Chennai, May 9 : Tamil Nadu Chief Minister M.K. Stalin today
laid the foundation stone for Mitsubishi Electric India’s (MEI) new
facility to manufacture Room air-conditioners and compressors,
and said he would be visiting Japan and singapore laer this month
to woo investors and invite them to attend the Global Investors
Meet (GIM) to be held in Chennai in January 2024 .
The Japan-headquartered Mitsubishi’s manufacturing facility will
come up in a 52 acre land at Peruvoyal in Gummidipoondi Taluk
in Tiruvallur district of the State, in which the company would
invest Rs 1,891 crore.
The project will generate employment for over 2,000 people.
Speaking after laying the foundation stone after an MoU for the
project was signed between the Tamil Nadu government and MEI
in his presence, Mr Stalin said he will visit Japan and Singapore
later this month to invite industries to invest in Tamil Nadu.
He said his upcoming visit to Japan will further strengthen the
Indo-Japan relationship.
He said he would woo top industrialists in Japan to invest in
the State and invite them to take part in the GIM to be held
in January next year.
Observing that Tamil Nadu was in the forefront to welcome
fresh industrial investments into the State, the Chief Minister
said TN was moving ahead to realise its target of becoming
a one trillion USD economy by 2030.
He said ever since his government assumed office in May 2021,
the State has attracted 224 investors and investments to the tune
of Rs 2,73,448 crore that would offer jobs toi 4,10,561 people, till
date.
“With this facility by MEI, India would become the seventh country
in the world in the manufacturing of AC and compressor after Japan,
Thailand, China, England, Turkey and Mexico”, the Chief Minister
added.
He said this would be Mitsubishi’s first facility outside Japan
to manufacture both ACS and Compressors in a single location.
Meanwhile, company officials said the new facility is expected
to commence production in October 2025 and will manufacture
3 lakh ACs and 6.5 lakh compressors.
Mitsubishi Electric will invest Rs 1,891 crore or 26.7 billion yen
(about USD 222.5 million) by way of 100 per cent foreign direct
investment which would generate jobs to over 2,000 people.
(ED : PICK UP SUITABLY FROM EARLIER SERIES).(UNI)