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Tamil Nadu CM signs 18 MoU’s for 24 Projects worth Rs. 24,248 Crores

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TN signs MoUs for 24 projects worth ₹24,248 cr

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.

i.On 14th December, 2020 Ola has signed a Memorandum of Understanding (MoU) with Tamil Nadu state government to set up a Rs. 2400 crore Electric vehicle manufacturing hub in the state, this turns out to be the world’s largest scooter factory.

About 24 Investment Projects:

Tamil Nadu government signed 18 MoU’s attracting an investment of Rs. 19,995 Crores with potential to create upto 26,509 jobs.

CM Palanisamy laid the foundation stone for projects worth Rs. 4503 crore with potential to create upto 27,709 jobs.

Highlights of the MoU’s

i.Mega Industrial Housing project at Sipcot Vallam Vadagal by Telecom Major Foxconn.

ii.Solar Module manufacturing by US Based First Solar with an investment of Rs. 4,185 crore.

iii.Voltas Manufacturing plant at Kanchipuram with investment of Rs. 1001 crore.

iv.Ola’s world’s largest scooter manufacturing unit in Hosur, with investment of Rs. 2,354 crore.

v.Flight components, subsystems manufacturing Aerospace Cluster Park at Salem byCrown Group with investment of Rs. 2500 crores.

vi.Injection Manufacturing project in Krishnagiri, by US-based Mylan Laboratories with investment of Rs. 350 crore.

vii.Wind Blade Components Manufacturing unit at Sriperumbudur, by Gurit India Private Limited win investment of Rs. 320 crore.

About Ola’s E-vehicle manufacturing unit:

Initial Production Capacity- 2 Million units

Technology and Features

  • Unique removable Banana battery, removable, light weight and capable of charging anywhere with its intelligent software.
  • Plant uses cutting-edge technology for manufacturing Electric Vehicles (EV).
  • Ola manufactures EVs that won the Marketing Innovation award at CES and the German Design Award.
  • Ola’s global Electric Vehicle Manufacturing Units Head- Jose Pinheiro

Recent Related News:

i.On May 27, 2020, Industry and the economy are being hit by the increasing coronavirus (COVID-19) impact in Tamil Nadu (TN) & in the meantime, the state Government is taking various measures to restore the industry which has been hit by the virus. The state government has inked 17 memorandum of understandings (MOUs) worth ₹15,128 crore with various companies.

ii.On October 12, 2020 Edappadi K. Palaniswami, Chief Minister(CM) of TamilNadu signed 14 Memorandums of Understanding (MoUs) worth Rs 10,055 crore in investments, that is expected to generate employment opportunities for about 7,000 people. Of these 14 MoUs, 10 were exchanged physically and the remaining 4 were exchanged online.

About Tamil Nadu:

Capital- Chennai
Chief Minister- Edappadi K. Palaniswami
Governor- Banwarilal Purohit