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TN inks deals worth ₹6.64L cr as investors’ meet concludes
The investments were from sectors such as green energy, electric vehicles, global capability centres and non-leather footwear
Tamil Nadu inked deals worth ₹6.64 lakh crore at the two-day Global Investors Meet that concluded in Chennai on Monday. As many as 631 memorandums of understanding were signed during the investment summit, the state government said in a statement.
The investments were from sectors such as green energy, electric vehicles, global capability centres and non-leather footwear. The proposed investments are expected to generate more than 26 lakh direct and indirect jobs across the state. “We have attracted an unprecedented ₹664,180 crore of investments,” chief minister M K Stalin said at the event.
Tamil Nadu, which is a local leader in electronics and automobiles, was buoyed by the investments received in the third edition of the meet. The investment pledges will lay a strong foundation for the state’s growth for the next 20 years, Stalin said. They were also distributed across the state to ensure balanced development across the region, he added.
Stalin also announced the constitution of a committee to follow-up on the MoUs signed at the event to ensure that they are converted into actual investments. “You will always have access to my office,” Stalin promised investors.
This was the first investors meet under the Dravida Munnetra Kazhagam government. It surpassed promised investments in the two previous meets by the All India Anna Dravida Munnetra Kazhagam regime in 2015 and 2019 under late J Jayalalithaa and Edapaddi K Palaniswami, respectively. The earlier editions drew investment pledges worth ₹242,160 crore and ₹268, 296 crore, respectively, but several firms dropped their plans in the following years.
After the DMK formed the state government in May 2021, it framed an ambitious plan to become a $1 trillion economy by 2030. The investors’ summit was organised in pursuit of that goal. Representatives from nine countries, including the US, the UK, Japan, Australia, France, Germany, Denmark and South Korea participated in the event, which included discussions with industry experts and economists.
Although the state did not release a full list of investors, the major firms include Tata Power, which on Monday pledged an additional investment of ₹70,800 crore in the renewables sector. Singapore’s Sembcorp pledged ₹37,538 crore, the Adani Group promised an investment of ₹42,768 crore and Leap Energy pledged ₹22,800 crore.
Singapore’s high commissioner Simon Wong announced that companies from the island nation will invest ₹31,000 crore in the state. Three Taiwanese footwear firms, TKG Takewang, Hong Fu and Long Yin Investment, which manufacture shoes for global brands such as Nike, will invest ₹3,750 crore.
On Sunday, one of the major deals was by Vietnamese automaker VinFast Auto, which promised to invest ₹16,000 crore ($2 billion) to build an electric vehicle factory in Thoothukudi.
