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TN secures $4.39 bn investments from Apple, Hyundai, and more
Industry News- Jan 09,24
Key deals signed include a $1.4 billion investment by JSW Energy in renewable energy projects, a $1.5 billion investment by Tata Electronics in mobile phone assembly operations, and a nearly $125 million investment by Nike shoemaker Hong Fu.
The Tamil Nadu state government in India has entered into investment agreements totaling more than $4.39 billion with major companies like Apple and Hyundai. This reflects a broader trend among multinational corporations to diversify their global supply chains. Tamil Nadu, currently the third-largest contributor to India's GDP, is poised to move up to the second position next year due to recent developments. The state is also the third-largest exporter in the country and hosts Chennai Port, the second-largest container port.
Key deals signed include a $1.4 billion investment by JSW Energy in renewable energy projects, a $1.5 billion investment by Tata Electronics in mobile phone assembly operations, and a nearly $125 million investment by Nike shoemaker Hong Fu. Hyundai Motors, with a longstanding presence in the Chennai region, will invest $743 million, partly for electric vehicle battery and car manufacturing. Additionally, Pegatron, a supplier for Apple from Taiwan, will invest $120 million to expand production.
Apple sees India as a significant driver of its growth and aims to diversify some of its production away from China. The investment agreements were followed by the signing of a memorandum of understanding (MoU) between the Tamil Nadu government and Maersk Line. This MoU focuses on exploring opportunities for investment in land development to create logistics hubs. Maersk plans to study customer needs for storage facilities, build modern warehousing facilities with the latest management systems, and invest in a fleet of electric trucks for sustainable and environmentally friendly distribution.
V Vishnu, MD and CEO of Guidance Tamil Nadu, expressed satisfaction with the collaboration with Maersk as a strategic logistics partner. He emphasised the importance of effective logistics and supply chain solutions to attract global investments into the state. Maersk believes that many global manufacturers are looking to diversify their sourcing locations, providing an opportunity for countries like India to play a significant role in their strategies.
Maersk's main focus in Tamil Nadu includes automotive, electronics, textiles, chemicals, footwear, pharma, and renewables. The company already offers ocean and air transport services, and it envisions involving Maersk Air Cargo as Tamil Nadu's export needs continue to grow. Other carriers are also investing in the region, and Tamil Nadu's port capacity is experiencing substantial increases, with Chennai as the primary hub and other nearby ports seeing developments by operators like Adani and MSC terminal subsidiary TIL.
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