Chennai: First day of the Tamilnadu Global Investors Meet (GIM) saw several companies signing MoU with the State Government with more than 4,500 delegates, both existing and new investors, attending the event looking for market opportunities.
OMC major IndianOil has announced that it will invest Rs 16,641 crore in the State, creating direct and in-direct employment for 20,000 persons.
IndianOil, executive director (Tamilnadu and Pudhucherry), R Sitharthan,said, ‘With a contribution of around Rs 6,800 crore to the State exchequer per annum, IndianOil in Tamilnadu would like to play a stellar role in the State’s growth.’
He signed MoU with the government for an investment of Rs 7,941 crore over the next five years. This investment would generate direct employment opportunity for 9,200 person and indirect employment for around 10,600 persons.
Japanese food processing and seasoning firm, Ajinomoto India Private Limited said they will launch their newest offering in the ‘Hapima’ range for the Tamilnadu market.
Adani group on the other hand stood out as one among leading investors, having committed Rs 12,000 crore. Adani Ports and SEZs, CEO, Karan Adani said Rs 10,000 crore will be invested towards expanding port capacity in the State, and that the rest would go towards industrial estates, logistics and city gas distribution, over the next 10 years.
Korean automobile giant Hyundai has announced investments of Rs 7,000 crore on expanding capacity and various other projects including electric vehicles. With this, the company’s total investment in Tamilnadu will rise to Rs 23,900 crore, making Hyundai the single largest automobile company to invest in one location in India.
Tyre maker CEAT also announced that it will be investing Rs 4,000 crore, while Ford inaugurated its new Rs 1,300 crore Global Technology Centre at the Summit.
| Fly high |
| The Tamilnadu government is eyeing investments worth $15 billion in the aerospace and defence sectors in the next 15 years to make the State a preferred hub for the two industries. This was revealed in the ambitious aerospace and defence policy unveiled by Defence Minister Nirmala Sitharaman. The objective of the policy is to make Tamilnadu the preferred hub for aerospace and defence industries in India in the areas of engineering, design, manufacturing and allied activities. |