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TN inks pacts for investments worth Rs 15,128 crore to create over 47K jobs

Nine of the MoUs were signed in the presence of Chief Minister Edappadi K Palaniswami

Tamil Nadu, Chief Minister Edappadi K Palaniswami, Usha Kakarla, Guidance, Aneesh Sekhar, Single-window clearances, Daimler India Commercial Vehicles, Salcomp, Finland, Mobile phone charger manufacturer, Chennai, Ashton Shoes, Taiwan, Chung Jye Shoes, Manufacture footwear, Singapore, ST Tele Media, Siruseri, HDCI Data Centre Holdings, Japan, USA, Semiconductor chip manufacturing facility, French renewable energy company, ENGIE Group, Vivid Solaire

Tamil Nadu signed 17 MoUs with various companies involving investments totalling  Rs 15,128 crore. Nine of the MoUs were signed in the presence of Chief Minister Edappadi K Palaniswami and the rest through video conference, said a State government press release. This is likely to generate over 47,150 jobs.

The MoUs were signed by Usha Kakarla, MD and CEO, Guidance, and Aneesh Sekhar, executive director, Guidance with various company officials, said a release from Guidance, a State-run investment promotion agency facilitating single-window clearances.

Daimler India Commercial Vehicles will invest Rs 2,277 crore (expected to generate employment of 400) while Salcomp, the Finland-based mobile phone charger manufacturer, is investing Rs 1,300 crore in Chennai (expected to create employment for 10,000)

Ashton Shoes Private Ltd has entered into a joint venture with the Taiwanese company Chung Jye Shoes to manufacture footwear at an investment of Rs 300 crore (to create employment for 25,000).

The Singapore-based ST Tele Media is investing Rs 1,500 crore in a data centre in Siruseri while HDCI Data Centre Holdings is investing Rs 2,800 crore in a data centre. The Japanese company Polymatech Electronics will invest Rs 900 crore in a semiconductor chip manufacturing facility, which will provide employment for 600, the release said.

French renewable energy company ENGIE Group, through Vivid Solaire, will develop a wind farm in Tuticorin with an investment worth Rs 2,000 crore (expected to create employment for 600), tweeted Guidance.

Industry Secretary, N Muruganandam, said in the release: “Tamil Nadu is not just India’s factory, but a manufacturing ecosystem that connects global value chains. These investments are a testimony to the steady investment climate and export competitiveness of Tamil Nadu.”

“More investments are in the pipeline and the government is actively reaching out to investors to realise the potential of investing in Tamil Nadu,” he added.

Tamil Nadu has also constituted a special task force to woo investments from China, Japan, South Korea, Taiwan, Singapore and USA. The State government also is developing a special package for investors relocating India due to realignment of supply chains, the release said.

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June 2020
10 Jun 2020