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TN receives INR 28,508 Crore Investment from Investment Conclave 2021

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Tamil Nadu (TN) received INR 28,508 Crore Investment Commitments from 49 Projects during the ‘Investment Conclave 2021’ held in Chennai on July 20, 2021. It was organized by the State’s Industry Ministry & Guidance Tamil Nadu (TN’s Nodal Agency for Investment Promotion).

i.During the event, 35 Memorandum of Understandings (MoUs) were exchanged with a cumulative investment of INR 17,141 crores which will generate employment opportunities to 55,054 persons.

ii.The investment covered the fields of power plants, electronics, auto components, industrial parks, IT/ITeS (Information Technology enabled Services), food processing, footwear, pharmaceuticals, and textiles.

iii.During the event, TN Chief Minister (CM) M K Stalin outlined several targets,

  • To bring investment of INR 23 Lakh Crore to TN by 2030.
  • To make TN a USD 1 trillion economy by 2030.

Laying of Foundation Stone & Inauguration

CM M.K. Stalin laid the foundation for 9 projects with an Investment commitment of INR 4,250 crore and employment opportunities to 21,630 persons.

  • Stalin also inaugurated 5 projects with an investment commitment of INR 7,117 crores and employment opportunities to 6,798 persons.

GE’s proposal to Set Up CoE

General Electric (GE) Company has signed an MoU with TIDCO (Tamil Nadu Industrial Development Corporation) to establish a Centre of Excellence (CoE).

  • The CoE will enhance production of aircraft and aeronautical components for industries in the aerospace and defence sector using advanced manufacturing technologies.

ESR India to invest INR 550 Crore in TN

ESR India has signed an MoU with Tamil Nadu Government to develop 2 Industrial parks in Kancheepuram & Krishnagiri districts over the next 5 years. It will be set up with an estimated investment of INR 550 crore.

  • The 2 industrial parks have the potential to create more than 4,400 jobs.
  • The MoU will facilitate its proposed investment at Kancheepuram and Krishnagiri industrial parks by streamlining land acquisition, approvals, clearances, and administrative processes as per existing policies, rules, and regulations of the state government.
  • ESR is the largest APAC (Asia-Pacific Region) focused real estate platform by gross floor area and by value of assets owned directly and funds and investment vehicles it manages.

Vikram Solar adds 1.3 GW solar module manufacturing facility

TN Chief Minister M K Stalin inaugurated a 1.3 GigaWatt (GW) Solar Photovoltaic (PV) Module Manufacturing Facility of Vikram Solar at Indospace Industrial Park, Oragadam, Chennai.

  • The commissioning of the new unit will take Vikram Solar’s total PV module manufacturing capacity to 2.5 GW per annum, making it the largest in India.
  • Apart from the new facility, Vikram Solar owns and operates a 1.2 GW facility in Falta, West Bengal.

Guidance Tamil Nadu signs MoU with ATEA

Guidance Tamil Nadu signed an MoU with American Tamil Entrepreneurs Association (ATEA) to promote start-ups in the field of innovation, research and development.

  • TN Government has sanctioned a grant of INR 5 crore to 5 start-ups selected for the program.

Recent Related News:

i.On February 23, 2021, TN’s Former Finance Minister O Panneerselvam presented the Interim State Budget for the year 2021-22 at Chennai’s Kalaivanar Arangam.

ii.On 14th December, 2020, TN’s Former CM Edapaddi K Palaniswami signed 18 MoU for 24 projects with multiple companies attracting investment in the state, which has the potential to create 54,218 jobs in the state.

About Tamil Nadu

Chief Minister – M K Stalin
RAMSAR sites – Point Calimere Wildlife and Bird Sanctuary
Airport – Chennai International Airport, Madurai International Airport, Coimbatore International Airport, Tiruchirapalli International Airport