Tamil Nadu Chief Minister MK Stalin with Mahindra Group Chairman Anand Mahindra, Minister for Industries TRB Rajaa along with other dignitaries at the valedictory ceremony of the Global Investors Meet-2024, at Nandambakkam in Chennai.
Credit: PTI Photo
Chennai: Just two days away from the biennial Vibrant Gujarat Summit, Tamil Nadu concluded its two-day Global Investors’ Meet, which saw Rs 6.64 lakh crore worth of investments being signed up, that are expected to yield 26 lakh direct and indirect jobs.
The investments are across sectors—from green energy, electric vehicles, and global capability centres to non-leather footwear. At the valedictory function, Chief Minister M K Stalin said the investment pledges will lay a strong foundation for Tamil Nadu’s growth for the next 20 years and announced the constitution of a committee to follow-up the Memorandums of Understanding (MoU) signed at the event to ensure that they are converted into actual investments.
He further underscored, “…we have attracted an unprecedented Rs.6,64,180 crore of investments. A total of 26,90,657 jobs are expected to be generated from these investments that includes direct employment for 14,54,712 persons and indirect employment for 12,35,945 persons.” He also pointed out that the investments are headed across the state, ensuring balanced regional development.
Energy sector alone attracted investments worth Rs 1.35 lakh crore with a majority of them going into solar power and green hydrogen projects. The single largest investment has been proposed by Tata Power. The company, which is already invested in the southern par of the state, has signed a Memorandum of Understanding (MoU) to invest Rs 70,800 crores to expand its footprint and provide 3,800 jobs. Coimbatore-based Leap Green Energy and Singapore’s Sembcorp Industries have committed to Rs 22,800 crore and Rs 36,200 crore investment, respectively, on green hydrogen projects in Thoothukudi.
Netherlands-headquartered automotive conglomerate, Stellantis Group, will invest Rs 2,000 crore in setting up an internal combustion engine (ICE) and electric car manufacturing unit in Tiruvallur district, while Royal Enfield will pump in Rs 3,000 crore to expand its existing facility. Ramkrishna Titagarh Rail Wheels will invest Rs 1,850 crores.
Three Taiwanese footwear majors, TKG Takewang, Hong Fu, and Long Yin Investment (Dean Shoes), who manufacture shoes for global brands like Nike and Converse, will invest Rs 3,750 crore providing jobs for 32,000 people as the state continues to attract investments in the labour intensive sector.
MSMEs pledged over Rs 63,000 crores. Realty sector got a promise for Rs 62,939 crore investment, while the IT and digital services sector got a commitment of Rs 22,130 crores.
Hinduja, Adani, and Mahindra are other giants who pledged fresh investments and announced expansion of their existing businesses. Adani offered to pitch Rs 42,768 crore across renewable energy, data centres, cements and storage projects and city gas distribution.