Palaniswami attracts Rs 2,700 cr to TN; 16 cos ink pact with State

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Chennai: More than 16 firms in the US have committed investments to the tune of over Rs 2,700 crore in Tamilnadu during the ongoing visit of Chief Minister K Palaniswami to that country.

During an investors meet in New York on Tuesday attended by Palaniswami, 16 companies had signed memorandum of understanding (MoU) to make investments worth Rs 2,780 crore in different fields in the State, an official release here said today.

The companies included Jean Martin, Scitus Pharma, Novitium Labs, Aspire Consulting and Zillion Technologies.

Besides, Haldia Petrochemicals signed an agreement for an in-principle investment of Rs 50,000 crore to set up a plant.

“The Chief Minister (also) held direct talks with representatives’ of various companies ‘to promote investments’ in the State,” it said adding he highlighted the infrastructure facilities being provided for smooth running of the business in the State.

“The new investments will benefit youth in the State, as over 20,000 jobs will be created,” the release said.

At the investors meeting attended by higher officials of Caterpillar and Ford Motors, who have already invested in the State, Tamilnadu was showcased as a preferred destination for investments in the sectors of Fintech, Aerospace and electric vehicles manufacturing, it added.

Palaniswami said Tamilnadu is best suited for manufacturing electric vehicles as it has needed infrastructure and uninterrupted power supply.

“The State also boasts of having one of the most skilled manpower. Our government will continue to support business based on agriculture and cattle rearing,” he said.

Industries Minister M C Sampath, Revenue and IT Minister RB Udhayakumar, Dairy Development Minister KT Rajenthra Bhalaji, Chief Secretary K Shanmugam and senior officials were also present during the meeting.

Palaniswami embarked on a three-nation tour last week, saying the visit was aimed at garnering more foreign investments for Tamilnadu. Earlier, he had visited the UK and would stopover in Dubai en route to India, where he would meet potential investors. He is scheduled to return home 10 September.

NT Bureau