TN attracts over 1 lakh cr investments: CM
TN attracts over 1 lakh cr investments: CM. Tamil Nadu Chief Minister J. Jayalalithaa on Wednesday said the state\'s first Global Investor Meet has exceeded the investment target of Rs 100,000 crore. Inaugurating the state\'s first Global Investors Meet here, Jayalalithaa said the target of Rs 100,000 crore of investment commitment has been exceeded.
State mulls $250 bn funding under Vision 2023
I am very confident that further commitments would be made over these two days and I would be able to make an announcement on the resounding success of the meet when we gather here again tomorrow (Thursday)
Chennai: Tamil Nadu Chief Minister J. Jayalalithaa on Wednesday said the state's first Global Investor Meet has exceeded the investment target of Rs 100,000 crore. Inaugurating the state's first Global Investors Meet here, Jayalalithaa said the target of Rs 100,000 crore of investment commitment has been exceeded.
"I am very confident that further commitments would be made over these two days and I would be able to make an announcement on the resounding success of the meet when we gather here again tomorrow (Thursday)," she said.
Stressing that her government is business-friendly and welfare-oriented, Jayalalithaa said the state has planned an investment of $250 billion in infrastructure under its Vision Tamil Nadu 2023 plan.
"My goal is to ensure that Tamil Nadu's per capita income reaches that of, upper middle income countries by 2023. The people of this state must have access to infrastructure and services comparable to the best available anywhere in the world. Tamil Nadu will be a knowledge hub for innovation."
"Tamil Nadu will become the most attractive investment destination in India and one of the three most attractive in Asia. A total investment in infrastructure of $250 billion is planned," she added.
Citing that the per capita income of the state was lower than the national average when she first assumed office in 1991, Jayalalithaa said now it is more than one-and-a- half times the national average.
She said the state has the largest number of factories and largest employment in industry of close to two million people amongst all the states in India. Jayalalithaa said the government has come out with Tamil Nadu Investment Promotion Programme (TNIPP) with the assistance of the Japan International Co-operation Agency.
The Chief Minister inaugurated three major industrial projects involving a total outlay of Rs 2,568 crore at the meet. She also inaugurated a two-wheeler plant of India Yamaha Motor with a production capacity of 1.8 million units per annum and its nine vendor units involving an investment outlay of Rs 1,600 cr.
She also inaugurated the TICEL Bio Park - II at Taramani, built at a cost of 168 cr rupees and the expansion unit of, TVS Motor Company Ltd at Hosur with an investment of Rs 800 cr.
ITC to invest 2,500 cr in TN
FMCG major ITC Ltd is keen on making investments of about Rs 2,500 crore in Tamil Nadu as part of tapping food processing and hotel businesses, ITC Chairman YC Deveshwar said. "We are ready to invest anywhere in India. We have planned Rs 25,000 crore of investments (country-wide).
The book value of our investment for Tamil Nadu alone will be about Rs 2,500 crore. Already we have our food processing unit in Tiruchirapalli and now I was told the state government has given the approval for it", he told reporters.
The company is currently engaged in setting up a food processing unit in Tiruchirapalli with investments of about Rs 800 crore. Deveshwar said, the company also looks to manufacture some of its popular products including Bingo chips, Yippee noodles, Be Natural, and even ghee, in the state.
"We are also interested in paper manufacturing in Tamil Nadu. Having started my professional career for almost nine years in Chennai and Tamil Nadu, investing in the state is like a matter of both heart and head for me", he said.
M&M commits 2,000 cr
Auto major Mahindra & Mahindra (M&M) announced investment of Rs 2,000 crore in Tamil Nadu, adding that the amount can be doubled by 2022. "Mahindra & Mahindra Ltd is signing an MoU with the Government of Tamil Nadu wherein it commits to invest Rs 2,000 crore including its investments in Mahindra Research Valley (MRV), a new Test track for MRV and an automotive plant to meet the company's future needs over the next 5 years," the company said in a filing.
It further said, "The company could also increase the investment to Rs 4,000 crore by 2022 for which it can decide over the next few years." MRV is located at Mahindra World City, Maraimalai Nagar near Chennai. The MRV test track and the new plant would be set up on about 450 acres of land at Cheyyar near Kancheepuram. "The MoU also provides details of the package of incentives that would be commensurate with the level of investment commitment," it added.