He also took part in the inauguration of seven companies which had already signed Memorandum of Understanding with the state government and commenced commercial production at its facilities today, an official release said.

Both functions were done through video-conferencing. These companies had committed investments of Rs 1,298.20 crore, generating 7,879 new jobs and signed MoUs with the state government during the Global Investors Meet in 2019 and also during the Chief Minister's three nation visit last year.

Wheels India Ltd, Salcomp's electronic component manufacturing facility at Nokia SEZ, Sriperumbudur, Dindigul Renewable Energy Pvt Ltd, Power Gear's electric component production facility, Mudhra Fine Blanc auto-component facility were among those that commenced commercial production today. The projects for which Palaniswami took part in the foundation stone staying ceremony include Hyundai Motor India's new Rs 150 crore training centre at Irungattukottai, Vikram Solar's Rs 5,512 crore solar module production unit, Adani Gas's Rs 2,000 crore city-gas distribution project, Integrated Chennai Business Park's Rs 1,000 crore logistics park and Shreevari Energy Systems Rs 250 crore project.

An official release said he state government signed MoUs with 304 companies which committed investments of Rs 3.50 lakh crore that would create 10.50 lakh jobs in the state during the Global Investors Meet in 2019. With the companies commencing commercial production today, 89.47 per cent of the 304 projects have gone on stream, the release said.

Meanwhile industries minister M C Sampath handed over the dividend cheque of Rs 14.66 crore of state-government owned Tamil Nadu Newsprint and Papers Ltd for the 2019-20 fiscal to Palaniswami, the release said. On Friday, Palaniswami unveiled a short film on 'Guidance Tamil Nadu, commemorating its 28th anniversary.

Guidance Tamil Nadu is a nodal investment promotion agency, facilitating investments and providing single window facilitation to companies which plan to set up manufacturing facility in the state.