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Tamil Nadu govt inks 17 investment MoUs worth ₹15,128 cr with corporates

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Tamil Nadu signs MoUs worth over Rs 15,000 croreOn 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.
As part of this, the state government has inked
17 memorandum of understandings (MOUs) worth ₹15,128 crore with various companies based in Germany, Finland, Taiwan, China, France, South Korea, Japan, USA, Australia, England and Netherlands, with the aim to provide employment opportunities to 47,150 people.

Key Points:

i.Background: With the impact of Corona on the global economy, many foreign companies have decided to relocate to countries including India. In view of this, a special committee has been set up under the leadership of the Tamil Nadu Chief Secretary Shanmugam to take necessary steps to start their business in the state with special emphasis on companies from various nations who have already invested.

ii.The details of 17 MoUs signed are as follows:

  • Daimler India (investment Rs 2,277 crore), Finland’s Salcomp (Rs 1,300 crore), Polymatech Electronics of Japan (Rs 900 crore), Taiwan’s Chung Jye Company Ltd and Aston Shoes Pvt Ltd (Rs 350 crore), Australia’s Lai Investment Manager Pvt Ltd (Rs 400 crore), South Korea’s Mando Automotive India Pvt Ltd (Rs 150 crore), Netherlands’ Dinex (Rs 100 crore), Indo-UK joint venture Chennai Power Generation Ltd (Rs 3,000 crore).
  • In addition, France based IGL India Transplantation Solutions Pvt Ltd (Rs 18 crore) & Vivid Solaire Energy Pvt Ltd (Rs 2,000 crore), US based HDCI Data Centre Holdings Chennai LLP (Rs 2,800 crore), Singapore’s ST Tele Media (Rs 1,500 crore), Germany’s Baettr (Rs 210 crore), China’s BYD India Pvt Ltd (Rs 50 crore), Taiwan’s TJR Precision Technology Company Ltd (Rs 46 crore), Japan’s Pillar Industries India Pvt Ltd (Rs 15 crore) US based Lincoln Electric research and development centre (Rs 12 crore) also signed the MoU.

About Tamil Nadu (TN):
Capital– Chennai
Chief minister– Edappadi K. Palaniswami
Governor– Banwarilal Purohit
State Fruit– Jackfruit
StateTree– Palm Tree