Jul 17, 2019
On Thursday, Tamil Nadu Chief Minister Edappadi Palaniswami commissioned three projects and laid the foundation for 13 projects involving a total investment of 2,515 crores and the potential to create 9,300 jobs. Of the 13 projects, 10 are part of the MoUs signed during the Tamil Nadu Global Investors Meet (TNGIM) held earlier this year and will bring in investments of 2,244 crores in various sectors. The units will come up in Kancheepuram, Namakkal, Tiruvallur, Salem, and Coimbatore and create about 5,300 jobs. Palaniswami inaugurated the commercial production of three companies: Ekki Homa, which manufactures pumps;
Syrma SGS Technology makers of electronic parts; and Renaatus Procon, which makes building materials, had invested totally about 140 crores in Coimbatore, Chennai, and Gangaikondan. These three factories are expected to generate 3,350 jobs and multiple projects. Further, the Chief Minister laid the foundation stone for three manufacturing units in SIPCOT Industrial Parks at Vellore, Krishnagiri, and Tiruvannamalai districts. The combined investments of these three units will be 130 crores, and the units will create job opportunities for about 670 people. The government had announced that at GIM 2019, 304 agreements for investment proposals to the tune of 3,00,431 crores had been signed.
Tamil Nadu Global Investors Meet
TNGIM is a business summit organized by the Government of Tamil Nadu in Chennai to allow domestic and foreign investment in the state. The first business summit was held in 2015. The latest meeting in 2019 enabled the signing of 304 memoranda of understanding (MoUs) and potential investments worth ₹300,431 crores ($42B). On 23 and 24 January 2019, the second Meet was held at the Chennai Trade Centre. 304 MoUs were signed, and potential investments worth ₹300,431 crores were made. Adani Group and Indian Oil Corporation committed to investing ₹28,000 crores $3.9B). The majority of Adani’s investment was to make the Kattupalli shipyard a major multipurpose port by increasing its current capacity twelvefold. Japan announced that All Nippon Airways (ANA) would start daily flights between Narita and Chennai to increase air connectivity to India.