Tamil Nadu signs 14 MoUs worth Rs 10,000 cr, to create 7,000 new jobs

Topics Tamil Nadu | Investments | Britannia

E Palaniswami-led Tamil Nadu government has been able to attract more post-Covid investments than other Indian states, show data
In a move that would help create 7,000 additional direct jobs in the state, the Tamil Nadu government on Monday signed 14 memorandums of understanding (MoUs), for investments worth over Rs 10,000 crore, with companies including JSW Renew, Britannia, Apollo Tyres, Li-Energy for EV battery packs, Britannia and Hyundai Wia.

 

The largest of these investments has been committed by JSW Renew Energy Ltd, for Rs 6,300 crore to set up 810 Mw of hybrid renewable project in Tuticorin, Tenkasi, Tirunelveli and Tiruppur, and 50 Mw of captive wind energy project in Rameswaram district. The next biggest is Spain-based Mantra Data Center’s MoU for setting up of a data centre with an investment of Rs 750 crore.

 

The state also signed an MoU with US-based TPI Composites for a Rs 300-crore expansion of wind blade manufacturing.

 

In the auto space, Apollo Tyres signed an MoU to invest Rs 505 crore in an expansion project at its Orgadam facility. Li-Energy, meanwhile, will invest Rs 300 crore for EV battery packs, and South Korea-based LS Automotive PVt Ltd will put in Rs 250 crore to manufacture auto switches. Hyundai Wia will invest Rs 109 crore in a brownfield expansion for auto components. And Green Tech Motors & Services will invest Rs 90 crore for battery and BMS.

 

While FMCG major Britannia has signed an MoU to invest Rs 250 crore in an expansion project, real estate player Greenbase Industrial Parks will invest Rs 750 crore in developing an industrial logistics park. The rest of the MoUs are from other sectors.

 

Tamil Nadu is ahead of other Indian states in post-Covid investments. According to Projecx data, the state attracted Rs 23,331.85 crore across 132 new projects between July and September.

 

According to Guidance Tamil Nadu, a nodal agency to promote investments in the state, Rs 15,128 crore worth of new investments across various sectors were signed in May, deals for another Rs 15,536 crore worth of investments were signed in July.


Dear Reader,


Business Standard has always strived hard to provide up-to-date information and commentary on developments that are of interest to you and have wider political and economic implications for the country and the world. Your encouragement and constant feedback on how to improve our offering have only made our resolve and commitment to these ideals stronger. Even during these difficult times arising out of Covid-19, we continue to remain committed to keeping you informed and updated with credible news, authoritative views and incisive commentary on topical issues of relevance.

We, however, have a request.

As we battle the economic impact of the pandemic, we need your support even more, so that we can continue to offer you more quality content. Our subscription model has seen an encouraging response from many of you, who have subscribed to our online content. More subscription to our online content can only help us achieve the goals of offering you even better and more relevant content. We believe in free, fair and credible journalism. Your support through more subscriptions can help us practise the journalism to which we are committed.

Support quality journalism and subscribe to Business Standard.

Digital Editor

Business Standard is now on Telegram.
For insightful reports and views on business, markets, politics and other issues, subscribe to our official Telegram channel