Tata Motors inks MoU with Tamil Nadu Govt to set up vehicle manufacturing unit

Tata Motors announced that it has signed a memorandum of understanding (MoU) with the Government of Tamil Nadu to setting up a vehicle manufacturing facility in the state.

The agreement aims to invest approximately Rs 9,000 crore over 5 years and can potentially create up to 5,000 jobs, both direct and indirect.

Following the signing of this MoU, teams from Guidance, Tamil Nadu's nodal agency for investment promotion and facilitation and Tata Motors Group will work together to take this opportunity forward, the company stated in the press release.

Tata Motors, a global automaker, is a leader in cars, trucks, buses and electric vehicles. The company has a strong presence in India, UK and other international markets.

The auto major reported a consolidated net profit of Rs 7,025.11 crore in Q3 FY24, steeply higher than Rs 2,957.71 crore in Q3 FY23. Revenue from operations rose 25.07% YoY stood to Rs 1,09,799.22 crore in the quarter ended 31 December 2023.

Share of Tata Motors shed 0.66% to Rs 966.60 on the BSE.

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