R ARIVANANTHAM
CHENNAI, JAN 7
The third edition of Tamil Nadu Global Investors Meet saw major industrial houses, including Tata Electronics, JSW Energy, and TVS Group committing tens of thousands of crores to the state, as it seeks to regain its leadership as an investment destination amid stiff competition from other provinces including Karnataka, Maharashtra, Gujarat, and Telangana.
Address by Shri Mukesh D Ambani, Chairman and Managing Director, Reliance Industries Limited, at the Tamil Nadu Global Investors Meet – 2024 in Chennai on 7th January 2024#TNGIM2024 pic.twitter.com/2YacmVrAYK
— Reliance Industries Limited (@RIL_Updates) January 7, 2024
Billionaire Mukesh Ambani, on Sunday, said his firm Reliance Industries in partnership with Canada’s Brookfield will open a data centre in Chennai next week, marking entry into the fast-growing market.
Reliance had in July last year invested about Rs 378 crore to enter an existing joint venture, where Brookfield Infrastructure and US-based realty estate investment trust Digital Realty were already partners. The three own 33 per cent each in the venture.
Speaking at the Tamil Nadu Global Investors Meet in Chennai, Ambani, chairman and managing director of Reliance Industries Ltd, said his group is investing in renewable energy and green hydrogen as well as in setting up a data centre in the state.
“Reliance has partnered with Canada’s Brookfield asset management and US-based Digital Reality to set up a state-of-the-art data centre, which will be opened next week,” he said.
The Indian data centres market, which is expected to grow 40 per cent a year and draw USD 5 billion in investments by 2025, is heating up with Reliance’s entry to rival Gautam Adani’s Adani Group and Sunil Mittal’s Bharti Airtel Ltd. in recent months.
Data centre and compute capacity requirements in India are set to jump on growing localisation of personal data, increasing access to digital services and adoption of data-intensive technologies like artificial intelligence among other drivers.
The joint venture will start the 20-megawatt greenfield data centre in Chennai next week and has also acquired 2.15 acres of land in Mumbai to build another 40-MW data centre.
Stating that Tamil Nadu has always been a land of rich cultural and intellectual heritage, Ambani said under the leadership of chief minister M.K. Stalin, the state has become one of the most business friendly states in the country.
“Therefore, I have every reason to believe it will soon become a trillion-dollar economy, which is the apt slogan of this summit,” he said.
Reliance, he said, has partnered in Tamil Nadu’s growth over the years.
It opened nearly 1,300 retail stores across the state, investing over Rs 25,000 crore. Jio, the telecom arm of the group, has invested over Rs 35,000 crore in Tamil Nadu, bringing the fruits of digital revolution to 35 million subscribers in every town and village in the state.
In December, Jio completed the fastest roll-out of 5G, anywhere in the world, he said. “This will enable Tamil Nadu to reap the benefits of artificial intelligence and other breakthrough fourth industrial revolution technologies, which will further accelerate its economy.”
Ambani said Reliance has committed to making new investments in Tamil Nadu in renewable energy and green hydrogen.
“We shall work closely with the state government to promote sustainable development, which is necessary to save Mother Earth from the climate crisis,” he said. “I am confident that the state government will support our forthcoming initiatives with viable policies.”
Qualcomm’s proposed Chennai design centre could create 1,600 jobs for skilled professionals
Chip designer Qualcomm on Sunday announced an expansion in Chennai with a new design centre that entails a proposed investment of Rs 177.27 crore and job creation for up to 1,600 skilled professionals.
The new centre will specialise in wireless connectivity solutions, with a focus on innovations that complement Wi-Fi technologies. It will also actively contribute to Qualcomm’s global Research and Development endeavours in 5G cellular technology, affirming the company’s commitment to be at the forefront of the wireless communications industry, according to a release.
The new design centre is expected to generate jobs for up to 1,600 skilled professionals, contributing to the growth and development of Chennai’s vibrant workforce, it said.
“At the Tamil Nadu Global Investors Meet in Chennai today, Qualcomm Incorporated announced a significant expansion in Chennai with a new facility for their Design Centre, representing a proposed investment of Rs 177.27 crore,” the release said.
Savi Soin, President, Qualcomm India, said the new design centre in Chennai plays a pivotal role in shaping the future of connectivity globally, especially in India.
