Rediff.com  » Business » China's BYD to invest Rs 2,800 cr in Tamil Nadu

China's BYD to invest Rs 2,800 cr in Tamil Nadu

By T E Narasimhan & Gireesh Babu
December 02, 2019 10:35 IST

This is part of the nine memorandums of understanding (MoUs) worth Rs 5,027 crore, including Hero Group-backed Ather Energy’s over Rs 600 crore investment, to establish a manufacturing facility for e-vehicles.

Chinese automobile and electronics major BYD is planning to invest around Rs 2,800 crore in Tamil Nadu.

This is part of the nine memorandums of understanding (MoUs) worth Rs 5,027 crore, including Hero Group-backed Ather Energy’s over Rs 600 crore investment, to establish a manufacturing facility for e-vehicles.

 

In the presence of Tamil Nadu Chief Minister K Palaniswami, various companies have signed nine MoUs with a total investment commitment of Rs 5,027 crore, which is set to create 20,351 jobs.

BYD India Pvt Ltd, an arm of China’s BYD, is to establish a manufacturing facility for phone components with investment of Rs 2,800 crore and provide employment to 11,500 persons.

Shenzen-based BYD is also a leading manufacturer of electric vehicles, including electric buses. BYD India was established in March 2007 in Chennai and the company also set up an office in New Delhi.

The Indian subsidiary has two factories, covering more than 140,000 square metres, with a cumulative investment of over $150 million.

BYD India’s business covers mobile components, solar panels, battery energy storage, electric buses, electric trucks, electric forklifts, chargers and rail transit, among others.

Hero MotoCorp-backed Ather Energy, a Bengaluru-based maker of electric scooters, will establish a manufacturing facility for e-vehicles and lithium-ion batteries in Hosur (Tamil Nadu), with Rs 635.4 crore and create 4,321 jobs.

Mitsuba Sical India Pvt Ltd is set to invest around Rs 503.6 crore for expanding product range of four-wheeler and two-wheeler components.

The other MoUs include ITC Paper Board and Speciality Papers Division.

They will set up a paper board manufacturing unit with an investment of Rs 515 crore.

Data Pattern will invest Rs 50 crore to manufacture radar and communication systems for defence applications and Growth Link Overseas Company will infuse Rs 175 crore to expand footwear manufacturing.

Shreevari Energy Systems Pvt Ltd will invest Rs 250 crore to manufacture structural components for thermal and wind energy production. SNF Components Pvt Ltd and Bull Machines Pvt Ltd will put in Rs 98 crore to manufacture construction equipment.

The state government also signed MoUs for three skills development centres at a cost of Rs 60 crore, including with TVS Training and Services.

So far as the defence sector is concerned, the state signed MoUs with IIT Madras to establish knowledge partnership for the defence industrial corridor.

It also inked an MoU with Defence Research and Development Organisation for developing cutting-edge defence technologies and systems.

Photograph: Bobby Yip/Reuters

T E Narasimhan & Gireesh Babu
Source: source
SHARE THIS STORY