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Eye on 10.5 lakh jobs: Tamil Nadu investors meet nets Rs 3 lakh crore from 304 MoUs

Sajan C Kumar
Global Investors Meet, Global Investors Meet news, Global Investors Meet tamil nadu, tamil nadu Global Investors Meet, Global Investors Meet 2019

During its two-day flagship second edition of Global Investors Meet (GIM 2019), the Tamil Nadu government has signed 304 MoUs worth over Rs 3 lakh crore which will provide job opportunities for 10.50 lakh people.

The first edition of GIM held in 2015 had attracted 98 MoUs worth Rs 2.42 lakh crore.

Chennai Petroleum Corporation tops the investment chart with a `27,400-crore funding in Nagapattinam district to establish a major petroleum refinery, while power PSU NLC is investing `23,800 crore. Korean carmaker Hyundai will invest `7,000 crore for the expansion at its Chennai plant and will commence the manufacture of electric cars in the state.

Tyre major MRF will invest `3,100 crore for expanding its existing capacity in Perambalur and Vellore districts. The Adani group will invest `1,000 crore for the expansion of its Katupalli port, near Chennai, while global biggie Foxconn will soon commence production of premium brand smart phones in Tamil Nadu, with an investment of `2,500 crore. PSA France will invest `1,250 crore for manufacturing famous Peugeot cars at its plant in Tiruvallore district. Eicher Motors would take up another expansion with an investment of `1,500 crore.

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On the expansion, Arun Mammen of MRF said: This is a brownfield expansion. It will be into truck radial, passenger, two wheeler tyres, depending upon the market condition, over a period of 10 years.

In his valedictory speech at the GIM 2019, Tamil Nadu chief minister EK Palaniswami said the MoUs include investment commitments from reputed foreign companies, from Japan, Korea, Taiwan, Germany, France, Finland, US and China. According to the CM, GIM was able to bring many prestigious projects to the state. Tamil Nadu is already a leader in automobile manufacturing and we are going to take the lead in the manufacture of electric cars, he said.

Among other projects, TPI Composites of the US will commence windmill blade manufacturing in Tamil Nadu. Salcomp from Finland and Luxshare from China will invest in electronics hardware manufacturing.

Tamil Nadu industry minster MC Sampath said earlier Chennai used to be a magnet for investments, but this year the investments were spread across the state. We will ensure that all the projects become a reality and we will constantly monitor all the projects, he said. Domestic companies, including Ramco and Chemplast, have all committed to make further investments in the state, expanding their existing facilities.

FMCG brands including Britannia will also be investing in the state.