The Indian arm of Japan’s Mitsubishi Electric Corp plans to invest 18.91 billion rupees ($231.2 million) to set up a manufacturing facility in the southern state of Tamil Nadu, according to a report.
About 2,004 people will be employed for this project, as per Mitsubishi Electric India, Reuters reported.
The announcement comes just a few days before Tamil Nadu Chief Minister MK Stalin’s visit to Japan and Singapore.
MK Stalin will lead a delegation to Japan and Singapore on May 23 to extend the invitation to various industrialists and government officials for the Global Investors Summit (GIS) planned in the state on January 10-11 next year.
Tamil Nadu government will host the GIS with the participation of over 100 countries, with an aim to attract more investments, generate jobs and strengthen the state’s efforts to achieve the dream of $1 trillion economy by 2030.
“Tamil Nadu is the second largest economy in the country. I have set a target of making Tamil Nadu a US$1 trillion economy by 2030 to attract massive investments, provide employment to lakhs of youths in the state and strengthen its economy,” Stalin had said earlier, as per a Times of India report.
According to reports, Tamil Nadu is home to three out of the 12 Japan industrial townships as part of the ‘Japan-India Investment promotion partnership’.
The largest number of Japanese expats in India are in Tamil Nadu.
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