During the IFCCI Indo-French Investment Conclave 2021, french companies namely, A.Raymond Fasterners, Cryolor, Precia Molen and Timac Agro signed 4 Letter of Intents (LoIs) with the Tamil Nadu government to invest Rs 200 crore in the state.
Special Focus sectors for which LoIs given– Aerospace & Defence, Mobility, Electronics & Hardware and Ease of Doing Business.
What is Letter of Intent (LoI)?
i.It is a document that declares the preliminary commitment of one party to do business with another.
ii.It outlines the key terms of a deal. It is commonly used in major business transactions.
iii.It is similar in content to term sheets, but the major difference between the two, is that LOIs are presented in letter formats, while term sheets are listicle in nature.
Recent Related News:
On 14th December, 2020 Chief Minister of Tamil Nadu Edapaddi K Palaniswami signed 18 Memorandum of Understandings (MoU) for 24 projects with multiple companies attracting investment in the state, which has the potential to create 54,218 jobs in the state.
Festival– Pongal, Thiruvaiyaru Festival, Thaipusam, Tamil New Year, Chithirai Thiruvizha, Karthigai Deepam
Dance– Bharatanatyam, Mayil Attam(peacock dance), Puliyattam or Tiger Dance, Kummi, Kai Silambu Attam, Karakattam