Sipcot open to joint ventures with landowners, says CM

A special division called ‘Yaadhum Oorey’ to be set up as part of investment push

Chief Minister Edappadi K. Palaniswami

A day after the Industries Minister presented his department’s demands for grants in the Assembly, Chief Minister Edappadi K. Palaniswami on Friday announced a slew of measures to attract more investments into Tamil Nadu, including joint ventures with owners of large parcels of land.

“To enable all districts to become industrial hubs, Sipcot will sign joint ventures with private persons who have 100 acres or more of land to set up industrial parks,” Mr. Palaniswami said while making a suo motu statement on investments in Tamil Nadu on the floor of the Assembly.

Investment Ambassadors

The Chief Minister said the government will create ‘Investment Ambassadors’ across the world through Tamil citizens living abroad, Tamil Sangams and industry groups to create awareness about investing in Tamil Nadu, provide consultations and attract investments. The government will also create a special division called ‘Yaadhum Oorey’ (the world is a global village) and a website for the purpose, he added.

“To provide adequate guidance to foreign investors keen on investing in Tamil Nadu and to identify potential investors, a special unit comprising experts will be created specifically for each of the following countries – Japan, South Korea, USA, China, Taiwan, France, Israel and Germany,” the CM said.

The government will also establish a new division of Guidance Bureau at the Tamil Nadu House in New Delhi. Using new technologies, conferences and meetings, internet-based promotions and advertisements and sharing of ideas will be undertaken in India and across the world.

A website will be created to connect people who own 20 or more acres of land with those willing to invest to set up business here, he said. ‘Biz Buddy’, an integrated mechanism to address complaints of business houses will be set up to ensure complaints are addressed within a period of four weeks.

To encourage small- and medium-scale enterprises, the interest subsidy of 3% currently being offered will be enhanced to 6%. “This will enable the creation of around 400 SMEs, the expansion of 1,200 SMEs, and the creation of an additional 10,000 jobs. The State will bear the subsidy burden of ₹33 crore arising out of this,” Mr. Palaniswami said.