Big push for industrial development : TN Govt inks 17 MoUs, attracting over Rs 15,000 cr investments

Amid the ongoing hectic task of preventing the spread of coronavirus pandemic and the lockdown in force, the Tamil Nadu Government today inked MoUs with 17 companies involving an investment of more than Rs 15,000 crore and creating more than 45,000 jobs.

The MoUs were signed by companies from Germany, Finland, Taiwan, France, South Korea, Japan, China, USA, Australia, the United Kingdom and The Netherlands in the presence of Chief Minister Edappadi K Palaniswami at State Secretariat.

An official release here said at a time when the world economy has taken a hit due to the COVID-19 pandemic and was slowly recovering from this critical situation, the State government, in a bid to upgrade the industrial development and to make Tamil Nadu the leading state in industry, has been taking various steps.

Recalling the recent steps taken by the government, including the formation of 'Special Committee to attract Investments' headed by Chief Secretary K Shanmugam and the one headed by former RBI GOvernor Dr C Rangarajan to revive the state's economy post COVID-019, the release said in continuance of the efforts to take the State on developmental path and thanks to conducive industrial climate, several new investment plans were being implemented in the State.

In continuation of this, 17 MoUs, attracting new investments in various sectors, including heavy vehicle manufacturing, computer accessories, footwear, IT, Energy and medical equipment manufacturing, were signed today involving an investment of Rs 15,128 crore, generating 47,150 new job opportunities.

While nine MoUs were signed directly, the rest were done via video-conferencing.

The companies that have signed MoUs included Diamler India Commercial Vehicle's Rs 2,277 crore expansion at its Oragadam plant in SIPCOT Industrial park, second expansion facility by Finland's Salcomp to manufacture mobile phone spare parts at Nokia SEZ at a cost of Rs 1,300 crore, in addition to already committed Rs 500 crore, Polymatech Electronics Semiconductor Chips manufacturing plant at a cost of Rs 900 crore, Rs 350 crore plant by Chung Jye Company Limited and Aston Shoes, Logos Industrial Park at an investment of Rs 400 crore, Casting facility by Mando Automotive India at a cost of Rs 150 crore, vehicle spare parts unit by Dinex at Mahindra Industrial City at Rs 100 crore investment, Rs 3,000 crore investment by Chennai Power Generation Limited for 750 MW natural gas-based power plant, IGL India's Rs 18 crore investment at Cheyyar, Rs 2,000 crore wind mill power project by Vivid Solaire Energy in Tuticorin and Tirunelveli districts, Rs 2,800 crore investment by US IT firm HDCI Data Centre Holdings, Rs 1,500 crore investment by ST Tele Media, Rs 210 crore investment by Germany's Baettr for making wind mill components, Rs 50 crore investment by BYD India's electric vehicle manufacturing facility, TJR Precision Technology's Precision Components manufacturing facility at an investment of Rs 46 crore, Rs 15 crore sealing materials facility by Pillar Industries at Wallajahbad and Rs 12 crore R and D Centre by Lincoln Electric at Mahindra City.