Lincoln Electric, Vishay Precision, and Visteon to invest ₹850 crore in Tamil Nadu

The Tamil Nadu government signs three MoU with Lincoln Electric, Vishay Precision, and Visteon for investment proposals to the tune of ₹850 crore, in the presence of Chief Minister M.K. Stalin in Chicago in the United States on Thursday (Friday morning IST)
| Photo Credit: X/@mkstalin

The Tamil Nadu government signed Memoranda of Understanding (MoU) with Lincoln Electric, Vishay Precision, and Visteon for investment proposals to the tune of ₹850 crore, in the presence of Chief Minister M.K. Stalin in Chicago in the United States on Thursday (Friday morning IST).

In a social media post, Mr. Stalin said: “In the land of opportunities, every new dawn ignites fresh hopes. We’ve secured MoUs worth ₹850 crores with Lincoln Electric, Vishay Precision, and Visteon, bringing us one step closer to realising our vision. Through relentless effort and determination, we continue to turn our dreams into reality!”

Lincoln Electric, an American multinational company of welding products and equipment, would invest ₹500 crore towards the expansion of its research and development unit and manufacturing unit located in Chengalpattu district, an official release from the Tamil Nadu government said.

Managing director of Lincoln Electric India Sivapathasundaram Kaja and senior vice president Greg Doria were among those present when the MoU was signed.

Visteon, a subsidiary of Ford Motor Limited, would invest ₹250 crore in the State to set up manufacturing units in Chennai and Coimbatore in the electronics sector. Visteon chief executive officer Sachin Lawande, vice president Francis Kim, and director Ryan Ghazaeri were among those present when the MoU was signed.

Vishay Precision is set to invest ₹100 crore to set up a unit in Kancheepuram district in Tamil Nadu to manufacture sensors and transducers. Vishay Precision’s senior manager (sales) Shriver Stephen and other representatives were present at the MoU signing.

Tamil Nadu’s Minister for Industries, Investment Promotion, and Commerce T.R.B. Rajaa and senior officials were at these events in Chicago.

Investment proposals to the tune of ₹1,300 crore were received from eight companies during Mr. Stalin’s visit to San Francisco over the past few days. Since assuming office in May 2021, Mr. Stalin has visited United Arab Emirates, Singapore, Japan, and Spain for investment proposals in Tamil Nadu.