Amid the global COVID-19 pandemic, the Tamil Nadu government on Wednesday inked 17 Memorandums of Understanding (MoU) with organizations from different nations, for investments to the tune of about ₹15,128 crores, which are expected to give occupations to more than 47,100 individuals.
In the presence of Chief Minister Edappadi K. Palaniswamiat of TM, the Secretariat Representatives from these companies from Germany, Finland, Taiwan, France, South Korea, Japan, China, US, Australia, England and therefore the Netherlands exchanged signed agreements with Tamil Nadu officials.
“We have the most capable manpower with electricity and water in excess and most importantly one of the top states in maintaining good law and order. I welcome all the investors to #InvestinTN. We are committed to helping you through the entire investment process,” he tweeted. Experts are saying that recession because of the outbreak of Coronavirus is the worst recession India is going to face, what the TM government had taken is a wise decision.
The details of Memorandums of Understanding have been signed are:
- Commercial vehicle maker Daimler India (investment Rs 2,277 crore, 400 jobs);
- Finnish mobile phone component maker Salcomp (Rs 1,300 crore, 10,000 jobs);
- Japanese semiconductor chips maker Polymatech Electronics (Rs 900 crore, 600 jobs);
- Shoemaking joint venture between Taiwan’s Chung Jye Company
- Limited and Aston Shoes Pvt Ltd (Rs 350 crore, 25,000 jobs);
- Australia’s Lai Investment Manager Private Limited (Rs 400 crore, 5,850 jobs) to promote an industrial park
- South Korea’s Mando Automotive India Private Limited to set up a casting facility (Rs 150 crore, 250 jobs);
- Netherlands’ auto component maker Dinex (Rs 100 crore, 300 jobs);
- Indo-UK joint venture Chennai Power Generation Ltd 750 MW plant powered by natural gas (Rs 3,000 crore, 3,000 jobs);
- French company IGL India Transplantation Solutions Pvt Ltd (Rs 18 crore, 30 jobs);
- French company Vivid Solaire Energy Private Limited to expand wind power capacity (Rs 2,000 crore, 600 jobs);
- US-based HDCI Data Centre Holdings Chennai LLP (Rs 2,800 crore, 200 jobs);
- Singapore’s ST Tele Media (Rs 1,500 crore, 200 jobs);
- German windmill component maker Baettr (Rs 210 crore, 320 jobs);
- China’s electric vehicle maker BYD India Private Limited (Rs 50 crore, 130 jobs);
- Taiwan’s TJR Precision Technology Company Limited (Rs 46 crore, 100 jobs);
- Japanese sealing material maker Pillar Industries India Pvt Limited (Rs 15 crore, 20 jobs)
- US-based Lincoln Electric research and development center (Rs 12 crore, 200 jobs)
“The units are spread across the state. There is certainly a new interest in India and naturally, TN gets a fair share because of its vast presence of foreign investors,” another source said.
