Chennai: The Tamil Nadu government on Thursday revealed that auto major PSA Peugeot Citroen’s Rs 2,500 crore project is getting shaped, and that efforts are on to revive Motorola’s mobile phones and components facility lying idle since 2013 near Chennai, at a cost of Rs 500 crore. The Guidance Bureau is currently handling these two important projects.
PSA Peugeot Citroen’s project will come up at Hosur and Chennai and it includes greenfield facility powertrains, brownfield investment for assembly plant and R&D facility at Chennai. The project is expected to generate 1,500 jobs.
The Bureau is also working on the revival of the Motorola facility at Sipcot Sriperumbudur SEZ, near Chennai to manufacture mobile phones and components. Lenovo got possession of the plant after it had acquired Motorola from Google in 2014.
This development comes at a time when questions are raised about Tamil Nadu’s status as an attractive state for investors on the backdrop of recent political developments.
According to the policy note tabled in the Assembly by Industries Minister M. C. Sampath on Th-ursday during GIM 2015, 98 MoUs were signed with the total investment of Rs 2,42,160 crore creating 4,70,065 jobs.
Around 62 projects are successfully progressing at various stage of execution under constant review and monitoring. The Guidance Bureau provided single window facilitation and gave in-principal approval to several GIM projects. Companies have envisaged projects worth Rs 4,50,000 crore and MoUs are expected to be signed shortly, said the Minister.
The second edition of Global Investors Meet (GIM) is envisaged on January 23 and 24, 2019 in Chennai. The state has sanctioned Rs 730 million for conduction the meet. Steering Committee, under the chairmanship of the chief minister and a coordination committee, under the chairpersonship of Chief Secretary has been constituted. A special officer has also been appointed to coordinate various activities. Guidance Bureau is the nodal agency for conducting the meet.
