Assurant, a major player in the insurance and finance industry, is set to establish its Global Capability Centre (GCC) in Chennai. This strategic move was formalized through a memorandum of understanding (MoU) signed in Chicago, with the presence of Chief Minister M.K. Stalin.
Based in Atlanta, Assurant specializes in disaster management products and services, marking a significant investment in the region.
Eaton Expands in Chennai
Additionally, Eaton Corporation announced plans to establish a new facility in Chennai, covering an area of 100,000 sq. ft. According to Philipose Jacob, country director for Eaton in India, the completion of this advanced manufacturing site is anticipated by the end of 2026. The facility will feature cutting-edge research and development areas, an experience center, and a modern headquarters. This development underscores India’s vital role in Eaton’s global operations.
Jacob emphasized Eaton’s commitment to investing in India’s workforce and technological advancements, positioning the country as a pivotal hub for engineering and innovation. Eaton has been at the forefront of creating sustainable energy management solutions, addressing pressing energy challenges across various industries.
The corporation focuses on sectors including data centers, industrial, commercial, residential, aerospace, and power markets, with headquarters in Dublin and Beachwood, Ohio.
In a recent investors’ conference in San Francisco, Tamil Nadu signed MoUs with six leading global firms, including Nokia and PayPal, amounting to an investment of ₹900 crore that is expected to create around 4,100 jobs. Furthermore, discussions were held with top executives from tech giants like Apple, Google, and Microsoft about potential investments in the state.
An MoU was also established with Google to launch Tamil Nadu AI Labs, aimed at enhancing skills for over two million youth under the Chief Minister’s flagship Naan Mudhalvan program. Additionally, an agreement with Ohmium to build a new factory in Chengalpattu district for producing electrolysers and green hydrogen represents a ₹400 crore investment that will provide 500 jobs.
Published – September 05, 2024 01:02 am IST
