Diverse range, opening up of new sectors, wide geographical spread and quality — “we believe these are the key highlights of the investment proposals inked at the Tamil Nadu Global Investors Meet 2015,” according to a senior Government official associated with the international meet. The Government of Tamil Nadu has sent out a clear message on being investor-friendly by covering projects that are under various stages of implementation.

Such projects will also get the structured package of incentives. “It has also broken the mould in deciding on projects covered under MoUs,” said the official.

At the two-day meet, which concluded on Thursday, the State Government entered into 98 MoUs with total investment proposals worth ₹2,42,160 crore.

Significantly, even projects under advanced stage of implementation such as the ₹18,000-crore Nagarjuna Oil Corporation coming up at Cuddalore virtually gets a second lease of life.

The project has been long delayed. But now, according to highly placed sources, a foreign investor is likely to come in.

Projects such as MRF’s ₹4,500-crore expansion and Apollo Tyres’ ₹2,700-crore expansion also are covered under the MoU, as also Chennai Petroleum’s Resid Upgradation project which is a value addition to its existing refinery, the official pointed out.

The objective is that the MoU provides for timely completion of projects with government support and the investors commit to employment generation.

Officials said that apart from manufacturing and automobiles, the investment proposals cover new areas such as aerospace and biotechnology. Investment proposals also extend to the southern districts, something that has been long anticipated. Even housing as an infrastructure and adjunct to industrial development has been considered. Nearly, half the investments of ₹1,04,286 crore in the manufacturing sector are planned in the southern districts. Industry sources said the presence of the Chief Minister at the inaugural and valedictory, and the categorical statement on time-bound clearance of projects has enthused industry. Tamil Nadu has effectively joined the fray in aggressively competing for new investments, they said.

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