American-Irish power management company Eaton plans to establish a new global application engineering centre in Chennai, Tamil Nadu, India.
Eaton’s new facility, in the neighbourhood of Perungudi, will require a reported investment of around $24m (INR200Cr). The announcement was made after a successful memorandum of understanding (MoU) signing in Chicago.
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The new facility will add to Eaton’s existing electronics manufacturing unit in Tamil Nadu. It aims to provide research and development solutions while also offering engineering solutions that cater to Eaton’s global markets.
Eaton’s decision to invest in Tamil Nadu seems to be motivated by the state’s R&D Policy 2022. Through the policy, Tamil Nadu offers a conducive environment for businesses.
M K Stalin, chief minister of Tamil Nadu said that the “exchanged MoUs with Eaton for a ₹200 crore R&D and engineering centre expansion in Chennai, [will create] 500 jobs.”
Tamil Nadu is quickly becoming a preferred choice of destination for foreign investments. According to the Department for Promotion of Industry and Internal Trade, the state’s FDI inflows increased to about $2.44bn for FY 2023-24 from $2.17bn in 2022-23, showing a 12.44% hike. Recently, it has received investments from Ohmium, Rockwell Automation, and Hyundai, among others.
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