Mitsubishi Electric Corporation, a 102-year-old Japanese company, will invest $236 million (Rs 1,891 crore) in India to establish a facility to manufacture room air conditioners and compressors. In the presence of top officials from the Japanese firm, Tamil Nadu Chief Minister MK Stalin virtually laid the foundation stone for the factory. The factory, which will be located in the Thiruvallur district near Chennai, is expected to begin production in October 2025.

The Japanese company signed a Memorandum of Understanding with the Tamil Nadu government to invest $236 million as a 100% foreign direct investment.

Tamil Nadu Chief Minister MK Stalin stated at the event that Tamil Nadu is home to three of India's 12 Japan Industrial Townships (JIT) as part of the Japan-India Investment Promotion Partnership.

He also stated that Tamil Nadu has the highest concentration of Japanese expatriates in India. He also mentioned his upcoming visits to Singapore and Japan later this month in order to attract investors to the state.