Chennai, Aug 14:
Former Industries Minister TRB Rajaa questioned the transparency of the 97 MoUs signed at the Vettri investment conclave, alleging that a large share of the investments had already been initiated during the previous DMK government.
In a statement, Rajaa said the business press was not allowed to participate in the conclave and the government had not yet released an official list of the 97 MoUs.
Based on information compiled by him, Rajaa claimed that nearly 70 MoUs, accounting for around 75% of the investment value and 83% of the jobs, involved existing companies expanding their operations or proposals that had already been initiated during the previous DMK regime.
He specifically claimed that the Rs 1,000-crore investment attributed to Titan was part of the State’s existing relationship with the company through TIDCO.
According to Rajaa’s assessment, even if all investments that were new or potentially new were considered, they would account for only 24 MoUs, representing around 23% of the investment value and 15% of the jobs.