Tamil Nadu signs MoUs with three foreign companies for Rs 1,254crore investment

CHENNAI: The Tamil Nadu government on Friday signed memorandums of understanding with Japan-based Mitsuba Sical, South Korea-based Hanon Automotive Systems and US-based JOGO Health which would launch projects worth Rs 1,254 crore in the state.
Mitsuba Sical will invest Rs 504 crore while Hanon Automotive Systems and JOGO Health will invest Rs 500 crore and Rs 250 crore, respectively.
The MoUs were exchanged by officials in the presence of chief minister Edappadi K Palaniswami, at the two-day Diplomatic Outreach event which began here on Friday. More than 50 foreign diplomats and senior government officials are attending the event, jointly organised by the ministry of external affairs and Tamil Nadu government. The event focuses on economic and investment opportunities in the state.
Through videoconferencing, the chief minister laid the foundation stone for the Rs 217crore Polymer Industries Park in Tiruvallur district. “This state-of the-art park is planned with a coverage area of 250 acres and aims at generating an additional investment of Rs 3,000 crore and create employment for around 7,000 people,” Palaniswami said.