CHENNAI: Continuing its focus on attracting new investments into the state despite the prevailing pandemic, the Tamil Nadu government on Monday signed 18 MoUs with investors to attract nearly Rs 20,000 crore in industrial investments. The new investments are across sectors, including electric vehicles, solar and wind energy, pharmaceuticals, city gas distribution, E-education and textiles.
The MoUs were signed in the presence of CM Edappadi K Palaniswami to attract investments of Rs 19,995 crore into TN and with a potential to provide employment to more than 26,500 people. In addition, the CM laid the foundation stone for five projects, with an investment commitment of Rs 4,456 crore, a government release said. It would have an employment potential of more than 27,000 people, the state government release said.
“With an administration that offered quality healthcare to all those affected by Covid-19 and deftly handled cyclones and heavy rains, the state government ensured Tamil Nadu attracted the highest industrial investments and clocked double digit growth in GST revenue even during the pandemic. The whole country is now looking at our state and Tamil Nadu model of growth is winning accolades,” the CM said.
Among the key investments planned in the state include Ola Electric Mobility’s proposal to establish an electric 2-wheeler manufacturing facility at Hosur in Krishnagiri district at an investment of Rs 2,354 crore, and providing employment to nearly 2,200 people.Ola Electric on Monday said it will make two million electric scooters at a greenfield facility in Hosur in Tamil Nadu, displacing Honda Motorcycle and Scooters’ Vithalpur facility in Gujarat which makes 1.2 million units of petrol-powered scooters in a year.
“This is a significant milestone for Ola and a proud moment for our country. This will be one of the most advanced manufacturing facilities in the world. This factory will showcase India’s skill and talent to produce world-class products that will cater to global markets,” Bhavish Aggarwal, chairman and group CEO, Ola said.
Torrent Gas Chennai is planning to establish a city gas distribution network in Chennai and Tiruvallur with an investment of Rs 5,000 crore, employing 5,000 people. “There were legal challenges in establishing gas distribution network and hence Chennai was missing out so far. Those have now been cleared and we will soon get piped gas supply in our city,” a senior state government official told TOI.
Arizona-based First Solar, which is the world’s largest manufacturer of thin film photovoltaic (PV) solar modules, is investing Rs 4,185 crore in a solar module manufacturing facility. “They are looking at two locations and it will come up near Chennai. This will be the largest solar PV plant in the state,” the official said.
Society for Smart Electric Mobility (SSEM) proposes to set up an electric vehicle and future mobility park. It will have a research centre and would help skill development. It would facilitate setting up of manufacturing units within the park coming up at Thathanur in Tirupur district. It is investing Rs 2,500 crore and will employ around 1,000 people.
Voltas, a leading player in air conditioners and refrigeration products, will establish a manufacturing facility at Vedal village in Kancheepuram district by investing Rs 1,000 crore to make air conditioners and commercial refrigeration products. “This is the first major plant that Tamil Nadu is attracting in this segment,” the official added.
Among the MoUs signed on Monday include plans by three pharmaceutical companies to establish new units in Tamil Nadu. The key among them is Mylan Laboratories, a US-based speciality pharmaceuticals manufacturer, investing Rs 350 crore in its unit to come up in Krishnagiri district. “All the three MoUs with pharma companies are for speciality pharmaceuticals, which were not part of the state’s bouquet, even though investments are smaller in size,” the official said.
Crown Group has signed an MoU with Tidco to establish an aerospace cluster park for manufacturing of flight components and sub systems and drones in the defence corridor coming up in Salem district. It will invest Rs 2,500 crore and it offers employment potential to 5,000 people.