Components Pvt Ltd and Bull Machines Pvt Ltd will invest Rs 98 crore in a construction equipment plant.
The state government also signed MOUs for setting up three skills development centers at a cost of Rs 60 crore. One of the partners in this initiative is TVS Training and Services Ltd, which is establishing the 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 & Development Organisation (DRDO) for the development of cutting-edge technologies and systems for the Defence Industrial Corridor.