The State government is confident that the Global Investors Meet (GIM) to be held in January, 2019, will see investments breaching the Rs 3 lakh crore mark, K Pandia Rajan, Minister of Tamil Development, Culture and Archaeology, said on Friday.
K Pandia Rajan, Minister of Tamil Development, Culture and Archaeology
Chennai:
From TN’s perspective, an investment had been made for the expansion of Tidel Park on OMR. The same team, under K Gnanadesikan, the Additional CS to the government, that had driven peak investments into the state, is working for the upcoming GIM, he added.
The previous edition of the GIM had attracted investments of Rs 2.42 lakh crore, though it got a commitment of about Rs 62,738 crore only. A source told DT Next that diverse industries such as auto, electronics, textiles, renewable energy, infrastructure, IT, petroleum and natural gas would be investing in TN.
Of the 98 MoUs signed in GIM 2015, 67 projects totalling an investment of Rs 70,000 crore were said to be in an advanced stage of implementation. Some had been commissioned too. “It takes five to seven years for an investment cycle to get completed. In some cases, 20% investments had been done, while others ranged from 30 to 60 to 90%. A few had even exceeded the commitments,” the source said.
He was speaking to the media after inaugurating ‘AutoServ 2018’. In the pre-GIM phase, the state had held 24 roadshows including one in Gujarat, to market the huge potential of TN, Rajan said. Hyundai and Ceat’s recent investment announcements reflected the investors’ confidence in the state.
From TN’s perspective, an investment had been made for the expansion of Tidel Park on OMR. The same team, under K Gnanadesikan, the Additional CS to the government, that had driven peak investments into the state, is working for the upcoming GIM, he added.
The previous edition of the GIM had attracted investments of Rs 2.42 lakh crore, though it got a commitment of about Rs 62,738 crore only. A source told DT Next that diverse industries such as auto, electronics, textiles, renewable energy, infrastructure, IT, petroleum and natural gas would be investing in TN.
Of the 98 MoUs signed in GIM 2015, 67 projects totalling an investment of Rs 70,000 crore were said to be in an advanced stage of implementation. Some had been commissioned too. “It takes five to seven years for an investment cycle to get completed. In some cases, 20% investments had been done, while others ranged from 30 to 60 to 90%. A few had even exceeded the commitments,” the source said.