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Tamil Nadu government signs 18 MoUs worth Rs 19,955 crore, move likely to generate 26,500 jobs

Companies which have signed the MoUs include Crown Group Of Companies, representing a Russian defence organisation, Torrent Gas, First Solar, Ola Electric and Mahindra CIE among others

December 14, 2020 / 04:56 PM IST
Tamil Nadu Chief Minister K Palaniswami.

Tamil Nadu Chief Minister K Palaniswami.

The Chief Minister K Palaniswami-led Tamil Nadu government on December 14 signed 18 memorandum of understandings (MoUs) worth Rs 19,955 crore with an employment potential of 26,509 people.

The firms which have signed the MoUs include Crown Group Of Companies, representing a Russian defence organisation, Torrent Gas, First Solar, Ola Electric, and Mahindra CIE among others, reported Business Standard.

Ola to invest Rs 2,400 crore to set up e-scooter factory in Tamil Nadu

Torrent Gas will invest Rs 5,000 crore, while First Solar will invest Rs 4,185 crore. Society for Smart Electric Mobility (SSEM) and Crown will invest Rs 2,500 crore each, while Ola Electric has agreed to invest Rs 2,354 crore. Tata group's Voltas will make an investment of Rs 1,001 crore and Mylan will invest Rs 350 crore, the daily reported.

Torrent Gas plans to establish a city gas distribution network in Chennai and Tiruvallur, which will generate an employment of over 5,000 people.

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Similarly, Arizona-based thin film photovoltaic (PV) solar modules manufacturer First Solar has proposed to set up solar module manufacturing facility in Tamil Nadu, which has an employment potential for about 1,076 persons.

Society for Smart Electric Mobility (SSEM) in its MoU has proposed to set up an EV and future mobility park with a skill development centre in Thathanur in Tiruppur district. This has an employment potential of 1,000 people.

With Rs 2,500 crore investment, Crown group is planning to set up an aerospace cluster park, manufacturing aircraft components and sub systems, and drones in Salem. This has an employment potential of about 5,000 persons.

Meanwhile, Ola Electric Mobility has proposed to establish an electric two-wheeler manufacturing unit in Hosur, Krishnagiri, with an employment potential of about 2,182 persons.

Similar investment plans have been made by various firms. The cumulative investment is about Rs 24,458 crore from about 24 projects and the employment potential will be about 54,218 persons.
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