Kovai investors meet: Rs 35k cr MoUs inked, aero and defence units to invest in TN

Chief Minister MK Stalin said attention should be paid to manufacturing related to the aerospace and the defence sector, even as he made references to various kinds of industries here and Coimbatore district being a foundation for industrial growth. “Big companies like the Larsen and Toubro, LMW (Lakshmi Machine Works) and TVS are involved; vis-a-vis investments in this sector,” he said and urged industries to make use of the proposed aero/defence park at Sulur near here.

The deals were exchanged at Tamil Nadu- Investors First Port of Call, an investment conclave presided over by Stalin. MoUs were exchanged for Rs 485 crore worth projects in the areospace and defence sector as well, which includes manufacture of spare parts and setting up of an aviation training institute at Salem. “Within six months of forming the government, the third investor’s conference has been organized. The same momentum, if maintained, will catapult TN to the top of the country,” the CM said.

In the conclave, totally, 82 initiatives, comprising 59 MoUs and 13 other projects for which foundation stones were laid and 10 commercial production launches in firms in the state, entails a total investment of Rs 52,549 crore, the government said. Cumulatively, such initiatives give job opportunities to 92,420 people, the government said in an official release, adding that the projects are spread across various regions of the state and covered 22 districts.

TVS Motor Company announced that they signed an MoU with TN for investment in Future Technologies and Electric Vehicle. Under the MOU, TVS will invest Rs 1,200 crore in Future Technologies and Electric Vehicles (EV) in the next four years.