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Tamil Nadu govt inks 59 MoUs for projects worth Rs 35,208 cr

Wednesday, 24 Nov 2021
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The Tamil Nadu government has entered 59 memoranda of understanding (MoUs) with a cumulative investment of Rs 35,208 crore which would create employment opportunities to 76,795 people. 
 
The MoUs were exchanged in the presence of Tamil Nadu Chief Minister MK Stalin at the Tamil Nadu Investment Conclave 2021 in Coimbatore. The investment span across sectors such as cement, dairy, textiles, automobiles, industrial parks, defence, drones, etc. 
 
Among the MoUs that were signed, a number of electric vehicle (EV) projects are set to come to the fore in the state. 
 
TVS Motor Company will invest Rs 1,200 crores in future technologies and EVs in the next four years. The investment will be mainly for design, development and manufacturing of new products and capacity expansion in the EV space. 
 
The company is committed to leading the technology development in EV and green fuel and leading the way to the electrification of the two-wheeler segment in the country. This move is expected to have a significant beneficial effect on small and medium industries directly or indirectly associated with the enterprise. 
 
Apart from this, MoUs were inked by Simple Energy for electric vehicles; Booma Innovative Transport Solution and Raptee Energy for electric two wheelers. Propel Industries also signed MoU with the government.  
 
In addition, projects have also been given a go-ahead for Magenta EV Solutions in the EV charger and associated components space as well as for Zeon International for EV charging stations. 
 
The state government also entered MoUs with RICO Auto industries, Indo Autotech, Bonfiglioli Transmissions, Myunghwa Automotive India, CIE Hosur, ZF Wabco and the Daicel Corporation for manufacturing of auto components. 
 
Of the 59 projects, seven MoUs with a cumulative investment of Rs 485 crore were signed in the aerospace and defence sector which will create employment opportunities for 1,960 persons. 
 
All of these projects will come up across 22 districts -- Kancheepuram, Chengalpet, Thiruvallur, Ranipet, Kallakurichi, Dharmapuri, Krishnagiri, Namakkal, Salem, Tiruchirappalli, Pudukottai, Karur, Erode, Coimbatore, Tirupur, Madurai, Dindigul, Virudhunagar, Thoothukudi, Tirunelveli, Tenkasi and Kanyakumari. 
 
Further, the Chief Minister also laid the foundation stone for 13 projects with an investment commitment of Rs 13,413 crore and also inaugurated 10 projects with a cumulative investment of Rs 3,928 crore. 
 
The total investment committed in all these 82 projects is Rs 52,549 crore and would provide employment opportunities to 92,420 people.
 
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