In CM Vijay’s presence, Tamil Nadu inks Rs 12,300-crore investment commitments in London

CHENNAI: Kicking off the drive to attract investments into the State under the new government, Tamil Nadu on Monday secured investment commitments totalling Rs 12,300 crore from four companies, entailing a promised job creation of around 10,000. The agreements were signed during Chief Minister C Joseph Vijay's ongoing visit to London, his first foreign visit after assuming office.

The largest commitment came from Samvardhana Motherson International Ltd (SMIL), which, along with its European and UK-based joint venture companies, signed a memorandum of understanding (MoU) with Guidance Tamil Nadu for an investment of approximately Rs 11,000 crore.

The proposed projects, spanning design, engineering, manufacturing, assembly, and logistics, are expected to create around 7,000 jobs in the State, said a statement from the Chief Minister’s Office on Monday.

The State government also secured two agreements related to global capability centres (GCC), including one with Sweden-based Sigma Technology Group. The company plans to expand its global capability centres in Chennai and Tiruchy through its Indian entity, Sriya Solutions, creating 600 high-value jobs in embedded systems, digitisation and industrial digitalisation, the CMO added.

In another agreement, the UK-headquartered Ernst & Young (EY) signed the deal with GuidanceTN to establish a GCC in Chennai's newly announced GCC Corridor on Mount-Poonamallee Road. The facility is expected to attract an investment of around Rs 1,000 crore and generate more than 2,000 high-value jobs.

Wilson Power Solutions signed an MoU with Guidance Tamil Nadu for a Rs 300-crore electronics manufacturing investment in Tiruvallur district, with the project expected to create 400 jobs.

Meanwhile, Ashok Leyland executive chairman Dheeraj Hinduja, Finolex Industries executive chairman Prakash P Chhabria and director Rita Hinduja-Chhabria met Chief Minister Vijay and briefed him on the progress of the Rs 2,500 crore deal signed during the VETTRI Tamil Nadu Investors Conference held in August.

A leading European automotive components manufacturer has expressed its preference for Tamil Nadu as the destination for a proposed Rs 3,000 crore investment in India, said the CMO, but did not disclose the name of the firm.

These deals came at a time when the State government and the chief minister is under the scrutiny of opposition parties, which criticised the trip as being a personal tour and not for attracting investments as claimed.