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Tamil Nadu inks MoUs worth Rs 15,128 cr

Wednesday, 27 May 2020
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Tamil Nadu has entered into 17 memorandums of understanding (MoUs) worth Rs 15,128 crore. The projects will create employment for 47,150 in the state.
Daimler India, Salcomp and other companies will invest over Rs 15,000 crore in the state. Daimler India Commercial Vehicle will pour Rs 2,277 crore and generate 400 jobs.
The proposed investment will be towards company's proposed brownfield expansion at company's Oragadam facility near Chennai.
Another major project will be undertaken by BYD India. The company will invest Rs 50 crore to manufacture electric vehicles. The proposed facility will come at Sriperumbudur and create jobs for 130 people.
Apart from this, Mahindra Origins will be investing Rs 46 crore. Finland-based Salcomp has inked MoU to invest Rs 1,300 crore which will create jobs for 10,000 people.
The company has acquired major portion of Nokia's facility at Sriperumbudur, near Chennai, which was closed due to income tax dispute. The company had signed anMoU worth Rs 500 crore with the Tamil Nadu government in 2019.
Moreover, Japan-based Polymatech Electronics will invest Rs 900 crore to manufacture semiconductor chips. Chennai Power Generation will be investing around Rs 3,000 crore to set up 750 MW power plant which will be based on renewable energy.
Taiwan-based Chung Jye Company along with Aston Shoes will make an investment of around Rs 350 crore which will generate 25,000 jobs to manufacture footwear.
Lai Investment Manager (Logos) will also make an investment of Rs 400 crore to set up an industrial park in Kanchipuram district.
Apart from this, the state government also signed MoUs for various renewable energy projects.
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