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Tamil Nadu inks 17 MoUs with firms totalling investments of ₹15,128 crore

Our Bureau Chennai | Updated on May 27, 2020 Published on May 27, 2020

Chief Minister Edappadi K Palaniswami   -  THE HINDU

Tamil Nadu signed 17 MoUs with various companies involving investments totalling ₹15,128 crore on Wednesday. Nine of the MoUs were signed in the presence of Chief Minister Edappadi K Palaniswami and the rest through video conference, said a State government press release. This is likely to generate over 47,150 jobs.

The MoUs were signed by Usha Kakarla, Managing Director and CEO, Guidance, and Aneesh Sekhar, Executive Director, Guidance with various company officials, said a release from Guidance, a State-run investment promotion agency facilitating single-window clearances.

Daimler India Commercial Vehicles will invest ₹2,277 crore (expected to generate employment of 400) while Salcomp, the Finland-based mobile phone charger manufacturer, is investing ₹1,300 crore in Chennai (expected to create employment for 10,000)

Ashton Shoes Private Ltd has entered into a joint venture with the Taiwanese company Chung Jye Shoes to manufacture footwear at an investment of ₹300 crore (to create employment for 25,000).

The Singapore-based ST Tele Media is investing ₹1,500 crore in a data centre in Siruseri while HDCI Data Centre Holdings is investing ₹2,800 crore in a data centre. The Japanese company Polymatech Electronics will invest ₹900 crore in a semiconductor chip manufacturing facility, which will provide employment for 600, the release said.

French renewable energy company ENGIE Group, through Vivid Solaire Pvt Ltd, will develop a wind farm in Tuticorin with an investment worth ₹2,000 crore (expected to create employment for 600), tweeted Guidance.

Industry Secretary, N Muruganandam, said in the release: “Tamil Nadu is not just India’s factory, but a manufacturing ecosystem that connects global value chains. These investments are a testimony to the steady investment climate and export competitiveness of Tamil Nadu.”

“More investments are in the pipeline and the government is actively reaching out to investors to realise the potential of investing in Tamil Nadu,” he added.

Tamil Nadu has also constituted a special task force to woo investments from China, Japan, South Korea, Taiwan, Singapore and USA. The State government also is developing a special package for investors relocating India due to realignment of supply chains, the release said.

Published on May 27, 2020
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