Having drawn over $3 billion investment this year alone in car manufacturing facilities, Chennai and its suburbs will in the next five years become a key automobile exporting hub, with investments expected to reach $15bn, the Tamil Nadu government says.
Tamil Nadu presently makes almost 1.3 million vehicles per year, the Economic Times reports.
“Rapid progress is expected in industrialisation over the next decade,” Chief Minister M Karunanidhi says, adding, “the State will rank highly with newly industrialised countries in the next five years.”
Currently, US automaker Ford, Korea’s Hyundai, German luxury car manufacturer BMW, and Franco-Japan automakers Renault-Nissan and amongst those who have set up manufacturing facilities in the area. Mitsubishi owns a plant in Chennai making SUVs and sedans, and Nissan is to produce a new MPV at its plant there.