Stalin signs MoUs with 59 companies with investment potential of ₹35,000 cr

The Tamil Nadu chief minister also released Financial Technology policy 2021 for the state to develop into a global financial hub and to augment investment in the sector.

Published on: Nov 24, 2021, 14:27:22 IST

By Divya Chandrababu

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Tamil Nadu chief minister M K Stalin on Tuesday signed multiple Memorandum of Understanding (MoU) with 59 companies at an investors’ conclave in Coimbatore with the potential to generate investments worth ₹35,208 crore and employment for over 70 thousand people in the state, as per an estimate by the state government.

Stalin said Tamil Nadu was on the right path to become a trillion-dollar economy as per the target he set in the first industrial conference in July after becoming chief minister. (PTI Photo)

The pacts include one with Adani Enterprises for a data centre in Chennai and Shell India markets for retail outlets and tank farms.

The deals also include seven MoUs signed in the aerospace and defence sector with an estimated investment potential of ₹485 crores and employment to 1,960 people, the government said.

Stalin also laid the foundation stone for 13 projects and launched 10 projects with an investment commitment of ₹13,413 crores and ₹3,928 crores; and with the employment potential of over 11,000 and nearly 4,000 people respectively. These projects are coming up in 22 districts including Kancheepuram, Chengalpet, Thiruvallur, Dharmapuri, Krishnagiri, Namakkal, Salem, Trichy, Virudhunagar, Thoothukudi, Tirunelveli, Tenkasi and Kanyakumari.

The chief minister also released Financial Technology policy 2021 for the state to develop into a global financial hub and to augment investment in the sector. The policy envisages a FinTech City in Chennai and Neo - TIDEL Parks in Tier 2 and Tier 3 cities across the state. TIDEL Park Ltd, is a joint venture of TIDCO and ELCOT, who set up one of the largest Information Technology parks in Asia in Chennai in 2000.

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This is the third such industrial conference since the Dravida Munnetra Kazhagam (DMK) formed the government in May. Speaking at the conference, Stalin said that Tamil Nadu was on the right path to become a trillion-dollar economy as per the target he set in the first industrial conference in July after becoming the chief minister. “Everyone is confident [that] we can achieve the goal of becoming a one trillion-dollar economy,” Stalin said.

A day ago, Stalin launched a few projects in Coimbatore calling it an industrial city with a focus on exports and added that his government wanted to make it one of the best major industrial destinations in Tamil Nadu.

ABOUT THE AUTHOR
Divya Chandrababu
Divya Chandrababu is an award-winning political and human rights journalist based in Chennai, India. Divya is presently Assistant Editor of the Hindustan Times where she covers Tamil Nadu & Puducherry. She started her career as a broadcast journalist at NDTV-Hindu where she anchored and wrote prime time news bulletins. Later, she covered politics, development, mental health, child and disability rights for The Times of India. Divya has been a journalism fellow for several programs including the Asia Journalism Fellowship at Singapore and the KAS Media Asia- The Caravan for narrative journalism. Divya has a master's in politics and international studies from the University of Warwick, UK. As an independent journalist Divya has written for Indian and foreign publications on domestic and international affairs.Read More

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