The country’s top industrial houses including Adani Group, HCL, MRF and ITC among others have pledged investments worth over Rs 30,000 crore in Tamil Nadu...
The country’s top industrial houses including Adani Group, HCL, MRF and ITC among others have pledged investments worth over Rs 30,000 crore in Tamil Nadu in the first day of the state’s first ever Global Investor Meet (GIM) on Wednesday. Adani Group alone is planning to invest somewhere between Rs 10,000 and 15,000 crore in the state to set up power plants and ports.
Speaking on the sidelines of the event Gautam Adani, chairman of Adani Group said that Tamil Nadu offers tremendous potential and that the company is setting up a 650 MW solar plant which will be the largest in the world and will be operational by March 2015. “We are now investing in port and non-renewable power projects (thermal) and we are looking at investing around Rs 10,000 to 15,000 crore in the state,” said Adani.
Shiv Nadar, founder of HCL, said that so far the company has invested around Rs 6,000 crore in Tamil Nadu. “We expect to invest $1 billion over the next five years in Tamil Nadu,” Nadar said. The money will be invested to set up new centres at Madurai and Tiruneveli. HCL currently employs around 35,000 people in Tamil Nadu.
He said that for HCL the brain centre is Tamil Nadu. Of the total 1,10,000 employees of the company around 75,000 are in India, of which around 35,000 are in Tamil Nadu, said Nadar, who hails from the state.
Tyre major MRF’s chairman K M Mammen said that the company is planning to invest around Rs 4,500 crore at Perambalur, Tamil Nadu. It will be the biggest plant ever for the company. It will produce two-wheeler, car tyres, truck tyres. He refused to comment on the capacity.
ITC’s Chairman YC Deveshwar said ITC is looking for investment opportunities everywhere. “We have laid out a Rs 25,000 crore of investment plan. The book value of our current investment in Tamil Nadu is Rs 2,400 crore. The latest of these investments was ITC Grand Chola,” he said.
Investing in Tamil Nadu is both the matter of the heart and head for me. I would like to make Rs 2,500 crore of investment as soon as we keep getting permissions. We have a Rs 800 crore food processing plant in Trichy. If that is quickly cleared and if we get the right incentives according to the industrial policy, we will continue to invest, he added. He said that ITC also wants to invest more in a hotel project at Coimbatore.