Auto, EV component makers to invest Rs4,000cr more in TN

CHENNAI: The TN Rising Hosur investor summit on Thursday will be a platform for the state govt to sign Rs4,000 crore investments by automotive and EV component companies. Sources said 14 MoUs have been lined up for investments that will generate 7,500 jobs in the state.

Among the big investments will be a greenfield facility by auto and EV component major Uno Minda Group. This will entail an investment of Rs1,500 crore. The plant in Krishnagiri district will manufacture auto and EV components. The project is likely to generate around 4,000 jobs.

The other greenfield factory announcement will be by Toyota Boshoku Automotive India. Headquartered in Ramanagara (Karnataka), Toyota Boshoku Automotive India will invest around Rs450 crore in a new plant to make car interiors and exterior components. The project will generate 50 jobs.

Similarly, EV component maker Genau Extrusions will invest Rs441.5 crore to set up a greenfield manufacturing facility in Krishnagiri district. The plant will focus on manufacturing EV components and create 1,500 jobs. Endurance Technologies will invest Rs350 crore in Kancheepuram to set up an aluminium die-casting manufacturing facility. This will create 500 jobs.

This adds to the investment pull of Krishnagiri district as TN’s foremost EV manufacturing hub. The region boasts top EV manufacturing facilities by TVS Motor and Ather. It also hosts Ola’s giga factory. The region also has strong electronics manufacturing capability which ties in with its EV hub status.

The state govt has been working towards enhancing Krishnagiri’s attractiveness as an EV hub because of its connectivity with the Chennai-Bengaluru industrial corridor and the proposed international airport. The knowledge corridor at Hosur is part of creating a larger eco-system for sectors such as EV, electronics, aerospace and defence.

The Rising Hosur investor meet is part of a series of regional investor meets that the TN govt has been organising in an effort to decentralise private investment across the state and decongest the Oragadam-Kancheepuram auto manufacturing belt. Last month, the state govt organised a similar investor meet in Tuticorin where it announced investments worth Rs5,600 crore with the potential to create 3,000 jobs.

The state govt has been ramping up its investment outreach — chief minister M K Stalin has just returned from the UK and Germany armed with fresh investment announcements of more than Rs15,500 crore.