MoUs inked for investment worth $2.74 billion: Tamil Nadu government
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MoUs inked for investment worth $2.74bn : Tamil Nadu Govt
Among the notable investors to have inked MoUs are Zetwork company, which has offered to establish a solar cell manufacturing project with an investment of Rs 5,000 crore, employing 3,000 people.
The Government in the Southern Indian state of Tamil Nadu announced that a total of 92 Memoranda of Understanding were signed for a potential investment of Rs.. 24,307cr ($2.74bn). In all, this has the potential to generate over 49,000 jobs, it was added. The announcement in this regard was made at the Investors Meet held in Hosur, Tamil Nadu. Speaking at the event, State Industries Minister TRB Rajaa highlighted that Tamil Nadu's growth stood out for being inclusive, distributive growth. He said that the state's economic powerhouses are not just the big cities like Chennai, Coimbatore, and Madurai, but several cities like Hosur and Thoothukudi, among others, are scaling up industrial capacity and attracting investments.
Elaborating on the investment MoUs that are signed, he said that they involve firms from the US, Japan, Mexico, Taiwan, South Korea, and Singapore. Listing out the sectors that are gaining momentum, he said it included Electronics manufacturing, EV parts, precision engineering, robotics, chemicals, R&D, Aerospace and defence, medical tech, textiles and footwear, advanced equipment manufacturing, green hydrogen, etc.
Among the notable investors to have inked MoUs are Zetwork company, which has offered to establish a solar cell manufacturing project with an investment of Rs 5,000 crore, employing 3,000 people.
Further, Israel Aerospace Industries-ELTA and DCX Systems are to setup a manufacturing facility in Krishnagiri district, which will come up at an investment of Rs. 850cr and provide 165 jobs. The facility will design and manufacture advanced radars and electronic warfare systems for use by the Army, Navy and Air Force.
International Aerospace Manufacturing Pvt Ltd, a joint venture between the Indian Government's Hindustan Aeronautics Limited and UK's Rolls-Royce Royce is to expand its facility by pumping in Rs 200cr. According to Srinivas, CEO, IAMPL, their firm produces high-precision machined and specially processed parts for advanced jet engines.
Speaking at the event, Chief Minister MK Stalin said that Industrial growth is crucial for the state's economic progress and his Government's target of making Tamil Nadu a $1trillion economy by the end of this decade. He said that MoUs must come in to fruition to accomplish this goal, adding that 77% MoUs signed during his tenure have turned into investments. Referring to the progress of Hosur, he said it has gone from being a city known for small industries to a favourite destination of investors.
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He mentioned that the Tamil Nadu Government is working towards establishing an International airport in Hosur. Elaborating on this, he said that the airport is envisioned to come up over 2,000acres, and that the land has been identified for the same.
Following the Investors meet, the Chief Minister laid the foundation stone for a facility of Ascent Circuits Private Limited, which will manufacture Multilayer & HDI Printed Circuit Boards. He also laid the foundation stone for two expansion projects of Delta Electronics
