South Korean automobile major Hyundai Motor’s ₹7,000-crore project for manufacturing electric cars is all set to get the State Cabinet’s nod on Friday.
The production will take place at the company’s plant in Sriperumbudur, near Chennai.
At its third meeting in a month, the Cabinet is expected to give its formal approval to a package of exclusive subsidy for electric car manufacturers. “This will be a game-changer in the automobile industry,” said a senior official in the government. Chief Minister Edappadi K. Palaniswami will preside over the meeting, which will begin at 10 a.m. at the Secretariat.
A memorandum of understanding (MOU) is expected to be signed between the State government and the company on the electric car project at the Global Investors’ Meet to be held next week.
In addition, other industrial projects, worth ₹3,000 crore, will be approved by the Cabinet for various subsidies. All put together, the Cabinet will clear the projects for a total cost of ₹10,000 crore.
In its meetings held in December and early this month, the Cabinet had approved manufacturing projects that have the potential of attracting investments of approximately ₹50,000 crore.
Also, the Cabinet will give its green nod for the Start-up and Innovation Policy.
Besides, the broad contours of the State Budget will be approved.
State finances
A presentation on the finances of the State will be made.
The Budget is likely to be presented to the Assembly a month later.
