TN cabinet approves 14 new projects worth Rs 38,698 crore
The Tamil Nadu Cabinet during a meeting chaired by Chief Minister M.K. Stalin on Tuesday approved 14 new projects worth Rs 38,698.30 crore. The state government, in a statement, said that these projects would generate employment for over 46,000 people.
The investments cleared by the state government include a Rs 13,180 crore investment by Yuzhan Technology (India) Pvt Ltd and a Rs 9,000 crore investment by Tata Motors Pvt Ltd for its Ranipet plant, where the production of Jaguar and Land Rover vehicles will take place.
The investment by Yuzhan Technology will create 14,000 jobs, while Tata Motors’ investment will provide employment for 5,000 people. Leap Green Energy Pvt Ltd will invest Rs 10,375 crore and create employment for 3,000 people.
Tamil Nadu Finance Minister Thangam Thenarasu, speaking to media persons after the cabinet meeting, said the investments would be made in the manufacturing of low-tension panels, mobile phone components and cases, luxury cars and their spare parts.
He added that there would be investments in the production of high-end equipment and related software, defense equipment, medical equipment, non-leather footwear, renewable energy (including green hydrogen and green ammonia), electric vehicles, and telecommunication-related R&D.
The minister also said that the state government would provide concessions to industries in line with sector-specific policies.
He noted that these concessions are provided based on the recommendations of the state government’s inter-departmental committee.
He emphasised that these industries would create job opportunities for the skilled and qualified youth of the state, highlighting Tamil Nadu’s large pool of qualified young professionals.
It is to be noted that Tamil Nadu Chief Minister M.K. Stalin had recently visited the US on an investment-boosting trip.
The state government announced that the trip had secured investments worth Rs 7,616 crore, and contracts had been signed with 18 companies.