Tamil Nadu Chief Minister M K Stalin on Sunday laid the foundation stone for the electric vehicle car and battery manufacturing facility of VinFast Auto Ltd which has earmarked investments to the tune of ₹16,000 crore in the state.
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The Vietnam-based EV maker had signed a memorandum of understanding with the Government of Tamil Nadu for the plant, during the maiden edition of the Global Investors Meet by the DMK government in January.
The foundation stone laying ceremony would be an apt example of the industry-friendly climate prevailing in Tamil Nadu and showcases the government's commitment for faster clearance of approvals as the event is conducted within 50 days of signing the MoU, an official said on Sunday.
In the initial phase, VinFast Auto Ltd would invest ₹4,000 crore which would generate 3,500 jobs in the Tuticorin region. The plant would have a capacity to produce 1.50 lakh vehicles once it comes into operation.
"A significant milestone for South Tamil Nadu with MoUs from the Tamil Nadu Global Investors Meet 2024 being quickly converted into jobs for TN," Minister for Industries T R B Rajaa, who took part in the ground-breaking ceremony said.
"With the ground-breaking of the VinFast EV factory in Tuticorin by the Chief Minister, South Tamil Nadu has embarked on a prosperous journey." he said in a social media post.
"Look at how fast we started work on VinFast. We signed the MoU in January and we have broken ground in February. I thank the Chairman of VinGroup, CEO Pham Sanh Chau and the entire VinFast family for their faith in TN," he said.
The project is a testament to the commitment of the Chief Minister for a distributed industrial growth and the creation of jobs for the youth across all the districts of the state, he said.
The ground-breaking ceremony not only marks the inception of an innovative hi-tech manufacturing unit but also heralds the development of a comprehensive new industrial cluster in South Tamil Nadu, he said.
"This new industrial cluster will help the people of this region realise their dreams by bringing in prosperity, similar to what we have seen in other clusters like Chennai and Hosur," he added.