Thanks to the investment friendly policies of a pro-active Chief Minister, Tamil Nadu is poised to become the power hub of the country, Electricity Minister Arcot N Veerasamy said on Sunday.
Speaking at the inaugural function of Electrica-2006, an exhibition organised by the Madras Electric Traders Association (META) in Chennai, he said the government was taking all steps to make the state a power hub of the country.
Pointing out steps taken by Chief Minister M Karunanidhi to attract investments, he said several companies were coming to set up their shops in the state due to the investment friendly policies and the pro active approach of the Chief Minister.
A Malaysian firm would soon set up its new factory in the state, investing Rs 12,000 crore.
Veerasamy said though an annual business of Rs 5,000 crore was being made in the electric products sector, there were not much firms in the state to produce such products.
Exhorting the businessmen to set up their establishments in the state, he said loans upto Rs one crore would be given to those starting a small scale company.
He said the government would install 1.6 lakh transformers in rural areas to avoid low voltage problems and establish 300 sub stations in the next five years.
Earlier, in his welcome address, META president Hukmichand D Shah said the exhibition was being organised to bring the manufacturers, traders and customers under one roof to showcase the products and to identify the requirements of the market.