TN Investment Conclave: 59 MoUs for projects worth Rs 35k cr signed

Chief Minister MK Stalin released the 'TN Fintech Policy 2021', which encompasses features like a fintech city in Chennai.
TN Investment Conclave
TN Investment Conclave
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The Tamil Nadu government on Tuesday signed 59 MoUs for projects worth Rs 35,208 crore in various sectors, including areospace and defence, which is set to create job opportunities for 76,795 people. Presiding over the investment conclave, Chief Minister M K Stalin said attention should be paid to manufacturing related to the aerospace and the defence sector, even as he made references to various kinds of industries and Coimbatore district being a foundation for industrial growth.

A scheme is being implemented with Coimbatore as a hub for the aerospace and defence manufacturing sector, he said. "Big companies like the Larsen and Toubro, LMW (Lakshmi Machine Works) and TVS are involved; vis-a-vis investments in this sector," he said and urged industries to make use of the proposed aero/defence park at Sulur.

The government has been making efforts aimed at attracting investments to the tune of about 10 billion US dollars in the next 10 years in this sector that would provide job opportunities to about one lakh people, he said.

In the conclave, totally, 82 initiatives, comprising 59 MoUs and 13 other projects for which foundation stones were laid and 10 commercial production launches in firms in the state, entails a total investment of Rs 52,549 crore, the government said.

Cumulatively, such initiatives give job opportunities to 92,420 people, the government said in an official release, adding that the projects are spread across various regions of the state and covered 22 districts. MoUs were exchanged for Rs 485 crore worth projects in the areospace and defence sector as well, which includes manufacture of spare parts and setting up of an aviation training institute at Salem.

Fifty two other projects, cumulatively worth Rs 34,723 crore, include Data Centres of companies like Adani Enterprises and Larsen and Tourbro. Electric vehicles, renewable fuel (Ethanol), stemcell research were among the other projects.

The CM released the 'TN Fintech Policy 2021', which encompasses features like a 'Fin Tech City' in Chennai and unveiled an Aerospace and Defence Handbook for enterprises involved in the sector.

A Memorandum of Understanding was signed between the state-run TN Industrial Development Corporation (TIDCO) and Dassault Systems to set up a Centre of Excellence at an investment of Rs 212 crore, which is aimed at aiding the aerospace and defence sector enterprises in areas, including design and research.

Stalin also laid the foundation stone for 13 new/expansion projects worth Rs 13,413 crore in various fields, including solar power plants, manufacture of motor vehicle spare parts and data centres.

Such 13 initiatives are spread across Kancheepuram, Ranipet, Chengelpet, Virudhunagar (Textiles), Namakkal (Spinning Mill) and projected to bring employment opportunities to 11,681 people.

The Chief Minister inaugurated commercial production of 10 firms under various projects in different sectors, totally worth Rs 3,928 crore. Such production units would provide jobs to 3,944 people, the release said.

Stalin also launched an upgraded single window '2.0' mobile app to help investors, with features like facilitation vis-a-vis approvals, current status and so on. He released a coffee table book to mark the culmination of the golden jubilee celebrations of the Coimbatore District Small Scale Industries Association (CODISSIA).

After the DMK assumed power in May, an investors meet was held in July, an exporters conclave in September and now an investors conclave, the third initiative following assumption of power, the Chief Minister said.

"There is a meet every two months and at this rate, no one needs to have any doubt that Tamil Nadu will attain the first place (in investments/growth) in India. I have the confidence," the CM added.

Ministers, including Thangam Thennarasu (Industries) and T M Anbarasan (Rural Industries), top officials and industry captains participated.

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