Nokia, PayPal & Applied Materials & 3 others commit to invest Rs 900 cr in Tamil Nadu

Chennai: US-based Applied Materials will set up an advanced artificial intelligence-enabled technology development centre for semiconductor manufacturing and equipment, while telecommunications major Nokia has pledged to establish its largest fixed network testbed at an investment of Rs 450 crore in Chennai. 

Four other companies – PayPal, Yield Engineering Systems, Microchip, and Infinix – will also set up their units or expand their operations in various parts of Tamil Nadu. Between the six firms a total investment exceeding Rs 900 crore has been signed on with a promise to generate 4,100 “high-value” jobs. 

The MoUs with the six companies were signed in the presence of Chief Minister M K Stalin at the Tamil Nadu Investment Conclave at San Francisco, US on Thursday evening (early Friday IST). Stalin is on a 17-day visit to the US to garner investments in sectors like semiconductor, AI, and electronics in Tamil Nadu.

Applied Materials’ new centre will come up in Taramani in the heart of Chennai, generating 500 jobs, with the government tight-lipped about the investment value. 

“It will be an advanced AI centre for semiconductor manufacturing. Applied Materials already has a small centre in Chennai and this new facility will be in addition to the existing one,” a source in the know told DH. 

Microchip Technology will set up a R&D Centre in Semiconductor Technology at Chemancherry in Chennai with an investment of Rs 250 crore generating employment for 1,500 persons. Yield Engineering Systems will set up a product development and manufacturing facility for semiconductor equipment in Coimbatore with an investment of Rs 150 crore generating employment to 300 persons.

“We believe that these centres will be a precursor in attracting investments in the semiconductor sector, including a fab unit,” the source added. 

Nokia’s new facility which will function as the testbed for the company’s technological innovations in 10G, 25G, 50G, and 100G passive optical networks will be set up in an area of 3 acres at an industrial park in Siruseri run by the State Industries Promotion Corporation of Tamil Nadu (SIPCOT), sources said.

American financial technology company, PayPal, which already has 2,500 people working in Chennai, signed a MoU for setting up of an advanced development centre focussed on AI with an employment generation of about 1000 persons. 

Infinx Healthcare will set up a Technology and Global Delivery Centre at ELCOT, Madurai with an investment of Rs 50 crore generating employment to 700 persons, the government said. 

“The first day in San Francisco has set a promising tone for the days to follow. Secured investments exceeding Rs 900 crores at Chennai, Coimbatore, Madurai, and Chengalpattu, paving the way for 4,100 new jobs in multiple sectors,” Stalin wrote on his X page. 

“With two more weeks ahead, we continue to intensify this momentum and attract more investors to Tamil Nadu, propelling our march towards a trillion dollar economy,” he added.