Tamil Nadu signs MoUs worth over Rs 15,000 crore to generate 47,000 jobs

Tamil Nadu has signed 17 memorandum of understandings (MOUs) worth Rs 15,128 crore to generate 47,150 jobs in the state.

Daimler India, Salcomp and other companies would invest over Rs 15,000 crore in Tamil Nadu.

Daimler India Commercial Vehicle would invest Rs 2,277 crore and generate 400 jobs.

The proposed investment will be towards company's proposed brownfield expansion at company's Oragadam facility near Chennai.

Other major auto project will be by BYD India. The company will invest Rs 50 crore to manufacture electric vehicles. The proposed facility will come at Sriperumbudur and will generate jobs for 130 people.

Mahindra Origins will be investing Rs 46 crore.

Finland-based Salcomp has signed MoU to invest Rs 1,300 crore, which will create 10,000 jobs. The company has acquired major portion of Nokia's facility at Sriperumbudur, near

Chennai, which was closed due to income tax dispute. In 2019, the company had signed an MoU worth Rs 500 crore with the Tamil Nadu Government.

Japan-based Polymatech Electronics will invest Rs 900 crore to manufacture semiconductor chips.

Chennai Power Generation Ltd, an India-UK co-operation, will be investing around Rs 3,000 crore to set up a 750 mega watt (MW) power plant, which will be based on renewable energy.

Taiwan-based Chung Jye Company along with Aston Shoes Pvt Ltd will be investing around Rs 350 crore which would generate 25,000 jobs to manufacture footwears.

Lai Investment Manager Pvt Ltd (Logos) would be investing Rs 400 crore to set up an industrial park in Kanchipuram district. Besides the above, the State Government signed MoUs for various renewable energy projects.

Source: https://www.business-standard.com/article/companies/tamil-nadu-signs-mous-worth-over-rs-15-000-crore-to-generate-47-000-jobs-120052700397_1.html

May 28, 2020

4 views0 comments


  • LinkedIn

DISCLAIMER: The information contained in this website is offered for illustration purposes only and is general information. We make no representations or warranties of any kind (express or implied) with respect to the information, products, services, statements, figures, calculations, plans, images, logos, related graphics and are purely indicative in nature only. Whilst all reasonable care has been taking in providing all information, however, We or / and our related companies or/ and our representatives, consultants or / and our agents accept no responsibility for its completeness, accuracy, reliability, suitability or availability of any information contained herein for any action taken in reliance thereon by any party. Any reliance on information as contained in this website does not constitute an offer, inducement, representation, warranty or contract and may be relied upon at one’s risk and consequences.