Tata Motors Group signs MoU with Government of Tamil Nadu to set-up vehicle manufacturing facility

Tata Motors Group, India's leading manufacturer of commercial and passenger vehicles has signed a facilitation Memorandum of Understanding (MoU) with the Government of Tamil Nadu to explore setting-up of a vehicle manufacturing facility in the state. The MoU envisages an investment of ~INR 9,000 crores over 5-years and can potentially create up to 5,000 jobs (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 MoU was exchanged in the presence of the Hon'ble Chief Minister of Tamil Nadu, Thiru. M.K. Stalin and signed between Mr. V Vishnu, IAS, Managing Director & CEO, Guidance, and Mr. PB Balaji, Group CFO, Tata Motors. The Minister for Industries Dr. TRB Rajaa, the Secretary of Industries, Investment Promotion & Commerce Department Mr. Arun Roy IAS, and senior officials of TATA Motors Group were also present.

Shares of Tata Motors Limited was last trading in BSE at Rs. 973.05 as compared to the previous close of Rs. 1016.60. The total number of shares traded during the day was 1868951 in over 78196 trades.

The stock hit an intraday high of Rs. 1021.45 and intraday low of 964.00. The net turnover during the day was Rs. 1849919053.00.

Source : Equity Bulls

Keywords

TataMotors INE155A01022 MoU TamilNaduGovernment VehicleManufacturingFacility