Lakshmi Machine signed a Memorandum of Understanding (MoU) with the Government of Tamil Nadu at the Global Investors Meeting (GIM) held at Chennai on 24th January 2019.
As per the MoU the Company proposes to invest Rs. 600 Crores over a period until 2024 in its existing business operations . The investment funded through internal accruals would be for modernising/upgrading existing business operations of the Company in the areas of Textile Machinery, Machine Tools, Foundry castings and Aerospace products. As per the MoU the Government of Tamil Nadu will support by extending fiscal and other incentives, infrastructural support like uninterrupted power supply and regulatory facilitation.