“The new design centre is a critical asset to support Qualcomm’s commitment to make in India and design in India. This will expand our collaboration with India technology partners and accelerate the market adoption of new technology,” Soin said.
Mahesh Moorthy, Vice President, Engineering and Qualcomm Chennai Design Center Head, said the state of Tamil Nadu with its rich pool of skilled professionals, outstanding educational institutions and focus on innovation holds the key to propelling Qualcomm’s technological advancements to new heights.
Ola Electric EV hub in Tamil Nadu to employ 25,000 people; to be first to make lithium ion cells in India
Extremely delighted to be a part of TN Global Investors Meet 2024, @Guidance_TN. We have made Tamil Nadu our Karmbhoomi. Today we are building the country's largest EV hub in the state with a vision to build world class EV manufacturing infrastructure.
Thanks to Hon. CM… pic.twitter.com/U99B6yxku1
— Bhavish Aggarwal (@bhash) January 7, 2024
The under-construction EV hub in Tamil Nadu is expected to employ 25,000 people when completed.
Co-founder of Ola Cabs and the founder of Ola Electric, Bhavish Aggarwal, said at the Tamil Nadu Global Investor Meet (GIM) on Sunday that the EV hub in Krishnagiri district of the state, “will have 25,000 strong workforce and together we will make Tamil Nadu and India, the global epicenter for EVs.”
Aggarwal said the EV hub will be operational from February. “We were able to set up one of India’s largest two-wheeler manufacturing facilities which we call the future factory in just eight months in Tamil Nadu,” he said.
He said when Ola Electric’s Gigafactory will be operational next month, the company will be the first to manufacture lithium ion cells in India. “This will mark a key milestone in the country’s transition to EVs,” he was quoted as saying.
Later, in a tweet, he said Ola Electric has made Tamil Nadu its “Karmbhoomi.” “Today we are building the country’s largest EV hub in the state with a vision to build world class EV manufacturing infrastructure.”
Day 1 gets overwhelming response
Honoured to share the dais with Hon'ble Union Minister of Commerce & Industry Thiru @PiyushGoyal and esteemed industry leaders,
TVS Chairman,
JSW MD,
Tata Electronics CEO,
Hyundai MD,
Ashok Leyland Chairman,
Godrej Chairperson,
Qualcomm President,
First Solar CEO,
A.P. Moller… pic.twitter.com/wxbl2NdbA9— M.K.Stalin (@mkstalin) January 7, 2024
TATA Electronics intends to invest Rs 12,082 crore in Tamil Nadu for an enclosure manufacturing and mobile phone assembly unit in Krishnagiri District, with an employment projection of 40,500.
Apple supplier Pegatron will invest Rs 1,000 crore for a computing, communications, and consumer electronics manufacturing unit in Chengalpettu, aiming to generate 8,000 jobs.
Danish shipping and logistics company AP Mollar Maersk announced setting up of transport and logistics solutions as well as global capability centres across Tamil Nadu.
The other MoUs inked by Tamil Nadu government on the first day of GIM includes the Rs 515 crore pact signed with Godrej Consumer for a project in Chengalpettu. Other committed investments in the list are Rs 5,000 crore by TVS Group in automobile, realty, and IT and Rs 200 crore by Mitsubishi Electric in Gummidipundi. AP Moller-Maersk expressed its intent for additional investment in the state.
Stalin announces 50% top up to Centre’s capex-linked semiconductor subsidy
Under the Tamil Nadu Semiconductor and Advanced Electronics Policy 2024, announced on January 7, the state government will offer up to 50 percent of additional financial incentives to semiconductor projects selected under the Centre’s $10 billion chip subsidy plan.
If a semiconductor project selected by the Centre sets up its manufacturing in Tamil Nadu, it will also be eligible for more incentives to train personnel, stamp duty, land and electricity concessions.
Global marquee research or design entities in chips and electronics will also be eligible for up to 30 percent payroll reimbursement for 3 years if they employ the state’s residents. The payroll subsidy shall be capped at Rs 20,000 per employee per month.
The state government will reimburse 50 percent of the expenditure incurred for the project, up to a maximum of Rs 1 crore for the investment period, for in-house R&D related to patents, copyright, trademarks, and geographical indications registration. An interest subvention of 5 percent as a rebate in the rate of interest shall be provided for actual term loans taken to finance the project.
