April 25, 2024
Investment

TNGIM sees investment interests worth ₹57,000-cr on day one 


Memoranda of Understanding worth ₹57,354 crore were signed between various investors and the government of Tamil Nadu on the first of the two-day Global Investor Meet even here today. 

Among the larger investment proposals are those of VinFast, a Vietnamese company that intends to build an EV manufacturing plant near Thoothukudi (16,000 crore), Tata Electronics (₹12,000 crore) and JSW group (₹12,000 crore). 

The event also saw the release of the ‘Tamil Nadu Semiconductor and Advanced Electronics Policy 2024’, which aims to raise the state’s contribution to India’s electronics exports from 30 per cent to 40 per cent and create a skilled talent pool of 200,000 people, by 2030. 

Singapore is collaborating with Tamil Nadu to build ‘India’s first Net-Zero Industrial Park’. The park is expected to be set up in northern Chennai. A comprehensive framework for setting up the industrial park is expected to be ready in a year. 

Major Investments

Reliance, whose telecom business has invested ₹35,000 crore in Tamil Nadu, will open a data center in Chennai next week, Reliance Industries Chairman, Mukesh Ambani said, addressing the GIM over video. 

Danish shipping major A.P. Moller – Maersk (Maersk) has shown interest in investing in land development to create logistics hubs in Tamil Nadu. These logistics hubs will implement the best practices from global examples to drive maximum efficiency while delivering resilience to customers’ supply chains. Maersk signed a MoU with the TN government today. 

Chip designer Qualcomm announced a Rs 177-crore expansion in Chennai with a new design centre, which will create jobs for 1,600 skilled professionals. The centre will specialise in wireless connectivity solutions, with a focus on innovations that complement Wi-Fi technologies and contribute to Qualcomm’s global Research and Development endeavours in 5G cellular technology. 

In the session on Tamil Nadu’s aim to become a $1 trillion economy by 2030, economist Aravind Subramanian observed that the target meant that the state had to grow 18 per cent every year. He said that China’s decline in manufacturing would be an opportunity for India. Former ABI governor, Raghuram Rajan suggested that the state should target specialised manufacturing. 

Perhaps the biggest endorsement for Tamil Nadu was the statement of Sajjan Jindal, whose JSW group has been present in the state since 2005. Jindal said that the JSW had not lost a single day’s operations in the state due to supply chain disruption, labor issues or any other reason. 

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