Eye on job creation: Tamil Nadu signs 16 MoUs for investments worth Rs 5,137 crore

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July 24, 2020 3:00 AM

Previously, on May 27, the Tamil Nadu government had signed 17 MoUs worth Rs 15,128 crore with various companies aiming to generate employment for 47,150 persons.

Among the major investments, Adani Enterprises, the flagship company of the Adani Group, has signed an MoU worth Rs 2,300 crore for setting up a data centre while Princeton Digital Group inked a deal for Rs 750 crore.

In a bid to bring increased investments into the state, the Tamil Nadu government on Thursday signed 16 memoranda of understanding (MoUs) worth Rs 5,137 crore aimed at creating employment opportunities for over 6,555 people. The fresh bunch of MoUs come close on the heels of the state inking 8 MoUs with companies on Monday involving investment of about Rs 10,339 crore and promising employment opportunities for 13,507 people.
Pushing ahead with his industrialisation agenda, the state chief minister Edappadi K Palaniswami signed the 16 MoUs in the presence of industries minister M C Sampath with representatives of the industrial houses.

Among the major investments, Adani Enterprises, the flagship company of the Adani Group, has signed an MoU worth Rs 2,300 crore for setting up a data centre while Princeton Digital Group inked a deal for Rs 750 crore. Super Auto Forge, manufacturer of cold and warm forged steel and aluminium parts and BPL-FTA Enterprises, have given an investment commitment of Rs 500 crore each. The Super Auto investment will be for steel and aluminium parts manufacturing.

Airflow Equipments, a major supplier of equipment and products to the transportation industry will invest Rs 320 crore at Kancheepuram. ATC Tires, a fully owned subsidiary of The Yokohama Rubber, Japan will be investing Rs 250 crore at Gangaikondan, Tirunelveli for a technology enhancement project, according to a official statement from the Tamil Nadu government.

The other MoUs include Visteon (Rs 100 crore for auto components), Srivaru Motors (Rs 150 crore to manufacture e-bikes), Top Anil Marketing (Rs 100 crore), Corestack (Rs 35 crore), Swirepay (Rs 23 crore), Radus Digital (Rs 21 crore), bitWise Academy (Rs 21 crore), Plethy (Rs 22 crore), Tier1 Network Solutions (Rs 25 crore) and Continube (Rs 20 crore). There are seven MoUs that have been signed in the technology space. Of these, six will come up in Chennai and one in Coimbatore.

The Tamil Nadu government had signed eight MoUs on Monday with companies involving investment commitments of about Rs 10,339 crore, which are projected to create employment opportunities for 13,507 people. Of the lot, the largest project was signed by Vikram Solar, a solar energy solutions provider, which will invest Rs 5,423 crore at Kancheepuram and provide employment to 7,542 persons over the next few years.

Other major projects include Hiranandani Group company Yotta’s data centre in Chengalpattu district at an investment of Rs 4,000 crore, an air compressor unit of Elgi Equipments at an investment of Rs 250 crore, Aquasub’s ductile iron foundry at an investment of Rs 200 crore, GIAgro Tech’s cashew nut processing unit at Villupuram at an investment of Rs 36 crore, JSAuto Cast’s foundry facility expansion project at Erode at an outlay of Rs 40 crore, industrial park projects by CGD Satharai with an outlay of Rs 250 crore at Kancheepuram district and NDR Infrastructure with an outlay Rs 200 crore at Ranipet.

Previously, on May 27, the Tamil Nadu government had signed 17 MoUs worth Rs 15,128 crore with various companies aiming to generate employment for 47,150 persons. The major companies included Chennai Power Generation (Rs 3,000 crore), HDCI Data Centre (Rs 2,800 crore), Vivid Solaire Energy of France (Rs 2,000 crore), ST Telemedia of Singapore (Rs 1,500 crore), and Salcomp of Finland (Rs 1,300 crore).

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