CHENNAI: The Tamil Nadu government on Thursday announced an investment of Rs 700 crore by Hikoki Power Tools India, a wholly-owned subsidiary of Japan’s Koki Holdings.

The MoU was signed in the presence of chief minister MK Stalin avargal with Hikoki for a proposed investment of Rs 700 crore enabling 1,302 jobs in the state, TN industries minister TRB Rajaa said in a LinkedIn post.

"Hikoki has been a trusted leader in India’s power tools industry since 1996, with an impressive sales footprint. Now, they’ve chosen Mahindra World City, Chengalpattu, to establish a state-of-the-art manufacturing facility," he said.

"This is yet another investment which reflects TN's rapid rise in the high-value manufacturing sector as we move decisively from assembly into advanced manufacturing," Rajaa added.