The government of Tamil Nadu has signed a memoranda of understanding (MoUs) for investment worth Rs 850 crore from three firms - Lincoln Electric, Vishay Precision, and Visteon. The deals were signed on 06 September, 2024 during Chief Minister M K Stalin's visit to the United States. 

The pact with Lincoln Electric involves an investment of Rs 500 crore for the expansion of Lincoln Electric's research and development, and manufacturing unit in Chengalpattu. Also, an MoU inked with Vishay Precision for a Rs 100 crore investment will help to establish a production facility for sensors and transducers in Kanchipuram. Furthermore, a Rs 250-crore investment deal was signed with Visteon to establish electronics manufacturing units in Chennai and Coimbatore. 

The state, which is already a leading hub of production is poised to be a key player in sectors such as global capability centres (GCC) and research and development. The state continues to attract investments by developing world-class infrastructure facilities such as industrial parks, research and development projects and new initiatives.