GIM: TN attracts investments worth Rs 5.5 lakh cr on day one

In a remarkable display of economic vibrancy, the Tamil Nadu government has successfully secured investments totaling a staggering Rs 5.5 lakh crore on the opening day of the third Global Investors Meet (GIM) 2024. The event, held at Nandambakkam, witnessed the signing of over 100 Memoranda of Understanding (MoUs) between the state government and various leading industries. Some prominent MoUs include: TVS Group: Commits a substantial investment of Rs 5,000 crore for multiple projects in Tamil Nadu, capable of generating employment for around 1,000 individuals. Hyundai: Pledges an investment of Rs 6,180 crore for projects related to Internal Combustion Engine (ICE) and Electric Vehicles (EV). This includes the establishment of a passenger car and EV battery manufacturing unit in Kancheepuram district, along with the creation of a hydrogen innovation valley in collaboration with IIT Madras. JSW Renewable: Vows to invest Rs 12,000 crore in renewable energy projects across Tamil Nadu, contributing to the generation of 6,600 jobs. Vinfast: Commits Rs 16,000 crore for setting up a fully integrated Electric Vehicle (EV) manufacturing unit in Thoothukudi. Pegatron: Announces an investment of Rs 1,000 crore in Chengalpet, aiming to generate 8,000 jobs. Tata Electronics: Plans to invest Rs 12,082 crore in Hosur, Krishnagiri, with the potential to create around 40,500 jobs. Godrej: Allocates Rs 515 crore for home appliances manufacturing in Chengalpattu. First Solar: Commits Rs 5,600 crore investment in Kancheepuram. Qualcomm: Announces an investment of Rs 177 crore, with plans to employ 1,600 individuals. Industries Secretary V Arun Roy, speaking to reporters at the GIM 2024, expressed satisfaction with the overwhelming response. He highlighted that the substantial investments and MoUs signed underscore Tamil Nadu’s attractiveness as an investment destination. The infusion of fun