Tamil Nadu

Agreement signed for developing Ponneri node of Chennai-Bengaluru Industrial Corridor

Tamil Nadu Chief Minister Edappadi K. Palaniswami

Tamil Nadu Chief Minister Edappadi K. Palaniswami   | Photo Credit: B. JOTHI RAMALINGAM

The agreement was signed at a diplomatic outreach event inaugurated by Chief Minister Edappadi K. Palaniswami on Friday

The Tamil Nadu Industrial Development Corporation (TIDCO) and the National Industrial Corridor Development and Implementation Trust (NICDIT) have joined hands to develop the Ponneri Node of the Chennai-Bengaluru Industrial Corridor. An agreement was signed between them at a diplomatic outreach event inaugurated by Tamil Nadu Chief Minister Edappadi K. Palaniswami in Chennai on Friday.

Along with the Union Ministry of External Affairs (MEA), the State government has organised the event that showcased economic and investment opportunities in the State to diplomats from other countries.

The CM also laid the foundation stone for Tamil Nadu Polymer Park, a project of TIDCO and SIPCOT on 257 acres of land in Puzhuthivakkam in Tiruvallur district. With an investment of ₹217 crore, the Tamil Nadu Polymer Park is expected to attract investments to the tune of ₹3,000 crore and generate over 7,000 new jobs.

Mr. Palaniswami also inaugurated various projects with a total investment of ₹1,254 crore and that could generate over 10,330 jobs, and agreements for these investments were exchanged in his presence. Hanon Automotive from Korea is to invest ₹500 crore at Malrosapuram in Kancheepuram district. Jogo Health, USA, which initially signed an MoU for ₹15 crore has increased its investment to the tune of ₹250 crore. It is expected to provide jobs for about 10,000 persons.

Mitsuba Sical would be investing ₹504 crore in SIPCOT Industrial Complex in Gummidipoondi. A facilitation MoU was signed between Guidance Tamil Nadu and Developers Park – Japan for an investment of ₹800 crore creating 2,500 new jobs. The CM also released a handbook ‘Doing Business in Tamil Nadu’, a guide for investors.

During his speech, Mr. Palaniswami listed out the investment potential of Tamil Nadu in the manufacturing sector, IT & ITeS, R&D, food processing and infrastructure, among others. He also explained about the State’s export potential across sectors, including agriculture, dairy and fisheries.

The event saw the participation of diplomats from about 36 countries, including Denmark, France, Japan, Korea, Malaysia, Russia, Singapore, Thailand, the United Kingdom and the United States of America. Industries Minister M.C. Sampath, T.S. Tirumurti, Secretary (Economic Relations) of the MEA, Chief Secretary K. Shanmugam, Sanjay Murthy, MD & CEO of NICDIT were also present.

Why you should pay for quality journalism - Click to know more

Recommended for you
This article is closed for comments.
Please Email the Editor

Printable version | Apr 7, 2020 11:47:10 PM | https://www.thehindu.com/news/national/tamil-nadu/agreement-signed-for-developing-ponneri-node-of-chennai-bengaluru-industrial-corridor/article30879496.ece

Next Story