T.N. signs 14 MoUs to bring in ₹10,055 cr. investment

The projects envisaged have the potential to generate employment for over 7,000 people

Chief Minister Edappadi K. Palaniswami on Monday signed 14 MoUs entailing investments of ₹10,055 crore with potential to generate employment for over 7,000 people. The projects include fresh and expansion investments in locations including Chennai, Chengalpattu, Kancheepuram, Tirunelveli, Thoothukudi, Tenkasi, Ramanathapuram, Tiruppur and Tiruvannamalai districts.

Tamil Nadu Industries Secretary N. Muruganandam said that at a time when the world economy is gradually recovering from the adverse fallout of the COVID-19 pandemic, Tamil Nadu has been taking all steps to accelerate industrial development by attracting investments. “During 2020 (up to September), the State has signed 42 MoUs worth ₹31,464 crore,” he added.

A senior official said the Strengthening Guidance (Tamil Nadu’s nodal agency for investment promotion and single window facilitation) team has helped the State bring in more investments. “The CM has been personally viewing each project or firm that evinces interest to invest in Tamil Nadu. These two formulas have worked out well,” he said. According to Neeraj Mittal, MD and CEO of Guidance, “The teams (Guidance, Industries Department and Sipcot) have been working 24/7 and we have broadened the scope of picking up leads. The CM is also reviewing all investment proposals that come in. And this has helped bring in more investment.”

Tamil Nadu’s excellent industrial ecosystem, trained manpower, connectivity, connected supply chains and pragmatic policies allows investors to take advantage of global realignment of value chains, he said.

On Monday, the biggest investment deal of ₹6,300 crore came in from JSW Renew Energy Limited for a hybrid renewable project for 810 MW in Thoothukudi, Tenkasi, Tirunelveli and Tiruppur and 50 MW captive wind energy project in Rameswaram. An estimated 2,420 persons could get jobs.

Greenbase Industrial Parks, a part of the Hiranandani Group, would establish an Industrial Logistics Park in Oragadam at an investment of ₹750 crore.

Mantra Data Center (Spain) has agreed to invest ₹750 crore in a data centre project near Chennai. Hong Kong-based Aosheng Hitech Ltd (₹200 crore) will manufacture carbon fiber plates. Vans Chemistry, Singapore has proposed to establish an e-waste management facility for dismantling, recycling and precious metals refining project at ₹50 crore.

Inox Air Products, which the State said played a significant role in supplying oxygen for COVID patients, has signed an MoU for manufacturing of liquid oxygen in Hosur. And Counter Measures Technologies would invest ₹ 51 crore in a project in the Tamil Nadu Defence Industrial Corridor.

A few companies signed deals for expansion. Apollo Tyres has proposed to establish a ₹505 crore expansion project in SIPCOT Oragadam Industrial Park. TPI Composites, USA has proposed a ₹300 crore expansion plan for manufacture of wind blades in Oragadam. Biscuit manufacturer Britannia has ₹250 crore expansion plans at SIPCOT Gangaikondan. Hyundai Wia, South Korea, will expand its facility in Sriperumbudur at ₹109 crore.

Li-Energy (₹300 crore) has proposed manufacturing of EV battery packs; LS Automotive Pvt Ltd (₹ 250 crore), South Korea has proposed manufacture of automotive switches in Tiruvallur; and Grin Tech Motors & Services (₹90 crore) has proposed manufacturing of Battery and BMS in Ambattur.

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