Tamil Nadu

Tamil Nadu CM signs 14 MoUs worth ₹10,055 crore

CM Edappadi K. Palaniswami  

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

These projects will be implemented 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 ₹6,300 crore 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 said that it would be providing employment to over 2,420 persons.

Greenbase Industrial Parks, part of the Hiranandani Group, is establishing an Industrial Logistics Park in Oragadam, Kancheepuram district. The investment proposed in this project is ₹750 crore and the employment potential is about 500 persons.

Mantra Data Center (Spain) will be investing ₹750 crore (550 jobs) for setting up a data centre project near Chennai. Hong Kong based Aosheng Hitech Ltd will be investing ₹200 crore (250 jobs) for manufacturing carbon fiber 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 ₹50 crore and employment potential for 750 persons.

Some of the companies which already have their presence in Tamil Nadu have indicated that they would be expanding their plants with additional investments. Apollo Tyres has proposed to establish an expansion project for manufacture of tyres in SIPCOT Oragadam Industrial Park. The investment in this expansion project is ₹505 crore.

TPI Composites, USA has also proposed an expansion plan for manufacture of wind blades in Oragadam with an investment of ₹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 ₹250 crore for expanding its plant at SIPCOT Gangaikondan, Tirunelveli. Britannia had also already signed an MoU during the Global Investors Meet 2019 for its phase I project.

With an investment of ₹109 crore, Hyundai Wia, South Korea will expand its facility in Sriperumbudur.

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

Li-Energy has proposed to establish a project for manufacture of EV battery packs with an investment of ₹300 crore; LS Automotive Pvt Ltd, South Korea has proposed to establish a project worth ₹250 crore for the manufacture of automotive switches in Tiruvallur and Grin Tech Motors & Services has proposed to establish a project for the manufacture of Battery and BMS in Ambattur with an investment of ₹90 crore.

Before announcing the MoU details, Tamil Nadu Industries secretary N.Muruganandam pointed out that the State is ranked first among Indian states in attracting investments during the first six months of this year (April to September). “During the year 2020 (up to September), the State has signed 42 MoUs worth ₹31,464 crore,” he added.

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Printable version | Nov 23, 2020 10:44:47 PM | https://www.thehindu.com/news/national/tamil-nadu/tamil-nadu-cm-signs-14-mous-worth-10055-crore/article32833658.ece

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