Tamil Nadu CM Stalin inks pact with Microchip, Paypal during his visit to USA

Tamil Nadu CM Stalin inks pact with Microchip, Paypal during his visit to USA

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amil Nadu Chief Minister M.K.Stalin in a meeting with investors during his visit to the United States, in San Francisco. (ANI Photo)

San Francisco, CA: TN CM M.K. Stalin during his visit to USA, has inked pacts with leading companies including Nokia, PayPal, Yield Engineering Systems, Microchip, Infinx, and Applied Materials for an investment commitment of Rs 900 crore and employment of 4,100 people in Chennai, Coimbatore and Madurai, the report said on August 30.

The chief minister, who is leading a high-level official delegation, is currently on a tour to the US till September 14 to attract investments into Tamil Nadu, as part of an ambitious goal to transform the state into a $1 trillion economy by 2030. He left for the US on August 27. He participated in a meeting with potential investors in San Francisco on August 29.

Six companies signed the Memorandum of Understanding (MoUs) in the presence of Tamil Nadu Chief Minister M K Stalin and officials during the investors' meeting in San Francisco, an official release here said.

An MoU was signed with Nokia, represented by Chief Strategy and Technology Officer Nishant Batra and President - Fixed Network Business Group 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, and MDU solutions, to be set up at SIPCOT, Siruseri, Chengalpattu at a cost of Rs 450 crore, generating 100 jobs.

An agreement has also been signed with the American multinational financial technology company supporting online money transfers 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.

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