TN signs 304 MoUs for Rs. 300,000 crore investment

Tamil Nadu Chief Minister K. Palaniswami on Thursday said the two day Global Investors Meet 2019 (GIM 2019) has attracted investment proposals worth over Rs. 300,000 crore. Delivering the valedictory address at GIM 2019 Palaniswami said the state has signed 304 Memoranda of Understanding (MoUs) during the investors meet involving an investment of Rs. 300,431 crore.

The investment proposals have the potential to provide job opportunities for 10.50 lakh persons, Palaniswami said. According to him, the major investment proposals are: Rs. 27,400 crore for a petroleum refinery by Chennai Petroleum Corporation in Nagapattinam; Rs. 7,000 crore expansion plan and start of electric car manufacturing by car maker Hyundai Motor India; Rs. 3,100 crore by tyre maker MRF Ltd; Rs. 10,000 crore by Adani group for expanding its Kattupalli port here; Rs. 1,250 crore by PSA France to make Peugeot cars; and Rs. 1,500 crore expansion by two wheeler maker Eicher Motors.

Palaniswami also said Foxconn will soon commence the manufacturing of premium brand smartphones in Tamil Nadu with an investment of Rs. 2,500 crore. According to him, the MoUs include investment commitments from reputed foreign companies from Japan, Korea, Taiwan, Germany, France, Finland, USA and China.

"TPI Composites of USA will commence windmill blade manufacturing in Tamil Nadu. Salcomp from Finland and Luxshare from China will invest in electronics hardware manufacturing," Palaniswami added.