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₹67.4K-cr MoUs signed in TN Investors Conclave
Tamil Nadu on Thursday signed 97 memorandums of understanding with 97 companies promising investments to the tune of ₹67,452 crore, the government said
Tamil Nadu on Thursday signed 97 memorandums of understanding with 97 companies promising investments to the tune of ₹67,452 crore, the government said.
The investments would generate 1,06,998 new jobs in the State, industries minister S Keerthana said.
With this, the ruling Tamilaga Vettri Kazhagam government has received investment promise, since it assumed office in May 10, of over ₹1 lakh crore.
With the latest round of MoUs, Tamil Nadu had signed overall of 104 MoUs with various companies domestic and overseas committing ₹1,02,514 crore, that will create 1,21,788 new jobs, Keerthana said.
At ‘Vetri Investment Conclave,’ the maiden industry event was held at a premium luxury hotel in Chennai in the presence of chief minister C Joseph Vijay and attended by minister for industries S Keerthana and Deepak Jacob, CEO and Managing Director of Guidance Tamil Nadu, the nodal agency to promote investments.
Of the 97 MoUs, maximum (16) were in the automobile sector with 16 companies lining up investments of ₹16,773 crore, generating 13,475 new jobs. Second largest was with two data centre sector companies committing ₹11,417 crore investments creating 1,644 jobs.
However, 16 companies engaged in textile industry signed agreements with the state government with overall investments of ₹7,871 crore that would create the largest job creation for 24,876 people.
Other sectors in which Tamil Nadu received investments are critical engineering, life sciences, electronics and semiconductor, aerospace and defence, industrial and warehousing, maritime, toys, renewables, research and development among others.
Of the 97 MoUs, 30 were with the foreign headquartered companies based out of 16 countries, Keerthana said. Australia topped the list investment commitment of ₹7,125 crore, followed by Germany with overall investments of ₹4,400 crore that will create 1,850 jobs. Two companies from Japan signed investments with commitments of ₹2,651 crore expected to create 5,316 new jobs.
Majority of the investments are spread across 19 districts of Tamil Nadu with Kancheepuram receiving 20 new projects worth ₹31,004 crore, followed by Tirunelveli getting ₹15,037 crore investments. Ramanathapuram, Tiruvannamalai, Cuddalore, Pudukottai, Tiruppur, Vellore, Karur, Dindigul and Ranipet are some of the districts that received new investments, each at today’s event.
Noting that the chief minister has given an ambitious target of USD 1.5 trillion Tamil Nadu economy by 2036, she said, “it is a big number, but its impact is even larger. For an entrepreneur it means the confidence to take a risk. And for a district like Ramanathapuram, which is receiving its first industrial investment today, it means that a young person will not have to leave home to find opportunity. That is what economic growth looks like when you zoom in.”
Various political parties including the main opposition Dravida Munnetra Kazhagam (DMK), All India Anna Dravida Munnetra Kazhagam (AIADMK) and the Bharatiya Janata Party (BJP) attacked the State government on the issue.
