Investment MoUs worth $1.76bn inked during Europe visit: Tamil Nadu Chief Minister MK Stalin

A host of European firms from across sectors inked 33 MoUs expressing their interest to invest in the Southern Indian state of Tamil Nadu, said chief minister MK Stalin. The total value of these MoUs is Rs.15,516 crore ($1.75bn) and they have the potential to generate over 17,600 jobs, chief minister Stalin said in Chennai immediately after returning from his week-long Europe visit that covered Germany and UK.

Expressing faith in Tamil Nadu, 10 new firms have come forward to establish in the state, six firms have agreed to collaborate with us in the field of higher education and small industries. Seventeen firms have chosen to expand their operations in Tamil Nadu, Stalin added. The Chief Minister's foreign tour has also come under fire from the opposition, which said that the same MoUs could have been inked with the India-based entities of the respective foreign firms without having to undertake overseas travel. The opposition AIADMK also made attacks that these visits of the Chief Minister were personal in nature.

Responding to this criticism, Stalin said that the Investors meet in Germany had seen the participation of several German firms, many of whom were made aware about the Southern Indian state's potential. Referring to his meetings with foreign government officials, Stalin said that the visit was also meant to establish a direct contact and rapport with counterparts in Germany and UK.

Further, he said that several firms that are already established in Tamil Nadu could potentially choose to invest and expand presence in other states, but such visits and meetings with businesses help get assurances that they would continue to expand their operations in Tamil Nadu. The single largest investment MoU inked during this visit is with the UK-based Hinduja group for a potential investment of Rs.7500 crore ($850mn) in businesses related to cell and battery manufacturing for EVs, Battery Energy Storage System(BESS) and EV charging stations, that would support India's growing EV ecosystem.