Nokia, PayPal, Microchip Ink Pacts With Tamil Nadu Government

The Tamil Nadu has government signed agreements with several potential investors, including Microchip, Nokia and PayPal, during Chief Minister MK Stalin's trip to the US to attract investments to the state.

Guidance TN signed a MoU in the presence of the chief minister and Industries Minister, TRB Rajaa, with Microchip, represented by Patrick Johnson and Bruce Weyer, for an R&D Centre in semiconductor technology to be set up at Semmancherry, Chennai, at a cost of Rs 250 crore generating 1,500 jobs, an official release here said on Friday.

Stalin, who is leading a high-level official delegation to the US, as part of an ambitious goal to transform the state into a $1 trillion economy by 2030, participated in a meeting with potential investors in San Francisco on Thursday.

MoUs with Applied Materials, represented by Prabu Raja and Satheesh Kuppurao, for an Advanced AI-Enabled Technology Development Centre for Semiconductor Manufacturing & Equipment to be set up at Taramani, Chennai, generating 500 jobs.

The government also inked pact with Yield Engineering Systems, represented by Ramakanth Alapati and Prabhat Mishra, for a product development & manufacturing facility for semiconductor equipment to be set up at Sulur, Coimbatore, at a cost of Rs 150 crore generating 300 jobs and with PayPal, represented by Srini Venkatesan and Zi-Yang David Fan, for an Advanced Development Centre focused on AI, to be set up at Chennai, generating 1,000 jobs.

The chief minister would address the Tamil community on Aug. 31, and hold discussions with representatives from the US-based companies at Chicago on Sept. 2, and urge them to invest in Tamil Nadu.

During his trip, he would meet the CEOs of Fortune 500 companies. He will return to Chennai on Sept. 14.