Tamil Nadu tops table for fresh investments in Q1, beats Maharashtra

Topics Tamil Nadu | Investment | Lockdown

The state signed 17 agreements worth Rs 15,128 crore and that are projected to generate 47,150 jobs.
Tamil Nadu got around 18.63 per cent of the total fresh investment emanated in Q1/FY21 to beat other states, signing 17 agreements in May 2020. Fresh investment flow the state stands at Rs 18,236 crore.

Second-ranked Maharashtra signed 12 agreements with companies from Singapore, South Korea, and the US. The state garnered Rs 11,229 crore, according to a survey by Projects Today, an online database of projects in India.

Companies invested over Rs 15,000 crore in Tamil Nadu in May, when the coronavirus pandemic was peaking in the state. The state signed 17 agreements worth Rs 15,128 crore and that are projected to generate 47,150 jobs. 

This included Rs 2,000 crore wind mill equipment manufacturing unit of Vivid Solaire Energy and Rs 900 crore semiconductor chips project of Polymatech Electronics in Tamil Nadu. Both projects were part of the 14 MoUs signed by the Tamil Nadu government on 27 May 2020. Of the four Automobiles projects, notable was that of Daimler India Commercial Vehicles. The company plans to set up Rs 2,277 crore commercial vehicle projects at Oragadam in Tamil Nadu.
Early this week, Tamil Nadu cleared projects worth Rs 2,500 crore. These projects are expected to create nearly 4,000 jobs. According to sources, the proposed projects include Rs 500 crore from ITC for its proposed expansion of its paper board factory in Coimbatore. Philips Carbon, a carbon black major and Ather Energy, a electric vehicle maker, will invest Rs 600 crore each in different projects, while an auto component maker is planning to invest Rs 900 crore.

Gujarat maintained its reputation of being the most preferred investment destination for the private sector. The state had cornered around 12.8 percent of the total outstanding private projects in India as of June 30. It was followed by Andhra Pradesh (11.65 percent) and Odisha (11.55 percent).

When the country locked down to contain the coronavirus from late March to early June, it announced 1,241 new projects entailing a total investment of Rs 97,859 crore. In the period a year ago, the country got 2,500 new projects worth Rs 3,86,673 crore.

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