The project will come up at Hosur and Chennai and it includes greenfield facility powertrains, brownfield investment for assembly plant and R&D facility at Chennai. The project is expected to generate 1500 jobs.
The Bureau is also working on the revival of the Motorola facility located at Sunguvarchatram near Chennai to manufacture mobile phones and components. The project expects to cost around Rs 5 billion. Lenovo got the possession of the plant after it had acquired Motorola from Google in 2014.
The state administration also claimed the state has attracted more than three times FDI during the last six years compared to previous 11 years.
The state has attracted Rs 1,180.99 billion as FDI from May 2011 to December 2017 as against Rs 330.24 billion during previous 11 years (April 2000 to April 2011), the department said.
“It may be observed that Tamil Nadu attracted more than three times FDI during last six years when compared to previous 11 years,’’ stated in Department’s Policy note which was tabled today at the state assembly.
During the period April-December 2017, Tamil Nadu received Rs 177.45 billion in FDI which constitutes 7.67 per cent of the total FDI in India., the state said quoting DIPP.
Tamil Nadu is ranked fourth in terms of actual FDI in-flows during 2017.
States like Andhra Pradesh, Gujarat, Madhya Pradesh, Jharkhand etc., which were ahead of Tamil Nadu in terms of IEM intentions have lagged behind Tamil Nadu in terms of FDI inflows.
During GIM 2015, 98 MoUs were signed with the total investment of Rs 2421.60 billion creating 4,70,065 jobs. Around 62 projects are successfully progressing at various stage of execution under constant review and monitoring.
The Guidance Bureau provided single window facilitation and gave in-principal approval to several GIM projects.
Companies have envisaged projects worth Rs 450 billion and MoUs are expected to be signed shortly, said the Minister.
State’s Guidance Bureau has sanctioned 258 projects with the total investment of Rs 817.22 billion has been facilitated through the Single Window Clearance.
In 2017-18, the Bureau handled 19 major investment proposals with the total investment of around Rs 67.50 billion out of this, Rs 14.50 billion was realized through four MoU projects signed during the Global Investors Meet – 2015. Besides, the Bureau attracted another 15 non-MoUs project through single window facilitation at a cost of Rs 53 billion.
Global Investors Meet (GIM)
The second edition of Global Investors Meet (GIM) is envisaged on January 23 and 24, 2019 in Chennai. The state has sanctioned Rs 730 million for conduction the Meet.
Steering Committee, under the chairmanship of the chief minister and a coordination committee, under the chairpersonship of Chief Secretary has been constituted. A special officer has also been appointed to coordinate various activities. Guidance Bureau is the nodal agency for conducting the Meet.