TN inks MoUs worth ₹2,600 crore

BL Chennai Bureau | Updated on: Mar 26, 2022

LuLu Group to invest ₹3,500 crore in the State

Tamil Nadu on Saturday signed MoUs worth ₹2,600 crore with the potential to create employment for 9,700 people at an investors’ meet in Dubai, said a tweet by Chief Minister MK Stalin.

The investments come following a meeting with members of the investor body and CEOs of leading companies, he said.

That apart, LuLu Group has announced investment proposals worth ₹3,500 crore in the State, including in shopping malls and food processing units. An agreement in this regard will be signed on Monday at the Abu Dhabi Chamber of Commerce, said MA Yusuffali, CMD, LuLu Group International.

“Our aim is to attract investments in any sector of the economy, including manufacturing and services, and to develop Tamil Nadu as a global investment hub,” Stalin said at the event.

Despite the Covid pandemic, in the last 10 months alone, the State has signed 124 MoUs attracting investment of $8 billion, creating employment opportunities for nearly two lakh people.

Tamil Nadu registered a positive GDP growth rate of 5.8 per cent in 2020-2021 in contrast to negative growth in most other States. This shows the faith and confidence that global investors have reposed in Tamil Nadu, Stalin said.

The State’s strength is its human resources and huge commercial opportunities, he added.

“We are working with a vision to transform Tamil Nadu into a $1-trillion economy by 2030. To achieve that goal, we have undertaken several measures such as improving the infrastructure of Tamil Nadu, improving the efficiency of staff, and preparing employees keeping in mind future industrial growth.

“The opportunities and possibilities for you to make investments in Tamil Nadu are abundant. I warmly invite all of you that we will all benefit from this journey,” Stalin told investors.

“There are huge opportunities for infrastructure development and real estate business in Tamil Nadu. Opportunities are also pouring into the State in the tourism and hospitality sector,” he added.

In agriculture, the State needs cold storages and has created better infrastructure in areas such as financial technology, renewable energy, information data centres, aerospace and defence, electronics sector, investments in electric vehicles, and power plants. Stalin invited investment in these sectors.

Published on March 26, 2022
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