The Tata Motors Group intends to invest 9,000 crore in the greenfield manufacturing facility, which has been designed for an annual production capacity of over 250,000 vehicles. The production will begin in a phased manner and progressively increase to reach this capacity over the next five to seven years.
The facility will manufacture next-gen vehicles for Tata Motors and JLR, and the plant will cater to both, Indian and international market requirements.
The manufacturing facility has the potential to create more than 5,000 employment opportunities. The plant will also use 100% renewable energy to run its operations.
The ceremony was attended by Tamil Nadu chief minister MK Stalin and chairman of Tata Sons and Tata Motors, N Chandrasekaran.
“Tata Motors has a deep, historic relationship with Tamil Nadu with many of its manufacturing plants successfully operating in our state for the past several years. We welcome Tata Motors, an auto manufacturer of global scale, for setting up its newest manufacturing facility in Panapakkam, Ranipet,” Stalin said.
N Chandra said Tamil Nadu is a leading industrial state with progressive policies and an established automotive hub with qualified and talented workforce. “We now intend to build our advanced vehicle manufacturing plant here using cutting-edge manufacturing technology and world-class sustainability practices,” he said.
Tata Motors shares ended 0.33% lower at ₹989.9 apiece on Friday, September 27. The stock has gained 25.21% this year, so far.