Vettri conclave borrows 70 MoUs worth 75% investment from DMK rule: TRB Rajaa

CHENNAI: Former Industries Minister TRB Rajaa on Thursday questioned the lack of transparency surrounding the 97 MoUs signed at Thursday's investment conclave.

In a statement, he pointed out that, in particular, the business press was not allowed to participate in the event and that the government had not yet released an official list of the 97 MoUs.

According to the information he compiled, Rajaa claimed that nearly 70 MoUs, accounting for around 75 per cent of the investment value and 83 per cent of the jobs, appeared to involve existing companies expanding their operations or investment proposals that had already been initiated during the previous DMK government.

He also claimed that the Rs 1,000-crore investment attributed to Titan was part of the State's existing relationship with the company through TIDCO.

Rajaa said that even if all investments that were new or potentially new were included, they would account for only 24 MoUs, representing around 23 per cent of the investment value and 15 per cent of the jobs, according to his assessment. "An expansion is welcome. A converted investment lead is welcome. Every job is welcome. But an investment already cultivated, negotiated or announced during the previous government cannot suddenly become a new achievement merely because it is presented at a new conclave," he said.