Just 50 days after signing MoU, TN CM lays foundation stone for VinFast's EV plant in south TN
Tamil Nadu Chief Minister M K Stalin on Sunday laid the foundation stone for the electric vehicle car and battery manufacturing facility of VinFast Auto Ltd, which has earmarked investments of Rs 16,000 crore for the state, just 50 days after signing an MoU with the Vietnam-based EV maker.
The memorandum of understanding with the Government of Tamil Nadu for the plant was signed during the Global Investors Meet held by the DMK government in January. The quick turnaround time from signing to the MoU to laying the foundation stone — 50 days — is an example of Tamil Nadu's industry-friendly climate and showcases the government's commitment to quick clearance of approvals.
«In just 50 days since the MoU (was signed) Thoothukudi welcomes VinFast's first EV plant — a monumental stride for the Dravidian Model Economy,» Stalin said. «With Rs 16,000 crore investments and 10,000 plus jobs on the horizon, we are charging ahead into a future where opportunity and innovation meet,» he said in a release.
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VinFast Auto Ltd, would invest Rs 4,000 crore over the next five years in the initial phase, which would generate 3,500 jobs in the Tuticorin region. The plant would have a capacity to produce 1.50 lakh vehicles once it comes into operation.
«A significant milestone for south Tamil Nadu with MoUs from the Tamil Nadu Global Investors Meet 2024 being quickly converted into jobs for TN,» Minister for Industries T R B Rajaa, who took
