TN secures billion in investments sectors at Global Investors Meet

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TN secures billion in investments sectors at Global Investors Meet

TN secures billion in investments sectors at Global Investors Meet

Industry News
Jan 09,24

Agreements were signed, including a significant investment of Rs 16,000 crore from Vietnamese electric vehicle player VinFast, earmarked for establishing an EV manufacturing facility in the southern district of Thoothukudi.

TN secures billion in investments sectors at Global Investors Meet

During the inaugural session of Tamil Nadu's two-day Global Investors Meet (GIM) in Chennai, the state announced substantial investments across various sectors. Noteworthy agreements were signed, including a significant investment of Rs 16,000 crore from Vietnamese electric vehicle player VinFast, earmarked for establishing an EV manufacturing facility in the southern district of Thoothukudi.

Tamil Nadu, known as a hub for electronics manufacturing, attracted substantial commitments, such as Tata Electronics pledging Rs 12,080 crore for mobile phone assembly operations and Taiwanese giant Pegatron committing up to Rs 1,000 crore to expand production. Both companies are key suppliers for Apple, making the timing significant as Apple seeks to diversify its supply chain away from China and views India as a crucial driver of its future growth.

Apart from electronics, substantial investments were directed towards the energy and mobility sectors. The state government finalised an agreement with JSW Energy for a Rs 12,000 crore investment in renewable energy projects, and First Solar committed Rs 2,500 crore.

South Korean automotive giant Hyundai announced an additional investment of Rs 6,180 crore for establishing an internal combustion engine (ICE), electric vehicle (EV) passenger car, and EV battery manufacturing unit. Meanwhile, TVS Motor revealed plans to invest Rs 5,000 crore over five years in the automobile, information technology, and realty sectors.

The inaugural session also witnessed Qualcomm's announcement of plans to expand operations in Chennai with a new design centre, involving an investment of Rs 177 crore. Godrej Consumer pledged Rs 515 crore, and Mitsubishi Electric announced a capital infusion of Rs 200 crore.

Chief Minister M K Stalin outlined his vision for transforming Tamil Nadu into a $1-trillion economy by 2030, emphasising the twin-pronged approach of attracting both capital and employment-intensive investments. He highlighted the state's commitment to providing a conducive environment for investors, with various policies announced.

Stalin unveiled the 'Tamil Nadu Vision $1 trillion' report and the Semiconductor and Advanced Electronics Policy, 2024 during the inaugural session. Commerce Minister Piyush Goyal acknowledged Tamil Nadu's ambition, stating that the state plays a pivotal role in India's growth, and the government of India collaborates closely with the state to advance inclusive and sustainable development.

Source: Indiatimes