Tamil Nadu inks 14 MoUs worth Rs 10,055 Cr

By OEM Update Editorial October 17, 2020 12:19 pm IST

The Government of Tamil Nadu signed 14 Memorandum of Understanding (MoUs) worth Rs 10,055 crore on 12 October, an official statement said.

These are in continuation with 42 MoUs worth Rs 31,464 crore in Q1 and Q2 that will generate 69712 jobs, the statement adds. It said, “MoUs signed with foreign and domestic companies will generate an additional 7,000 new jobs in the state and will provide a fillip to the sustainable investment climate of Tamil Nadu.”

A MoU was signed with JSW Renew Energy’s hybrid project for Rs 6,300 crore. MoUs with Aosheng & TPI Composites were also signed for renewable energy manufacturing. Keeping the impetus for data centre investments worth Rs 8,300 crore from Yotta infrastructure, HDCI Data Centre Holdings and ST Tele Media, an MoU was signed with Spain’s Mantra Data Centre for Rs 750 crore making the state an emerging hub for Data Centres with competitive real estate and submarine cable landing stations.

Tamil Nadu continues to attract investments in automobile and auto components and MoUs were signed with Apollo Tyres for Rs 505 crore, Hyundai Wia for Rs 109 crore and LS Automotive for Rs 250 crore. The state continues to attract electric mobility investments and has signed MoUs with Li-Energy for Rs 300 crore and Grinntech for Rs 90 crores.

An MoU with Britannia was signed for Rs 250 crore. An MoU with Hiranandani’s Greenbase will see investments of Rs 750 crore in developing industrial park in the state of Tamil Nadu.

Dr Neeraj Mittal, MD and CEO of Guidance, the nodal agency for investment promotion and facilitation said “Tamil Nadu has been the frontrunner in post-COVID investments in the country and shown how states can adopt and rebuild economies in the ‘new normal’. Tamil Nadu’s excellent industrial ecosystem, trained manpower, connectivity, connected supply chains and pragmatic policies allows investors to take advantage of global realignment of value chains”