Tamil Nadu cabinet approves 24 investment proposals, to generate 93,935 jobs
The Tamil Nadu cabinet on Friday gave its nod for 24 major investment proposals, valued at Rs 52,257 crore, that would generate 93,935 jobs. The cabinet, headed by Chief Minister K Palaniswami, also accorded its approval to the soon to be unveiled ‘Tamil Nadu Industrial Policy, 2021’, to give a boost to the State’s investment climate.
An official release said incentive packages as per the requirement of the investors were offered to the companies and the government has already entered into a ‘facilitation Memorandum of Understanding’ enabling the entities to take up ‘preliminary works’ at the project site.
“With cabinet approval, detailed legally binding MoUs will be executed”, the release said.
Some of the major investment proposals include one by Tata Electronics to set up a mobile phone component manufacturing facility at an investment of Rs 5,763 crore in Krishnagiri district, which would create 18,250 jobs.
Taiwan-based Pegatron Corporation would invest Rs 1,100 crore in the first phase in neighbouring Chengalpet district to manufacture mobile phones and create 14,079 new jobs, the release said.
To manufacture solar photo-voltaic modules, SunEdison would invest Rs 4,629 crore, creating new jobs of 5,397 while Taiwan-based Luxshare to make electronic components in Sriperumbudur district, reviving the factory of Motorola which has been lying ‘defunct’, the release said.
Ola Electric would manufacture electric vehicles and batteries at SIPCOT Park in Bargur, Krishnagiri district with investments of Rs 2,354 crore that would create 2,182 jobs.
German firm Eickhoff Gruppe would invest Rs 621 crore employing 319 people to manufacture gearboxes for wind energy.
The facility to come up near Chennai is a relocation of the company’s production facility from China.
Berlin-based BASF would invest Rs 345 crore to manufacture auto-emission catalysts in Chengalpet district that would see creation of 235 jobs.
Lucas TVS would invest Rs 2,500 crore to produce Lithium-Ion batteries in Tiruvallur district, creating 3,500 new jobs while Japan-headquartered Daicel Corporation would set up its first airbag inflator manufacturing unit in Chengalpet district at an investment of 358 crore creating 180 jobs in the region. Seoul-based LS Automotive would invest Rs 250 crore to set up automotive switches in Tiruvallur district employing 200 people.
Data Patterns would invest Rs 303.52 crore that would create 703 jobs in Chennai to make defence and aerospace related products, under the Tamil Nadu Defence Industrial Corridor initiative.
US-based Autoliv Inc would invest Rs 100 crore to manufacture auto-components in SIPCOT Park, Cheyyar in Tiruvannamalai district. The facility would create 400 new jobs, the release said.
The approval by the Cabinet would enable the state further its industrial development, besides creating new jobs, particularly during the pandemic, the release said.
