TAFE Ltd to invest INR 500 cr, inks pact with Tamil Nadu govt

Souce : PTI | Tractors and Farm Equipment manufacturer TAFE Ltd on Monday signed a memorandum of understanding with the Tamil Nadu government to invest INR 500 crore in the state. The investments would be utilised for taking up expansion of the Chennai-headquartered company’s farm equipment division besides enhancing its manufacturing facility for the assembly and exports of ‘Silent Generators’, the company said.

During the second day of the Global Investors Meet organised by the ruling DMK government here, company officials exchanged documents with the government in the presence of Chief Minister M K Stalin, Minister for Industries T R B Rajaa. “Tractors and Farm Equipment Ltd proposes to expand its Farm Equipment division to produce an advanced range of farm equipment for a wide variety of crops ideally suited for both Indian and international markets,” the company said in a statement.

In addition, TAFE Ltd proposes investment to enhance its facility for the assembly and export of ‘Silent Generators’ to Middle East and African markets. The company also has plans to set up a state-of-the-art design and development facility in the state, the statement said without divulging further details on the proposed unit.

TAFE Chairman and Managing Director Mallika Srinivasan said, “Tamil Nadu is one of the most industrialised states, with an evolved industrialised culture, investor-friendly government, rich and diverse talent pool and inherent strengths that are conducive for innovation.” TAFE is keen to leverage the vibrant ecosystem of Tamil Nadu and work closely with the Tamil Nadu government as it invests in new growth opportunities, she added.