Amidst COVID19 Crisis, TN Govt Attracts 17 Investors to Create over 47,000 Jobs!

Tamil Nadu government has signed 17 memorandum of understandings (MOUs) that is worth Rs 15,128 crore. This was done to generate around 47,150 jobs in the state. 

Salcomp, Daimler India and other companies are going to invest Rs 15,000 crore in Tamil Nadu. 

Daimler India alone would invest Rs. 2,277 crores to create 400 jobs.  The company is planning to expand its Oragadam facility near Chennai. 

Other major projects are going to be undertaken by BYD India. The company is set to invest Rs. 50 Crore to manufacture electric vehicles. The facility is will be opened at Sriperumbudur and it will generate jobs for 130 people. 

Mahindra Origins will be investing Rs 46 crore. 

Salcom, a Finland- based company has signed MoU TO INVEST Rs 1,300 crore and is likely to create 10,000 jobs. The company has acquired a huge portion of Nokia’s facility at Sriperumbudur. The same company had signed an MoU worth Rs 500 crore with the Tamil Nadu Government in 2019.

Japan- based Polymatech Electronics is set to invest Rs 900 crore and Chennai Power Generation Ltd, an India-UK co-operation will be investing around 3,000 crores to set up a 750-megawatt power plant. The power plant is completely going to be based on renewable energy. 

According to the Business Standard’s report, Taiwan-based Chung Jye Company along with Aston Shoes Pvt Ltd will be investing around Rs 350 crore which would generate 25,000 jobs to manufacture footwears. Lai Investment Manager Pvt Ltd (Logos) would be investing Rs 400 crore to set up an industrial park in Kanchipuram district.

Besides the aforementioned projects, the state government has also signed MoUs for various renewable energy projects.