Tamil Nadu announced on Sunday that it has signed investment agreements exceeding $4.39 billion with companies including Tata Electronics and Pegatron, both suppliers to Apple, as well as automobile giant Hyundai Motors. With Apple eyeing India as its next major growth engine, the tech behemoth is planning to shift some of its production from China.

In line with this, Pegatron is working on establishing a second factory in India, following the Tata Group’s initiation of iPhone assembly in the country last year.

Tata Electronics, a division of the Indian conglomerate, pledged to invest Rs 12,080 crore in mobile phone assembly operations, as announced by the state government during the agreements’ signing. 

Chief Minister MK Stalin, at the event, assured investors of the Tamil Nadu government’s support in all possible ways. He also expressed the state’s ambition to contribute significantly to India’s growth. 

In addition, the government announced that Pegatron, Apple’s supplier based in Taiwan, is set to invest Rs 1,000 crore to boost production.

The agreements, revealed at a global investors’ meeting, are expected to create thousands of 
jobs in the state. Sunday’s contracts include a deal with JSW Energy to invest Rs 12,000 crore in the development of renewable energy projects.

Hyundai Motors, a leading auto manufacturer, has pledged Rs 6,200 toward various initiatives, including electric vehicle (EV) battery and car production, according to the government. VinFast, a Vietnamese EV manufacturer, has also reached an agreement to establish its debut manufacturing facilities in India. The company plans to invest up to $2 billion in Tamil Nadu. This move comes as numerous firms are targeting the world’s third-largest vehicle market.

Meanwhile, Tata Power stated that it plans to invest Rs 55,000 crore in wind and solar power generation in Tamil Nadu over the next 5-7 years, expanding its green energy portfolio. Praveer Sinha, the firm’s MD & CEO, in a conversation with Business Today at the Global Investors Meet 2024 on Sunday, stated that the company intends to invest Rs 70,000 crore for 10 GW of power across wind and solar over a span of 5-7 years.