Tamil Nadu CM inaugurates new industrial projects worth Rs 3,185 cr

Source: Business Standard, Jul 27, 2020

Chennai: Tamil Nadu Chief Minister Edappadi K Palaniswami laid the foundation stone today, for the construction work on eight units that would be coming up in the state at an investment of Rs 2,367 crore. He also inaugurated 12 completed projects that would attract Rs 3,185 crore in all.

The investors include Tata Chemicals, Tata Consultancy Services, and Hyundai Glovis among others.

The Chief Minister laid the foundation stone for Tata Chemicals, Radial IT Park, NISSEI Electric, Ussu Susira, Steel Shoppe, Dinex, Sri Raajarajeshwari Life Care and MRC Mills. These companies have committed investment of Rs 2,367.5 crore and will create employment for 24,870 people.

The Chief Minister also inaugurated 12 companies that are investing Rs 3,185 crore and would create 6,955 jobs.

Companies inaugurated today include Tata Consultancy Services, TPI Composites, Hyundai Glovis, Sojitz Motherson Industrial Park, Rajapalayam Mills, Gulf Oil among others.

Despite the several challenges posed by the Covid-19 pandemic, such as a slowing down economy and poor investor sentiment, Tamil Nadu has managed to sign 41 MoUs worth Rs 30,664 crore that will create over 67,212 jobs.

Tamil Nadu has cornered around 18.63 per cent of the total fresh investment emanated in Q1FY21 and has topped investment table thanks to the 17 MoUs signed by the state government in May 2020. Fresh investment flow in Tamil Nadu stood at Rs 18,236 crore.

The State signed the remaining MoUs in June and July. Tamil Nadu attracted investments across sectors including data centres (by Hiranandani Group’s Yotta Infrastructure and Adani), auto (Daimler, Ather Energy, Srivaru Motors, Visteon, ATC Tires, Super Auto Forge), FMCG (ITC, Top Anil Marketing), telecom (Salcomp) balance spread over in footwear, green energy, industrial park and others.

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