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Tamil Nadu gets investments worth Rs 3 lakh crore through global investors meet

Foxconn, the Taiwanese electronics giant, agreed to invest Rs 2,500 crore for manufacturing premium smartphones at its facility near Chennai.

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Tamil Nadu government on Thursday signed agreements worth over Rs 3 lakh crore at the Global Investors Meet (GIM) in Chennai with over 300 companies including petroleum and automobiles to invest in the state to create job opportunities for 10.50 lakh persons.

“I am happy to inform that 304 MoUs were signed during the event. These MoUs, involve a huge investment of Rs 3.04 lakh crore which provides job opportunities for 10.50 lakh persons,” boosted Tamil Nadu chief minister Edappadi K Palaniswami at the valedictory function of the two-day GIM at Chennai Trade Centre here. Interestingly, Tamil Nadu government targeted attracting investments worth Rs 2 lakh crore in the two-day event but ended by up exceeding its goal by garnering 50 per cent more. 

Indian Oil Corporation (IOC)’s subsidiary Chennai Petroleum Corporation Ltd (CPCL) topped the investment chart by signing a MoU worth Rs 27,474 crore for a 9 million-tonne new refinery at Cauvery Basin, Nagapattinam. Adani Group committed to invest Rs 10,000 crore on a port. Automobile firms like Hyundai committed Rs 7,000 crore, MRF Rs 3,100 crore, Eicher Rs 1,400 crore, and PSA Group that makes Peugeot cars, mainly electric cars, Rs 1,250 crore.

“Tamil Nadu is already a leader, in automobile manufacturing, and we are going to take the lead, in the manufacture of electric cars,” Palaniswami said.

Foxconn, the Taiwanese electronics giant, agreed to invest Rs 2,500 crore for manufacturing premium smartphones at its facility near Chennai. Salcomp from Finland and Luxshare from China, will invest in electronics hardware manufacturing.

TPI Composites of USA will manufacture windmill blade in Tamil Nadu, and domestic companies Ramco and Chemplast committed to increasing investments in the state by expanding their existing facilities.

“In GIM 2019, we have focussed on the equitable industrial development of all parts of the State. We have been able to bring huge additional investment by CPCL to economically backward Nagapattinam district. The MoUs signed today include attractive package of incentives for investments in southern districts for companies like Britannia and Ramco,” he noted.

State Industry Minster MC Sampath said that his government would ensure that all projects become a reality and would constantly monitor all the projects.

Palaniswami announced the global investor meetings will be held every two years and the next one will be in 2021.

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