• Saturday, February 24, 2024

Business

Hinduja Group to invest over £100m in Tamil Nadu

By: Pramod Thomas

THE Hinduja Group has signed a Memorandum of Understanding (MoU) with the the Tamil Nadu government during the Tamil Nadu Global Investors Meet in Chennai.

The conglomerate pledges to invest Rs 12 billion (over £100 million) over the next 3-5 years, demonstrating its dedication to fostering economic prosperity in the region.

As part of the initiative, the Hinduja Group aims to generate employment opportunities for 500 to 1000 people. This commitment spans both direct and indirect employment, aligned with the demand generated by the group’s diverse range of activities, according to reports.

The investment will be strategically distributed across manufacturing, research and development, and critical business functions, contributing to the overall economic vibrancy of Tamil Nadu, reports said.

The Tamil Nadu Global Investors Meet has witnessed substantial investments from the automotive sector.

In addition to the Hinduja Group, Royal Enfield has also inked an MoU, announcing a proposed investment of Rs 30bn (£284m) over eight years. This investment is earmarked for both brownfield and greenfield projects, solidifying the company’s long-term commitment to the state.

Royal Enfield’s MoU marks the fourth major signing from the automotive sector during the event.

Major firms such as TVS Motor Co, Hyundai Motor, and Vietnamese EV manufacturer Vinfast have also announced investments in Tamil Nadu.

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