Nokia, PayPal Lead Tamil Nadu Investment Rush, MK Stalin Signs Deals In US

Several global tech giants, including Nokia, PayPal and Microchip, have announced plans to set up new facilities in Tamil Nadu, Chief Minister MK Stalin announced in a post on X.

The chief minister, who is on an official two-week tour of the US, said he signed six MoUs with several companies in a move which will generate over 4,100 jobs and bring in investment worth ₹900 crore in the state.

"The first day in San Francisco has set a promising tone for the days to follow! We have secured investments exceeding Rs 900 crore in Chennai, Coimbatore, Madurai, and Chengalpattu, paving the way for 4,100 new jobs across multiple sectors! Nokia - Rs 450 crore, 100 jobs; PayPal - 1,000 jobs; Yield Engineering Systems - Rs 150 crore, 300 jobs; Microchip - Rs 250 crore, 1,500 jobs; Infinx - Rs 50 crore, 700 jobs; and Applied Materials - 500 jobs," he wrote in the post.

According to the agreement, Nokia will establish its largest fixed network test bed in the world at Chengalpattu, focusing on innovations in 10G, 25G, 50G, and 100G. The ₹450 crore facility will create 100 jobs, Tamil Nadu Industries Minister T R B Rajaa said on X, sharing details of these deals signed at Silicon Valley.

On the other hand, PayPal has agreed to set up an advanced AI development centre in Chennai and generate 1,000 jobs. Yield Engineering Systems will invest ₹150 crore in a product development and manufacturing centre for semiconductor equipment at Sulur in Coimbatore, creating 300 jobs, he said.

Microchip will establish an R&D centre in semiconductor development at Semmencherry, Chennai, investing ₹250 crore and generating 1,500 jobs. Infinx will set up a global delivery system at Vadapalnji, Madurai, investing ₹50 crore and creating 700 jobs.

Applied Materials will establish an advanced AI-enabled tech development centre for semiconductor manufacturing in Chennai, generating 500 jobs.

Sources had earlier said Mr Stalin's visit, his fourth overseas trip as chief minister, would focus on attracting investments in areas of AI, R & D in Tech and Global Capacity Centres aimed at bringing high-end jobs to Tamil Nadu's talent pool. 

Over the last three years, the state government has claimed to have secured investment commitments worth Rs 9.3 lakh crore, expected to generate 31 lakh direct and indirect jobs.