Tamil Nadu losing Hyundai shipbuilding project to Andhra: Edappadi K Palaniswami

CHENNAI: AIADMK general secretary Edappadi K Palaniswami on Friday criticised the ruling TVK government over reports that South Korean shipbuilding company Hyundai is shifting its proposed Rs 38,000 crore investment from Tamil Nadu to Andhra Pradesh.

In a statement, Palaniswami noted that Hyundai had recently held investment talks with the Andhra Pradesh government.

He said the company, which was to invest Rs 38,000 crore in Tamil Nadu, is now reportedly moving the investment out of the State.

Stating that Hyundai has been investing in Tamil Nadu since the 1990s, Palaniswami said the company now looking at another State showed that the current TVK government was untrustworthy.

He alleged that the root cause for the company moving its investment out of Tamil Nadu was the TVK government's failure to manage government organisations properly.

Instead, the government was functioning with the intention of weakening its own institutions, he alleged.