TN inks mega investment pacts worth Rs 15,128 crore with 17 cos

Tamil Nadu signed 17 MoUs with various companies involving investments totalling ₹15,128 crore on Wednesday. Nine of the MoUs were signed in the presence of Chief Minister Edappadi K Palaniswami and the rest through video conference, said a State government press release. This is likely to generate over 47,150 jobs.

The MoUs were signed by Usha Kakarla, Managing Director and CEO, Guidance, and Aneesh Sekhar, Executive Director, Guidance with various company officials, said a release from Guidance, a State-run investment promotion agency facilitating single-window clearances.

Daimler India, Salcomp and other companies would invest over Rs 15,000 crore in Tamil Nadu. Daimler India Commercial Vehicle would invest Rs 2,277 crore and generate 400 jobs.

The proposed investment will be towards company’s proposed brownfield expansion at company’s Oragadam facility near Chennai. Other major auto project will be by BYD India. The company will invest Rs 50 crore to manufacture electric vehicles. The proposed facility will come at Sriperumbudur and will generate jobs for 130 people. Mahindra Origins will be investing Rs 46 crore.

In the presence of Chief Minister Edappadi K Palaniswami, the state government signed the MoUs. The investments are expected to be made in areas like mobile making, truck making, data centres, auto components and electric vehicles, and the investors are from countries like Germany, Finland, Japan, China, France and Taiwan.

Multiple teams like the chief secretary-led special task force for investment promotion, industries department and its wings, SIPCOT, Investment Facilitation Cell have been behind the initiative, with TN Guidance playing a key role in attracting the investors.

The MoUs were signed with companies that are already operating in the state like Daimler India Commercial Vehicles and also with new investors.