CHENNAI: The Tamil Nadu government delegation led by Chief Minister M K Stalin on Thursday signed a Memorandum of Understanding (MoU) with Caterpillar Inc for Rs 500 crore investment in Tamil Nadu.

An agreement to this effect was signed between the Tamil Nadu government and Caterpillar in the presence of Chief Minister Stalin and senior Caterpillar executives of the firm in Chicago Thursday.

Sharing the information on his official ‘X’ page, Chief Minister Stalin said, “The longstanding association between Caterpillar and Tamil Nadu has been further strengthened by new investments! We’ve exchanged an MoU with Caterpillar to expand their construction equipment manufacturing facilities. A big thanks to Caterpillar for investing further in Thiruvallur and Krishnagiri districts, further strengthening our partnership!”

According to an official release issued by the state government, Caterpillar would invest Rs 500 crore in expanding its construction equipment manufacturing facilities in Thiruvallur and Krishnagiri.

A Fortune 500 firm headquartered in Irwing, Texas in the US, Caterpillar Inc is a global leader in manufacturing construction and mining equipment and off-highway diesel and CNG based machinery and diesel electric engines ranging from tractors to hydraulic excavators among others.

State industries minister TRB Rajaa, Director of Caterpllar Mr Bhuvan Ananthakrishnan and senior vice president Mr Kirk Elber besides state industries secretary V Arun Roy and managing director of Guidance Tamil Nadu V Vishnu were also present during the signing of the investment pacts.

Stalin led delegation signed Rs 7,016 crore worth investments with 16 leading US firms and invited many firms to invest in Tamil Nadu during the 17-day business trip of the Chief Minister which commenced on August 27.