Tamil Nadu signs 60 MoUs worth Rs 1.25 lakh crore

As many as 60 Memorandum of Understanding (MoUs) were exchanged on Monday between Tamil Nadu government and companies from across the world that pledged an investment of Rs 1.25 lakh crore in varied sectors like green hydrogen, electric vehicles, flight training and automobile components.

The MoUs signed in the presence of Chief Minister M K Stalin will generate jobs for around 75,000 people. Stalin also laid the foundation stone for 21 projects in various parts of Tamil Nadu at the Investors’ Conclave and pointed out that MoUs for 20 of these 21 projects were signed after the DMK government came to power in May 2021.

Three new companies – E-Man Automotive India, Aventose Energy, and Entuple E-mobility – will set up their electric scooter or EC powertrain manufacturing units in the emerging EV hub of Hosur-Krishnagiri-Dharmapuri (HKD) region in the state.

At the event, as many as 53 facilitation MoUs with a cumulative investment of Rs 65,373 crores and employment opportunity for 58,478 persons was signed, while the remaining seven MoUs were for projects that were sanctioned with Structured Package of incentives. These include Tata power’s plant that will manufacture 4 GW cell and 4 GW module at an investment of Rs 3,000 crore in Tirunelveli district and a facility by Lucas TVS for manufacturing of lithium ion cell in Tiruvallur district.

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The single biggest investment pledge was made by ACME Green Hydrogen and Chemicals Private Limited which will invest Rs 52,000 crore in green energy projects in Thoothukudi district with a structured incentive package. Amplus, a PETRONAS company, will also invest in green hydrogen in Thoothukudi, while Cubic PV will set up a manufacturing unit of 4 GW cell and 4 GW module in the state.

Another important MoU was the MoU that International Aerospace Manufacturing Pvt. Ltd. (IAMPL), a joint venture between Rolls-Royce and Hindustan Aeronautics Ltd., signed for setting up of new manufacturing facilities in Hosur.

Stalin said the state has garnered investments over Rs 2 lakh crore ever since the administration headed by him took over in May 2021. “I told my Industries Minister (Thangam Thenarasu) that we shouldn’t stop at signing MoUs. I told them they should follow-up on the MoUs to ensure that the promised investment comes to the state. And I am glad that is happening,” he said at the event.

He said investors from the world and other Indian states come to Tamil Nadu as the state offers a “peaceful and enabling business environment.” The Chief Minister also said the goal is not just to emerge as the top destination in India but also in South Asia.

“Recently, the state jumped to third position from the previous 14th position in ease of doing business announced by the Union Government. We consider this as a great achievement and I am happy to see the continuing flow of investments into the state is a clear indication that the ease of doing business is very good,” Stalin added.