Tamil Nadu signs 18 MoUs worth Rs 20k crore investment, to generate 26,509 jobs

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December 15, 2020 1:00 AM

The firms which have signed MoU includes Torrent Gas, First Solar, Crown Group of Companies, Ola Electric, Voltas, Mylan and Mahindra CIE, among others. The MoUs were signed in the presence of Tamil Nadu chief minister Edappadi K Palaniswami.

Mahindra CIE has proposed to establish a project for manufacture of auto components in Hosur, Krishnagiri with an investment of Rs 100 crore which will create jobs for 500 persons.Mahindra CIE has proposed to establish a project for manufacture of auto components in Hosur, Krishnagiri with an investment of Rs 100 crore which will create jobs for 500 persons.

Pushing ahead with its development agenda, the Tamil Nadu government on Monday signed 18 Memorandum of Understanding (MoUs) worth `19,955 crore, with corporate houses and industrial groups, which will create jobs for 26,509 people.

The firms which have signed MoU includes Torrent Gas, First Solar, Crown Group of Companies, Ola Electric, Voltas, Mylan and Mahindra CIE, among others. The MoUs were signed in the presence of Tamil Nadu chief minister Edappadi K Palaniswami.

While Torrent Gas tops the investment chart with Rs 5,000 crore, First Solar has committed to invest Rs 4,185 crore, Ola Electric Rs 2,354 crore, Crown Group Rs 2,500 crore Voltas Rs 1,001 crore, Mylan Rs 350 crore and Mahindra CIE Rs 100 crore. In total, the 18 companies have committed around Rs 19,955 crore with a total employment promise of 26,509.

Ola has proposed to set up an electric two-wheeler manufacturing unit at Hosur, Krishnagiri district with an investment of Rs 2,354 crore with an employment potential for about 2,182 persons.

Crown Group has proposed to establish an Aerospace Cluster Park for manufacturing of Flight components and subsystems and Drone manufacturing in Salem district with an investment of Rs 2,500 crore and employment potential for about 5,000 persons. Torrent Gas is planning to establish city gas distribution network in Chennai and Tiruvallur and it has proposed to invest Rs 5,000 crore with an employment potential for 5,000 persons.

First Solar, the world’s largest manufacturer of thin-film photovoltaic solar modules using advanced thin-film semiconductor technology, proposed to establish a solar module manufacturing facility in Tamil Nadu. The investment in the manufacturing facility is Rs 4,185 crore with an employment potential for about 1,076 persons.

Society for Smart Electric Mobility (SSEM) has proposed to set up an EV and future mobility park with skill development, research centre and also facilitate the setting up on manufacturing industries within the park in Thathanur, Tiruppur district with a proposed investment of Rs 2,500 crore and employment potential for 1,000 people.

Voltas has proposed to set up a manufacturing facility of AC and commercial refrigeration products in Vedal Village, Kanchipuram district. The proposed investment in this project is about Rs 1,001 crore with an employment potential for about 2000 persons.

Mylan Laboratories has proposed to establish an injection manufacturing project in Kurubarapalli, Krishnagiri district with an investment of Rs 350 crore and would generate employment for 250 persons.

Mahindra CIE has proposed to establish a project for manufacture of auto components in Hosur, Krishnagiri with an investment of Rs 100 crore which will create jobs for 500 persons.

SIPCOT has proposed to establish an industrial housing project for the accommodation of employees of Foxconn in its industrial park at Vallam Vadagal, Sriperumpudur taluk of the Kanchipuram district. An MoU was signed between SIPCOT and Foxconn for this project. Palaniswami also laid the foundation stone for five industrial projects worth Rs 4,456 crore which will create 27,324 jobs.

The cumulative investment in the above 24 projects (MoU projects, foundation stone laid projects and inaugurated project) is about Rs 24,458 crore and the employment potential will be about 54,218 persons.

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