Tamil Nadu

Govt. signs pacts with BYD, eight others

Investment push: Chief Minister Edappadi K. Palaniswami with industrialists who signed memoranda of understanding with the State government at the Investment and Skill Development Conclave in Chennai on Saturday.

Investment push: Chief Minister Edappadi K. Palaniswami with industrialists who signed memoranda of understanding with the State government at the Investment and Skill Development Conclave in Chennai on Saturday.   | Photo Credit: M. Vedhan

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Chinese major commits to set up two phone components unit with the promise of 11,000 jobs

The Tamil Nadu government on Saturday signed nine Memoranda of Understanding (MoUs) with an investment commitment of ₹5,027 crore, with a potential to provide 20,351 jobs. The main investment is from China’s auto and electronics major BYD.

The pacts were signed at the Investment and Skill Development Conclave, organised by the State government and presided over by Chief Minister Edappadi K. Palaniswami. Industries Minister M.C. Sampath was present.

According to the MoU, BYD’s Indian arm will establish a facility to manufacture phone components near Chennai with an investment of ₹2,800 crore and employ 11,000 people. It would also manufacture electric vehicles and batteries.

Ather Energy will set up a manufacturing facility for e-vehicles and lithium-ion battery in Hosur with an investment of ₹635.4 crore and a potential to create 4,321 jobs.

ITC Paper Board and Speciality Papers Division Unit will set up a paper board manufacturing unit with an investment of ₹515 crore while Mitsuba Sical India Pvt. Ltd will expand its product range of four-wheeler and two-wheeler components with an investment of ₹503.6 crore.

SNF Components Pvt. Ltd. and Bull Machines Pvt. Ltd. will set up manufacturing for construction equipment in Coimbatore with an investment of ₹98 crore and employment of 550 people.

Shreevari Energy Systems Pvt. Ltd. will set up a unit in Thoothukudi district to manufacture structural components for thermal and wind energy generation with an investment of ₹250 crore. This will employ 300 people.

Growth Link Overseas Company Ltd. will expand its footwear manufacturing facility in Cheyyur with an investment of ₹175 crore and will create employment for 3,000 people.

One investment signed was relating to the defence corridor. Data pattern will invest an additional ₹50 crore in the Defence sector for manufacturing radar and communication systems for defence applications and create 100 jobs.

Defence sector

On the Tamil Nadu Defence Industrial Corridor, the government signed MoUs with Defence Research and Development Organisation and IIT-Madras for knowledge partnership.

Mr. Palaniswami said so far 53 projects, agreements for which were signed during the Global Investors’ meet 2019, had commenced commercial production and 219 projects were under various stages of implementation.

He said post GIM 2019, in the past 10 months alone, Tamil Nadu had attracted 63 projects with an investment of ₹19,000 crore, which would create 83,300 jobs.

They include investments from Japan, Germany, South Korea, the U.S. and UAE, the Chief Minister added.

Meanwhile, the government also signed MOUs for creation of Apex Skill Development Centres at a cost of ₹60 crore.

TVS Training and Services Ltd. will establish Apex Skill Development Centre for the auto, auto component and machine tools sector. Kauvery Medical Care India Ltd. will develop a skill development centre for hospital and health care services.

The Logistics Sector Skill Council will establish a skill development centre in transportation and logistics sectors.

Bharat Petroleum Corporation Ltd. will establish an ITI at Sembodai in Nagapattinam district and the Power Grid Corporation of India would set up an ITI at Perumbakkam, Kanchipuram district, at a cost of ₹28.43 crore.

Mr. Palaniswami inaugurated three projects — ZL Technologies, Kapisoft and Kloudlearn — for a total investment commitment of ₹112 crores for which MoUs were signed during his recent visit to the U.S.

He launched a new logo for Tamil Nadu Guidance Bureau and launched BIZ BUDDY portal — a grievance redress mechanism for industries.

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Printable version | Dec 15, 2019 8:14:14 AM | https://www.thehindu.com/news/national/tamil-nadu/govt-signs-pacts-with-byd-eight-others/article30126724.ece

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