The Hindu Business Line : Videocon, Hansen among proposals okayed by TN

Chennai, May 5 A clutch of investments, including Rs 2,000 crore by the Videocon group, to manufacture consumer durables, and project proposals by a range of companies in automobile components, cement, wind energy and steel were among the projects approved by the Tamil Nadu Cabinet recently.

According to sources in the know, other investments approved include Rs 1,500 crore by Hansen for setting up a gear box and drives manufacturing unit for wind turbines. This project is to come up at Palladam, near Coimbatore.

Allisons Transmission, one of the largest manufacturers of transmission and gear box equipment for commercial vehicles, is to invest Rs 350 crore in a manufacturing plant near Sriperumbudur.

The Government has also approved a Nokia-Siemens joint venture for cell phone infrastructure, another by Kansai-Nerolac for paints and a 100-per cent export-oriented unit by NM Tyres.

These were among the 13 investment proposals approved by the State Government at the Cabinet meeting on April 29.

The total investments envisaged in these projects are estimated at over Rs 17,400 crore. Apart from new units, the Cabinet also approved a Rs 2,000-crore expansion of the Salem Steel Plant; and the expansion plans proposed by Madras Cements and Dalmia Cements, the sources said.

Sources also said that the State Government is considering setting up country-specific industrial estates.

When large groups of companies from abroad come together, the State Government would offer them land at one location so they could create an appropriate ecosystem for themselves. This would give them some ‘cultural comfort’ and a cohesive working environment. This would be purely demand-driven with such industrial estates considered when sufficiently large numbers of companies come from one region.

For instance, over 40 Japanese companies are interested in setting up a range of manufacturing units close to Chennai, with 3-4 of them together accounting for over Rs 1,500 crore. The State Government would offer them land to set up the units in contiguous areas to enable them to create a culturally cohesive and comfortable ecosystem.

Similarly, official representatives from Finland have also approached the State Government for allocation of over 200 acres for 20 companies. Such initiatives are also being considered for companies from Germany and elsewhere.

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