CHENNAI, DECEMBER 1
The Tamil Nadu Government on Saturday signed nine Memoranda of Understanding with various companies, including Chinese company BYD Group, ITC Paperboard, and Mitsuba Sical, with investment worth Rs 5,027 crore that would create 20,351 jobs. The MoUs were signed at the Investment and Skill Development Conclave organised by the government and officiated by Chief Minister Edappadi K Palaniswami.
The Indian subsidiary of Chinese electric vehicle company BYD Group is returning to Tamil Nadu to manufacture phone components with an investment of Rs 694 crore. Earlier the company had its presence in the state’s electronics manufacturing corridor near Chennai, said Chief Minister Edappadi K. Palaniswami here on Saturday.
Addressing the Investment and Skill Development Conclave held in Chennai, Palaniswami announced that investments totalling Rs 5,027 crore were roped in by the Tamil Nadu Investment Promotion and Guidance Bureau.
Speaking about the efforts of his government to leverage Tamil Nadu’s position as an industrial powerhouse, Palaniswami said 53 deals signed with corporates in the Global Investors Meet 2019 in January have reached the stage of commercial production.
The Chief Minister also said that Finnish company Salcomp buying the Nokia factory inside the Nokia Telecom SEZ, and Foxconn restarting production at its unit inside the SEZ. Palaniswami also announced an MoU with the DRDO for defence technologies and systems and an MoU with Defence tech company Data Patterns for manufacture of radar and communication technology systems.
Palaniswami also revealed that the Bengaluru-based electric vehicle manufacturing company Ather will establish its two-wheeler factory and battery pack making unit in Hosur along the Tamil Nadu-Karnataka border.
The investment to be committed by Ather would be around Rs 635 crore and estimated to create 4,300 jobs.
The Ather deal follows of raft of similar projects announcements in Tamil Nadu recently: in late September, the state government announced deals worth nearly Rs 120 crore in the electric vehicle and component manufacture space. German group Mahle Electric and Japan’s Nissei will set up manufacturing ventures in Tamil Nadu.
Other MoUs, the TN government had entered up on includes a Rs 515-crore investment by ITC Paper, Rs 503 crore from Japanese automotive component maker Mitsuba Sical, and inaugurated Rs 112-crore worth corporate projects in enterprise security, AI-enabled education and privacy and governance.
The Chief Minister launched a new logo for Tamil Nadu Industrial Guidance Bureau and launched BIZ BUDDY portal, a grievance redressal mechanism for industries.
