The projects will be implemented in Kancheepuram, Chengalpattu, Ranipettai, Coimbatore, Viluppuram and Erode Districts.

A file photo of Tamil Nadu Chief Minister Edapaddi Palaniswami during a press conference seated in front of several mics with one hand raised File photo
Money Business Monday, July 20, 2020 - 14:02

The Tamil Nadu government on Monday signed eight new Memorandums of Understanding (MOUs) for new investment projects in the state, in the presence of Chief Minister Edappadi K Palaniswami. The government plans to bring in an investment worth over Rs 10 crore into the state.

"The cumulative investment envisaged in the MoUs is Rs 10,399 crore with employment potential for 13,507 persons. The projects will be implemented in Kancheepuram, Chengalpattu, Ranipettai, Coimbatore, Viluppuram and Erode districts," a press note stated.

It also said that a High Powered Committee, chaired by the Chief Minister, would work to speed up various clearances and also establish a Special Investment Promotion Task Force under the chairmanship of the Chief Secretary.

In the eight new MoUs signed on Monday, five were done physically in the presence of the CM, while three were done through video conferencing.

The MoUs include one with Vikram Solar for Rs 5,423 crores, to establish a project for the manufacture of solar cells and modules in Indospace Park, Oragadam, and another to establish an industrial park project in Walajabad, Kancheepuram district, with an investment of Rs 250 crore.

A data centre project in Singaperumal Koil-Oragadam Highway in Chengalpattu district has also been proposed with an investment of Rs 4,000 crore, which has the potential to employ around 2,500 people.

Besides these, a ductile iron foundry project in Coimbatore district and an industrial park in Ranipet district spread over 125 acres, with an investment of Rs 200 crore each, are being planned. A cashew nut processing project in Marakkanam in Viluppuram district has also been proposed, besides a factory manufacturing air compressors in Coimbatore district and a foundry expansion project at the Perundurai Industrial Park in Erode district.

Industries Minister MC Sampath and Chief Secretary K Shanmugam were among the officials who were present during the signing of the MoUs. 

The latest move comes as the state government has actively sought investments into Tamil Nadu and has been signing MoUs with several companies.

On May 27, 17 MoUs with an investment commitment of Rs 15,128 crore and employment potential for 47,150 persons were signed with companies from Germany, Finland, Taiwan, France, Korea, Japan, China, USA, Australia, UK and Netherlands, the Tamil Nadu government said.

With the 17 MoUs, Tamil Nadu managed to corner around 18.63% of the total fresh investment in the first quarter of the financial year and topped the state-wise investment table in India, as per a survey by Projects Today.

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