It is raining investments for Tamil Nadu at the third edition of its two-day Global Investors Meet (GIM) in Chennai.
Firms such as Tata Electronics, JSW Energy, and TVS Group have committed tens of thousands of crores to the state, as it seeks to regain its leadership as an investment destination amid stiff competition from other Indian states, including Karnataka, Maharashtra, Gujarat, and Telangana.
VinFast Auto Ltd, a Vietnam-based multinational automotive company has promised Rs 16,000 crore investment in Tuticorin.
Also, read: Vietnam's VinFast Auto to invest $2 billion for EV plant in Tamil Nadu
TATA Electronics intends to invest Rs 12,082 crore in Tamil Nadu for an enclosure manufacturing and mobile phone assembly unit in Krishnagiri District, with an employment projection of 40,500.
JSW Energy will invest Rs 10,000 crore, employing 6,600 people, in a bid to expand its existing footprint in Tuticorin and Tirunelveli districts.
Hyundai is projected to invest Rs 6180 crore in setting up ICE, EV passenger car, and EV battery manufacturing unit in Kancheepuram district and Hydrogen Valley Innovation with IIT Madras.
Also read: Tamil Nadu gears up for Global Investors Meet, targets ₹5 lakh crore in investments
Apple supplier Pegatron will invest Rs 1,000 crore for a computing, communications, and consumer electronics manufacturing unit in Chengalpettu, aiming to generate 8,000 jobs.
First Solar, a US manufacturer of solar panels, will invest Rs 2,500 crore in Kancheepuram.
Danish shipping and logistics company AP Mollar Maersk announced setting up of transport and logistics solutions as well as global capability centres across Tamil Nadu.
The other MoUs inked by Tamil Nadu government on the first day of GIM are: Godrej Consumer in Chengalpettu (Rs 515 crore).
Other committed investments in the list are Rs 5,000 crore by TVS Group in automobile, realty, and IT and Rs 200 crore by Mitsubishi Electric in Gummidipundi.
At the summit, which is being held from January 7-8, Tamil Nadu Chief Minister MK Stalin inaugurated Qualcomm's new design centre, set up with an investment of Rs 177.27 crore that will provide jobs to 1,600 people.
Ola Electric and AP Moller-Maersk expressed their intent for additional investment in the state.
This edition will mark the first GIM under the DMK and the government of CM Stalin, who has set a target of attracting Rs 5 lakh crore in investments. The CM will also unveil his government's road map to make Tamil Nadu a $1 trillion economy by 2030. Tamil Nadu's gross state domestic product level during 2023-24 is estimated at $354 billion.
Ahead of the GIM, CM Stalin led roadshows in Japan, Singapore, and the UAE to draw investments to the state. In Japan, he visited the century-old Komatsu company’s factory in Osaka.
The GIM will witness the participation of nearly 50 countries, including Japan, Australia, the United Kingdom, Germany, the United States, Singapore, France, Denmark, South Korea, and Taiwan. Some of the distinguished participants include: Chris Miller, author of the best-selling book 'Chip Wars'; Somanath S, Chairman, ISRO; Anand Mahindra, Chairman, Mahindra Group; Bhavish Aggarwal, Founder and CEO, Ola; Raghuram Rajan, former RBI Governor; Arvind Subramanian, former Chief Economic Advisor, and others.
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