Chennai: A Memorandum of Understanding (MoU) for bringing in an investment of Rs 5,300 crore to the State and creating employment opportunities for 2000 persons was signed on Monday, in the presence of Chief Minister M K Stalin, between the State government and the Renault Nissan Automotive India Private Limited (RNAIPL).
The move, as part of Stalin’s dream of making the State a ‘Trillion US $ Economy’ by the year 2030-31, would lead to RNAIPL, a joint venture of the French automobile maker Renault and the Japanese car company Nissan, increase its production capacity at its integrated modern passenger vehicle manufacturing factory at the SIPCOT Oragadam Industrial Park in Kanchipuram district.
Besides the RNAIPL, which was set up in 2008 through an MoU with the government and started production in 2010, the joint venture has also launched the Renault Nissan Technology and Business Centre India (RNTBCI) in 2007 and employs 8000 persons.
The group employed 16,000 persons in its various facilities and most of them hailed from Tamil Nadu, an official press release said. The latest MoU would see the group expanding its present operations and produce 4 lakh cars and also provide jobs for 2000 persons.
