Tamil Nadu inks deals with 35 firms; to see over Rs 17,000 cr investment

The government of Tamil Nadu on Tuesday signed a memorandum of understanding (MoUs) with 35 companies that may see investment to the tune of Rs 17,141 crore, creating employment opportunities for 55,054 people.

The major companies that would be coming up with fresh investments over Rs 1,000 crore in the state include JSW Renew Energy Two, TCS, ZF Wabco and Srivaru Motors among others.

JSW Renew Energy Two will be coming up with a 450 megawatt (Mw) wind power generation unit at Tuticorin, Tirunelveli, Dindigul and Tiruppur for Rs 3,000 crore.

TCS will be coming up with its third phase of expansion at SIPCOT IT Park in Siruseri, ZF Wabco with an auto component unit at Kancheepuram for Rs 1,800 crore and a two-wheeler EV unit by Srivaru Motors for Rs 1,000 crore at Coimbatore.

Tamil Nadu Chief Minister M K Stalin inaugurated another five projects with an investment commitment of Rs 7,117 crore and employment creation for 6,798 persons.

Vikram Solar, a leading module manufacturer and rooftop solar provider, announced a new solar photovoltaic (PV) module unit at IndoSpace Industrial Park in Oragadam for Rs 5,000 crore.

The plant has a 1.3 Gw module manufacturing capacity.

With this unit, Vikram Solar’s cumulative PV module capacity reaches 2.5 Gw, currently the largest in India.

The chief minister also laid the foundation stone for nine projects with an investment commitment of Rs 4,250 crore and employment opportunities to 21,630 persons.

“The total investment committed in the above 49 projects is Rs 28,508 crore and employment opportunities to 83,482 persons,” said a government statement.

Tamil Nadu also launched “the Single Window Portal 2.0” with over 100 services spread across 24 departments for existing and new investors in a fully digitalised manner.

The upgraded system will have features such as parallel processing of clearances, virtual meeting with departments, artificial intelligence-based chatbot facility and deemed approval for select clearances.

Guidance Tamil Nadu has also entered into a deal with American Tamil Entrepreneurs Association (ATEA) to promote start-ups in the fields of innovation, research and development in Tamil Nadu.

This digital accelerator program sanctions grants to the start-up projects engaged in innovation, research and development.  Government has sanctioned a sum of Rs. 5 crore for this programme.

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