CM exchanges 304 MoUs for total investment of Rs 3.41 lakh crore

DECCAN CHRONICLE.
Published Jan 25, 2019, 5:20 am IST
Updated Jan 25, 2019, 5:20 am IST
Also, Salcomp from Finland and Luxshare from China would invest in electronics hardware manufacturing.
Chief Minister Edappadi K. Palaniswami (Photo: DC)
 Chief Minister Edappadi K. Palaniswami (Photo: DC)

Chennai: Describing the second edition of the Global Investors Meet as a “new chapter in the annals of investment history of Tamil Nadu,” Chief Minister Edappadi K. Palaniswami informed that the two-day event culminated with the signing of 304 MoUs for a total investment of Rs 3.41 lakh crore. These would facilitate the creation of employment opportunities for 10.5 lakh persons, he said.

“I am happy to announce, that the two-day event was a grand success and is an endorsement of the policies and programmes of Amma (late CM Jayalalithaa) government. The positive response, shown by the investors, has surpassed our estimates,” he said and revealed the statistics.    

 

Among the major investment MoUs signed on Thursday include one with CPCL for Rs 27,400 crore, to establish a major petroleum refinery in Nagapattinam district, Hyundai which will invest Rs 7,000 crore for its expansion and to commence the manufacture of electric cars in Tamil Nadu, MRF with an investment for Rs 3,100 crore for expanding its existing capacity in Perambalur and Vellore districts, the CM said while speaking at the valedictory of the second edition of the Global Investors Meet here on Thursday..

Foxconn would soon commence the manufacture of premium brand smart phones in Tamil Nadu, with an investment of Rs 2, 500 crore while Adani group would invest Rs 10,000 crore for the expansion of Kattupalli Port near Chennai. PSA France will invest Rs 1,250 crore for manufacturing famous Peugeot cars in Tiruvallur district and Eicher Motors would take up, another expansion, with an investment of Rs 1,500 crore.
 
TN will take lead in making electric cars:

Stating that he was happy that his government was able to attract both foreign and domestic investments, Palaniswami said the MoUs include, investment commitments from reputed foreign companies, from Japan, Korea, Taiwan, Germany, France, Finland, USA and China. "Tamil Nadu is already a leader in automobile manufacturing, and we are going to take the lead, in the manufacture of electric cars. TPI Composites of USA will commence windmill blade manufacturing in Tamil Nadu," he said.

Also, Salcomp from Finland and Luxshare from China would invest in electronics hardware manufacturing. GIM 2019 also showed that foreign and domestic investors are repeatedly reposing their faith in TN. For instance, Saint Gobain, a French company, is going for their 4th expansion and Hyundai, Adani, Ramco, TVS Motors and Chemplast have all committed to make further investments in the State, expanding their existing facilities.

He pointed out that the GIM focussed on the equitable industrial development of all parts of the State and was able to bring huge additional investment by CPCL to economically backward Nagapattinam district.

Attractive package for southern districts:  

The MoUs signed include attractive package of incentives for investments in southern districts for companies like Britannia and Ramco. Existing investors like TVS and MRF, have committed additional investments, and these would create more jobs.

The event also laid special focus on MSMEs sector for which over Rs 32,206 crore of investment has been committed. Besides, the GSE Avigna has signed MoU for setting up a mega food park with an investment of Rs 2,000.

 While announcing that the third edition of GIM will be held in 2021, Palaniswami congratulated his Cabinet colleagues and all stakeholders for the successful conduct of GIM 2019.

...




ADVERTISEMENT
ADVERTISEMENT
ADVERTISEMENT
ADVERTISEMENT
ADVERTISEMENT