CHENNAI: The Tamil Nadu government on Monday signed two separate Memoranda of Understanding (MoUs) with Japanese electronics major MinebeaMitsumi and Bengaluru-based Aequs Group, involving a combined investment of Rs 5,980 crore.
The agreements, signed in the presence of Chief Minister M K Stalin at the Secretariat, here, are expected to generate employment for 8,400 people across the semiconductor and aerospace sectors, an official release said.
NMB Minebea India Private Limited, a subsidiary of Japan’s MinebeaMitsumi, has committed an investment of Rs 1,980 crore to establish a manufacturing and research and development centre in Tiruvallur district. The facility, to be located at the Mahindra Origins Industrial Park, will focus on a complete manufacturing ecosystem for high-value semiconductors, including Insulated-Gate Bipolar Transistors (IGBT) and Integrated Circuits (IC), as well as motors and sensors.
This project is slated to create 1,400 jobs, with more than 40 per cent of the roles designated for high-skilled technical personnel, stated the press release.
In another significant development, the Aequs Group has pledged Rs 4,000 crore to bolster the state's aerospace manufacturing capabilities at the SIPCOT-Shoolagiri Industrial Park in Krishnagiri district. The group proposes to establish a specialised aerospace and defense manufacturing cluster for the production of aircraft engines, gearbox components, and precision engineering parts. This initiative is expected to provide employment to 7,000 individuals.
The release stated that these investments align with the Tamil Nadu government's ongoing efforts to maintain its position as a leading industrial and economic hub in the country while creating job opportunities for the youth and women.
The event was attended by Industries Minister T R B Rajaa, Chief Secretary N Muruganandam, and senior executives from both companies, including MinebeaMitsumi Director and President Katsuhiko Yoshida and Aequs Co-founder and Managing Director Rajeev Kaul.