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Tamil Nadu Cabinet approves investment projects worth Rs 7K cr

Wednesday, 01 Nov 2023
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Tamil Nadu Cabinet on 31 October, 2023 approved structured packages to eight investment projects worth Rs 7,000 crore, including electric vehicle (EV) component, footwear, glass manufacturing, and aerospace sectors, that will create employment opportunities for 22,000 people.

The Cabinet headed by Chief Minister M K Stalin also approved Tamil Nadu State Port Development Policy which encourages development of small ports in the state on the public-private-participation (PPP) model.

Structured packages for investments worth Rs 7,108 crore for eight projects were cleared by the Cabinet. These include Mylan Laboratories, Sundaram Fasteners, and International Aerospace Manufacturing. Taiwan-based Hongfu will set up a non-leather manufacturing unit in Panapakkam in Ranipet, while Saint Gobain which has committed to an investment of Rs 3,400 crore across different businesses will construct a new manufacturing plant in Kanchipuram district.

Moreover, Pou Chen, Feng Tay and Kothari-Phoenix Group have pledged investments worth Rs 6,000 crore towards non-leather footwear manufacturing units in Kallakurichi, Ranipet, Bargur, Cheyyar, and Tindivanam, with the potential to create jobs for 80,000 persons. The government has set a target of setting up manufacturing units in 20 location over a period of three years.

South Korean firm Seoyon E-Hwa Mobility will set up an EV component manufacturing unit in Krishnagiri, which is emerging as the hub for EV production.



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