Tamil Nadu Global Investors' Meet: 8 Major Investments To Watch The Tamil Nadu government attracted an overall investment of Rs 55,654 crore on the first day of the two-day GIM in Chennai
By S Shanthi
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Aimed to act as a catalyst for economic and industrial growth and increasing employment opportunities across urban and rural Tamil Nadu, the third edition of Tamil Nadu's Global Investors Meet (GIM) began on Sunday, January 7, with the participation of nine partner countries and 30 other participating countries at the Chennai Trade Centre.
On day one, the Tamil Nadu government attracted an overall investment of Rs 55,654 crore. Many large companies including Hyundai, Qualcomm, and Tata Electronics have inked Memorandums of Understanding (MoUs) with Tamil Nadu, committing to generating nearly 58,000 jobs.
The Tamil Nadu government also released two documents on the first day of the meet:
- Vision document on how to achieve a $1 trillion economy by 2030
- The Semiconductor and Advanced Electronics Policy, 2024, which aims to attract investments in semiconductor and advanced electronics manufacturers in Tamil Nadu
Investments to watch
Here is a look at the investments that have poured in so far.
Manufacturing unit by Godrej Consumer Products Limited: Chief Minister MK Stalin laid the foundation stone for a manufacturing unit of GCPL, which had signed an MoU to invest Rs 515 crores in August 2023, which will create employment opportunities for around 400 people. The company has committed to creating an inclusive workforce. It had announced a plan to employ 50% of women and 5% from LGBTQIA+ and people with disability.
Ola Electric's EV hub: The ride company's EV vertical is creating a new EV hub built in Tamil Nadu's Krishnagiri district. This, the cofounder and CEO Bhavish Aggarwal said at the GIM, will potentially employ 25,000 workforce when it runs on full-scale.
Qualcomm's design center: The multinational corporation that designs and manufactures wireless telecommunication products and semiconductors, proposed an investment of Rs 177.27 crores for a new design centre in Chennai. With this, the company expects to generate 1,600 jobs. It will focus on innovations in wireless connectivity solutions that complement Wi-Fi technologies.
EV facility by Vin Fast: The leading Electric Vehicle manufacturer from Vietnam, announced a partnership with the TN government to build an EV facility at the cost of $2 billion. The facility will be located in Thoothukudi in Tamil Nadu, with an annual capacity of up to 1,50,000 units. This is expected to generate up to 3,500 employment opportunities.
Expansion by JSW Group: The group has announced an investment of Rs 10,000 crores in Thoothukudi and Tirunelveli, districts of Tamil Nadu. With this investment, the company plans to expand its businesses JSW Steel and JSW Energy. This step will generate around 6,000 job opportunities.
Manufacturing expansion by TATA Electronics: The company will invest Rs 12,082 crore to expand its manufacturing facility located in Krishnagiri of Tamil Nadu. At the meet, the company reportedly signed an MoU of Rs 12,082 crore with the Tamil Nadu Government for mobile phone assembly operations.
Hydrogen Valley Innovation Hub by Hyundai: The company has announced that it will invest Rs 6,180 crore in various initiatives. One such initiative is establishing a dedicated 'Hydrogen Resource Centre' in association with the IIT-Madras. In addition to that, Hyundai plans to invest Rs 20,000 crore in a phased manner over 10 years to augment its efforts in EV manufacturing, charging infrastructure and skill development.
New investments from Reliance: Reliance Industries Limited has announced to make new investments in renewable energy and green hydrogen in Tamil Nadu. Addressing via video conferencing, Reliance Group chairman Mukesh Ambani said, "Reliance has committed to making new investments in Tamil Nadu in renewable energy and green hydrogen. We shall work closely with the state government to promote sustainable development, which is necessary to save Mother Earth from the climate crisis."
