T.N. Cabinet approves policy on port development with private participation

The Cabinet also approves investments to the tune of ₹7,108 crore by eight companies in several places across the State.

October 31, 2023 09:51 pm | Updated 10:14 pm IST - CHENNAI

The Tamil Nadu Cabinet on Tuesday approved a policy for the development of ports with private participation. At a meeting chaired by Chief Minister M.K. Stalin at the Secretariat, the Cabinet also approved investments to the tune of ₹7,108 crore by eight companies in several places across the State.

Hongfu, Saint Gobain, Hical Technologies, Mylan Laboratories, Akkodis, Seoyon E-Hwa Summit Mobility, Sundaram Fasteners and International Aerospace Manufacturing Private Limited (a joint venture between Rolls Royce and Hindustan Aeronautics Limited) are the companies bringing in the fresh investments, which are expected to create 22,500 jobs.

The Cabinet also approved structural packages to provide incentives to these eight companies.

These investments would be made in e-vehicles, footwear manufacturing, defence and aerospace, among other sectors, in Chengalpattu, Coimbatore, Kancheepuram, Krishnagiri and Ranipet districts.

Briefing journalists after the meeting, Finance Minister Thangam Thennarasu said the Cabinet had approved the Tamil Nadu State Port Development Policy, 2023. The policy aims at encouraging private participation in recycling, ship-building and improving ports.

Tamil Nadu drafted a policy on developing ports after reviewing the policies of Andhra Pradesh, Maharashtra and Odisha on the subject.

The Cabinet also approved proposals for granting land to journalists in Salem and Tiruchi districts.

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