TN Cabinet clears investment worth Rs 7,108 crore

The Tamil Nadu cabinet on Tuesday cleared investment proposals worth Rs 7,108 crore by eight companies that could generate 22,536 jobs across the state. The state cabinet also cleared a new policy, after 16 years, on developing minor ports.

The policy aims to encourage private participation in recycling, ship-building, and improving minor ports across the state. Speaking to reporters after the cabinet meeting late on Tuesday, Finance Minister Thangam Thennarasu said the investments by the companies would be in Chengalpet, Kancheepuram, Krishnagiri, Ranipet and Coimbatore.

It will be in electric vehicles, glass products, research and development, and other sectors, he said. The major investment, worth about Rs 3,400 crore, will be by French major Saint-Gobain at a plant in Tiruvallur district, Thangam Thennarasu said.

The investment is likely to be across the firm’s various business verticals, including glass wool, gypsum plasterboard, acoustic ceiling, float glass, solar glass and others. Taiwan-based Hong Fu Group’s Rs 1,000 crore investment proposal at Panapakkam SIPCOT in Ranipet, expected to create 20,000 jobs, has also been approved.