TN cabinet gives nod for Rs 52,257 cr investment proposals; to unveil new industrial policy

The Tamil Nadu cabinet on Fridaygave its nod for 24 major investment proposals, valued at Rs52,257 crore, that would generate 93,935 jobs.

The cabinet, headed by Chief Minister K Palaniswami, alsoaccorded its approval to the soon to be unveiled 'Tamil NaduIndustrial Policy, 2021', to give a boost to the State'sinvestment climate.

An official release said incentive packages as per therequirement of the investors were offered to the companies andthe government has already entered into a 'facilitationMemorandum of Understanding' enabling the entities to take up'preliminary works' at the project site.

''With cabinet approval, detailed legally binding MoUswill be executed'', the release said.

Some of the major investment proposals include one byTata Electronics to set up a mobile phone componentmanufacturing facility at an investment of Rs 5,763 crore inKrishnagiri district, which would create 18,250 jobs.

Taiwan-based Pegatron Corporation would invest Rs 1,100crore in the first phase in neighbouring Chengalpet districtto manufacture mobile phones and create 14,079 new jobs, therelease said.

To manufacture solar photo-voltaic modules, SunEdisonwould invest Rs 4,629 crore, creating new jobs of 5,397 whileTaiwan-based Luxshare to make electronic components inSriperumbudur district, reviving the factory of Motorola whichhas been lying 'defunct', the release said.

Ola Electric would manufacture electric vehicles andbatteries at SIPCOT Park in Bargur, Krishnagiri district withinvestments of Rs 2,354 crore that would create 2,182 jobs.

German firm Eickhoff Gruppe would invest Rs 621 croreemploying 319 people to manufacture gearboxes for wind energy.

The facility to come up near Chennai is a relocation ofthe company's production facility from China.

Berlin-based BASF would invest Rs 345 crore tomanufacture auto-emission catalysts in Chengalpet districtthat would see creation of 235 jobs.

Lucas TVS would invest Rs 2,500 crore to produceLithium-Ion batteries in Tiruvallur district, creating 3,500new jobs while Japan-headquartered Daicel Corporation wouldset up its first airbag inflator manufacturing unit inChengalpet district at an investment of 358 crore creating 180jobs in the region.

Seoul-based LS Automotive would invest Rs 250 crore to setup automotive switches in Tiruvallur district employing 200people.

Data Patterns would invest Rs 303.52 crore that wouldcreate 703 jobs in Chennai to make defence and aerospacerelated products, under the Tamil Nadu Defence IndustrialCorridor initiative.

US-based Autoliv Inc would invest Rs 100 crore tomanufacture auto-components in SIPCOT Park, Cheyyar inTiruvannamalai district. The facility would create 400 newjobs, the release said.

The approval by the Cabinet would enable the statefurther its industrial development, besides creating new jobs,particularly during the pandemic, the release said.