Tamil Nadu signs MOUs with 17 foreign investors

May 27, 2020
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CHENNAI: Tamil Nadu government on Wednesday signed Memorandum of Understanding (MoU) with 17 foreign investors for investments worth Rs 15,128 crore. The companies based in Germany, Finland, Taiwan, France, Korea, Japan, China, US, Australia, UK and Netherlands, have assured job opportunities to 47,150 people for their new and expansion units.


An official release from the government said that eight investors took part in a video conference for signing the MoU. The event was held in presence of chief minister Edappadi K Palaniswami in the Secretariat in Chennai.


The job offering sectors include commercial vehicles, electronic hardware, footwear, data centres, energy and pharma/medical products.


Finland-based Salcomp Plc proposed to invest Rs 1,300 crore for its expansion project to manufacture mobile components in Nokia Telecom SEZ in Sriperumbudur.


"The Finnish company already signed a MoU with the state for investing Rs 500 crore during the second edition of global investors meet last year. It has again signed a MoU for its expansion within a year due to the favourable investment climate in Tamil Nadu," the official release stated.


Chennai Power Generation, a joint venture of Indian and UK companies, proposed 750MW Regasified-Liquified Natural Gas-based power generation unit in Ponneri at Rs 3,000 crore.


Meanwhile, IGL Transplantation Solutions will establish an organ preservation solution at SIPCOT industrial estate in Cheyyar. An onshore wind farm project will be established by France-based Vivid Solaire Energy at Rs 2,000 crore.


German's Daimler India Commercial Vehicles in SIPCOT industrial estate in Oragadam signed a MoU for expansion of its commercial vehicles unit at Rs 2,277 crore.


A semiconductor chip manufacturing unit will be established by Japan's Polymatech Electronics in SIPCOT industrial park in Oragadam at Rs 900 crore. Taiwan-based Chung Jye Company Limited, in joint venture with Aston Shoes Private Limited planned to set up a footwear manufacturing unit at Rs 350 crore, which would provide job to 25,000 people, the release said.


Australia's Lai Investment Management Private Limited will set up an industrial park at Mappedu in Kancheepuram at Rs 400 crore, while South Korea's Mando Automotive India Private Limited plans a casting facility in its existing unit in SIPCOT industrial park in Pillaipakkam. Netherlands' Dinex will set up a unit to manufacture auto components in Mahindra World City in Chengalpet.


HDCI Data Centre Holdings LLP, USA has planned a data centre in Ambattur at Rs 2,800 crore, while ST Tele Media, Singapore's data centre will come up in Chennai at Rs 1,500 crore. Germany's Baettr will set up a facility to manufacture wind mill components. China's BYD will establish an electric vehicle manufacturing unit in SIPCOT industrial estate in Sriperumbudur, the release said.


Taiwan's TJR Precision Technology will establish precision components unit in Mahindra's Origins, Ponneri, while Japan-based Pillar Industries to establish a sealing material unit, including gland packing, gaskets, mechanical seals and fluorine plastic products, in Walajabad. The US-based Lincoln Electric is all set to establish a Research and Development facility in Mahindra Industrial Park in Chengalpet.

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