Tamil Nadu Cabinet gives approval for 14 projects worth ₹38,698 crore

Approval of 14 investments worth ₹38,698 crore in Tamil Nadu generating 46,931 jobs across various sectors.

A meeting or the Tamil Nadu cabinet chaired by Chief Minister M.K. Stalin at the Secretariat on Tuesday (October 8, 2024) gave approval to 14 new investments worth ₹38,698 crore and the investments would generate 46,931 jobs, said Finance Minister Thangam Thennarasu. The investments are from key sectors including non-leather footwear manufacturing, green hydrogen, green ammonia production, e-vehicles and mobile phone spare parts among others.

One of the key investments that was cleared was a project by Yuzhan technology (India) Pvt Ltd, which is a unit of Taiwanese contract manufacturer Foxconn. This particular project entailing investments to the tune of Rs.13,180 crore is coming up at Kancheepuram and will provide employment to 14,000 people.

Talking to reporters along with Industries Minister T.R.B. Rajaa, Mr Thennarasu said Tata Motors would invest ₹9,000 crore in Ranipet district and generate 5000 jobs. He said Leap Green Energy Private Ltd, a unit of PSG Group, would invest ₹10,375 crore in Thoothukudi, Virudhunagar, Ramanathapuram, Tirunelveli and Tiruvannamalai districts and it will create 3000 jobs.

Another investment is by Freetrend Industrial India Private Ltd, a unit of Taiwan-based King Shoes, in Ariyalur district. The company with an investment of 1000 crore will create 15,000 jobs.

Kaynes Circuit India Private Ltd will invest ₹1,395 crore in Kancheepuram district and the unit will offer jobs for 1033 workers. Ascent Circuit Private Ltd has decided to invest ₹612 crore in Hosur and provide employment for 1800 persons.

Apart from this Grand Atlantia Panapakkam SEZ Developers Pvt Ltd got approvals for a ₹500 crore project, Rockwell Group has given an investment commitment of ₹483.65 crore and Lucas TVS Group will be investing ₹510 crore. The Visteon Group will be investing ₹368.92 crore while Super Auto Forge Pvt Ltd has given a proposal to invest ₹517 crore. The Tamil Nadu cabinet also approved investments by Tablets India Ltd (₹250 crore); Mahindra Electric Automobile Ltd (₹210 crore) and Nokia Solutions & Networks India Pvt Ltd (₹296.63 crore).

Asked about the incentives offered to the companies, Mr Thennarasu said the government would follow the recommendations of the Interdepartmental Committee while offering incentives. “There is a need to create a lot of jobs to achieve our goal since Tamil Nadu has qualified and skilled workers,” he said.