In what is the first Memorandum of Understanding(MoU) for Investment inked by the Tamil Nadu Government under Chief Minister Vijay, Indian conglomerate Larsen & Toubro (L&T) has committed to undertake three projects in the Southern Indian state. In all, the potential investment would be Rs 18,600cr($1.94bn), and it could create jobs for 8,200 people. L&T is among India's largest engineering, construction, and manufacturing giants. The firm's Chairman and Managing Director SN Subramanian met Chief Minister Vijay at the Secretariat on Thursday (4th June).
The potential investments are for: a Data Center Expansion project in Kanchipuram district, near Chennai, that would come up at an investment of Rs.15,000cr and offer 500 jobs; a Rs.2,500cr facility to manufacture electronic products and electronic systems in Coimbatore, providing jobs to 2,000 people; and an expansion of L&T's existing shipyard project at Kattupalli, near Chennai, at an investment of Rs.1,100cr and a potential to provide 5,700 jobs.
Situated north of Chennai city, the L&T Kattupalli shipbuilding and ship repair facility builds vessels of various classes for the Indian Navy and Indian Coast Guard. Additionally, the facility also has agreements with the US Navy to repair their ships. Over the last few years, three US Navy ships have undergone repairs here. Auxiliary ships of the UK Royal Navy have also undergone repairs at this facility. The aforementioned foreign Naval vessels had undergone what are known as voyage repairs, which are short-term repairs that last a few weeks. They are a cost-effective way to fix mechanical, electrical, or structural issues, helping vessel operators avoid expensive detours.
During their meeting, Chief Minister Vijay thanked and appreciated L&T for their continued investments and strong foothold in Tamil Nadu's industrial sector. He also assured the full support and cooperation of the State Government for the future growth and expansion plans of the firm in the state. Industries Minister Keerthana, Government officials, and L&T officials were present during the MoU Exchange.
