Tamil Nadu CM M K Stalin.
Credit: PTI File Photo
Chennai: Tamil Nadu Cabinet on Tuesday approved “structured packages” to eight investment projects worth Rs 7,000 crore, including in electric vehicle (EV) component, footwear, glass manufacturing, and aerospace sectors, that will create over 22,000 jobs.
The Cabinet headed by Chief Minister M K Stalin also approved Tamil Nadu State Port Development Policy which encourages development of small ports in the state on the public-private-participation (PPP) model. Briefing reporters on the Cabinet decisions, Finance Minister Thangam Thennarasu said the new policy will help development of about 17 small ports across the state, which boasts of 1,076-km coastline.
Taiwan’s Hongfu will set up a massive non-leather manufacturing unit in Panapakkam in Ranipet district, while Saint Gobain will construct a new manufacturing plant in Kanchipuram district. The French glassmaker had on October 6 pledged to invest Rs 3,400 crores across different businesses, including solar glass and glass wool, in Tamil Nadu.
Seoyon E-Hwa Mobility, a South Korean firm, will set up an EV component manufacturing unit in Krishnagiri district, which is being projected as the hub for electric vehicle production by the state government. Structured packages were also cleared for investments by Mylan Laboratories, Sundaram Fasteners, and International Aerospace Manufacturing Private Limited in the state.
IAMPL, a joint venture between Rolls Royce and Hindustan Aeronautics Limited, will expand its manufacturing facility in Hosur near Bengaluru.
“Structured packages for investments worth Rs 7,108 crore for eight projects were cleared by the Cabinet. The investments will provide jobs to 22,536 people. These investments are in EV, non-leather footwear, and defence and aerospace,” Thennarasu said.
Hongfu is another major Taiwanese footwear manufacturer to enter Tamil Nadu after Pou Chen Corporation and Feng Tay, who produce shoes for major brands like Nike, Adidas, and Timberland. The government is betting big on the non-leather footwear sector with a target of setting up massive manufacturing units in 20 locations, especially in rural areas, over a period of three years.
Pou Chen, Feng Tay and Kothari-Phoenix Group have pledged investments worth Rs 6,000 crore for setting up non-leather footwear manufacturing units in Kallakurichi, Ranipet, Bargur, Cheyyar, and Tindivanam, which will provide jobs to nearly 80,000 people. The ultimate aim is to attract investments worth Rs 20,000 crore in the sector by 2025.
In the EV sector, the government is projecting Hosur-Krishnagiri-Dharmapuri (HKD) region as the hub with companies like Ather, Ola, and Simple Energy setting up their shops.
According to data released by the government, Tamil Nadu accounts for over 34 per cent of total planned investments in the EV sector with not just EV firms but battery manufacturers like BYD, Grinntech, Lucas-TVS, and Li Energy setting up their units in the state.