Tamil Nadu CM signs 14 MoUs: Worth ₹10,055 crore

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On Monday, Edappadi K. Palaniswami, CM of Tamil Nadu signed 14 Memorandums of Understanding (MoUs) entailing investments to the tune of Rs. 10,055 crore with the potential to generate employment for over 7,000 people.

These projects will be in effect in Chennai, Chengalpattu, Kancheepuram, Tirunelveli, Thoothukudi, Tenkasi, Ramanathapuram, Tiruppur, and Tiruvannamalai districts. Out of these 14 projects, 10 MoUs were exchanged physically while the remaining four were exchanged online.

JSW Renew Energy Limited inked a deal for Rs. 6,2300 crores for a hybrid renewable project for 810 MW in Tuticorin, Tenkasi, Tirunelveli, and Tiruppur and a 50 MW captive wind energy project in Rameswaram. The firm has mentioned out that it would be providing employment to over 2,420 persons.

Tamil Nadu CM signs 14 MoUs: Worth ₹10,055 crore
The World News Monitor

In the Kancheepuram district in Oragadam, an Industrial Logistics Park is being established by Greebase Industrial Parks, part of the Hiranandani Group. The investment proposed in this project is Rs. 750 crores and the employment potential is about 500 persons. Meanwhile, for setting up a data centre project near Chennai, Mantra Data Centre (Spain) will be investing Rs. 750 crore and bringing in the employment potential for about 550 persons.

Hong Kong-based Aosheng Hitech Ltd will be investing Rs. 200 crore and bringing in 250 jobs for manufacturing carbon fibre plates.

Vans Chemistry, Singapore, has proposed to establish an e-waste management facility; for dismantling and recycling; and a precious metals refining project with an investment of Rs. 50 crore and employment potential for 750 persons.

While the other companies that were already established in Tamil Nadu have indicated that; they would be expanding their plants with additional investments. Apollo Tyres has proposed for the manufacture of tyres in SIPCOT Oragadam Industrial Park. The investment in this expansion project is Rs. 505 crores.

TPI Composites, USA has also proposed an expansion plan for the manufacture of wind blades in Orgadam; with an investment of Rs. 300 crore. This company had already signed an MoU during the Global Investors Meet 2019 for its original project.

Biscuit manufacturer Britannia has inked an MoU worth Rs. 250 crores for expanding its plant at SIPCOT Gangaikondan, Tirunelveli. Britannia has also already signed an MoU during the Global Investors Meet 2019 for its phase I project.

Counter Measures Technologies has signed an investment deal worth Rs. 51 crores. This project is proposed to be established in the Tamil Nadu Defence Industrial Corridor. Inox Air Products, the firm which the State governments; said played a significant role in supplying oxygen for COVID-19 patients across hospitals in Tamil Nadu; has signed an MoU for the manufacturing of liquid oxygen on Hosur.

Li-Energy has proposed to establish a project for the manufacture of EV battery packs with an investment of Rs. 300 crore; LA Automotive Pvt Ltd, South Korea has proposed to establish a project for; the manufacturing of Battery and BMS in Ambattur with an investment of Rs. 90 crore.

Before announcing the MoU details, it was pointed out by Tamil Nadu’s Industries Secretary N.Muruganandam that the state is ranked first among Indian states in attracting investments during the first six months of this year. He said, “During the year 2020, 42 MoUs worth Rs. 31,464 crore.”

 

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