Tamil Nadu govt signs MoU with Nokia, PayPal, Microchip; aims financial boost in state

San Francisco: The Tamil Nadu government has signed Memorandum of Understandings (MoU) with several investors including Nokia, PayPal, Microchip, Yield Engineering Systems, etc during CM MK Stalin's visit to the United States.
These agreements are signed by Guidance Tamil Nadu, an investment promotion agency of the state government in the presence of Chief Minister MK Stalin and Industries Minister TRB Rajaa.
Under the agreement signed, Nokia will set up a new Research and Development Centre in Tamil Nadu at a cost of Rs 450 crore that will generate 100 jobs while PayPal will set up an Advanced Development Centre in Chennai and will generate 1000 jobs.
Microchip will set up a new Research and Development Centre in Semiconductor Technology at Semmancherry, Chennai, at a cost of Rs 250 Cr that will generate 1,500 jobs.
Yield Engineering Systems will set up a product development and manufacturing facility for semiconductor equipment at Sulur, Coimbatore, at a cost of Rs 150 Cr that will generate 300 jobs.
In a social media post on X, TRB Rajaa wrote, "In the presence of @CMOTamilNadu Thiru. @MKStalin and Minister for Industries Dr. @TRBRajaa, @Guidance_TN signed an MoU with Nokia, represented by Nishant Batra and Sandy Motley, for a new Nokia R&D Center, their Largest Fixed Network test bed in the world, for innovations in 10G, 25G, 50G, and 100G PON, Fixed Wireless Access, MDU solutions, to be set up at SIPCOT, Siruseri, Chengalpattu at a cost of Rs 450 crore generating 100 jobs."
"In the presence of @CMOTamilNadu Thiru. @MKStalin and Minister for Industries Dr. @TRBRajaa, @Guidance_TN signed an MoU with PayPal, represented by Srini Venkatesan and Zi-Yang David Fan, for an Advanced Development Centre focused on AI, to be set up at Chennai, generating 1,000 jobs," it added.
"In the presence of @CMOTamilNadu Thiru. @MKStalin and Minister for Industries Dr. @TRBRajaa, @Guidance_TN signed an MoU with Yield Engineering Systems, represented by Ramakanth Alapati and Prabhat Mishra, for a product development & manufacturing facility for semiconductor equipment to be set up at Sulur, Coimbatore, at a cost of Rs 150 Cr generating 300 jobs," it further added.
The tweet added, "In the presence of @CMOTamilNadu Thiru. @MKStalin and Minister for Industries Dr. @TRBRajaa, @Guidance_TN signed an MoU with Microchip, represented by Mr. Patrick Johnson and Mr. Bruce Weyer, for an R&D Centre in Semiconductor Technology to be set up at Semmancherry, Chennai, at a cost of Rs 250 Cr generating 1,500."
Tamil Nadu Chief Minister MK Stalin is on an official visit to the United States to secure support and investments aimed at boosting the prosperity of the state.