The US-based X Development, formerly Google X and 18 other organizations have signed a Memorandum of Understanding (MoU) with Tamil Nadu government committing an investment of about Rs 2,300 crore, said an official release.
The X Development is a subsidiary of Alphabet Inc, the parent company of Google and others. It is a group of inventors and entrepreneurs who build and launch technologies that have a large scale impact.
In a statement issued here, Tamil Nadu government said 19 organizations – Lincoln Electric, Wearable Mems, Caldon Biotech, ZL Technologies, Kapisoft, Kloud Learn, Sierra Health Alerts, Acts Global Tech Solutions, Ripe.io, Latent.ao, Achireum, Nature Mills, SAi, ACS Global Tech Solutions, Dotsolved Systems, Inc, TIE Global, USISPF, Google X and DCF Ventures- signed a MoU with Tamil Nadu government to invest a total of Rs 2,300 crore in the southern state of India.
Tamil Nadu Chief Minister K. Palaniswami is on tour to the US to meet industrialists, entrepreneurs and others to attract investments.
Palaniswami also inaugurated the Digital Accelerator scheme to be implemented with the American Tamil Entrepreneurs Association (ATEA).
Under the Digital Accelerator scheme, entrepreneurs who are investing in Tamil Nadu with the funding assistance of ATEA will be given 10 percent of their investment by the state government.
A sum of Rs 50 crore has been allocated by the Tamil Nadu government for the scheme.