Tamil Nadu signs 18 MoUs worth Rs 19,955 cr, projects to create 26,500 jobs

Tamil Nadu government on Monday signed 18 MoUs worth Rs 19,955 crore with an employment potential of 26,509 persons. Companies which signed the MoU include the Crown Group Of Companies, representing a Russian defence organisation, Ola Electric and Mahindra CIE among others.

The MoUs were signed in the presence of Tamil Nadu Chief Minister K Palaniswami.

Ola Electric will invest Rs 2,354 crore, Torrent Gas – Rs 5,000 crore, First Solar – Rs 4875 crore, SSEM – Rs 2,500 crore, Crown – Rs 2,500 crore, Tata Group’s Voltas – Rs 1,001 crore and Mylan – Rs 350 crore among others.

Ola Electric Mobility has created a revolution in the India and a consumer friendly electric vehicle business model. The company recently acquired Amsterdam-based Etergo BV. The company has proposed to set up an electric two-wheeler manufacturing unit in Hosur, Krishnagiri District. The company plans to invest Rs 2,354 crore in ghe project, which has an employment potential of about 2,182 persons.

Crown Group plans to establish an aerospace cluster park, manufacturing aircraft components and sub systems and drones in the Salem District with an investment of Rs 2,500 crore and an employment potential of about 5000 persons.

Torrent Gas Chennai Pvt Ltd is planning to establish a city gas distribution network in Chennai and Tiruvallur. The company plans to invest Rs 5,000 crore in the project, which has an employment potential of 5,000 persons.

First Solar, headquartered in Tempe, Arizona, is the world’s largest manufacturer of thin film photovoltaic (PV) solar modules using an advanced thin film semiconductor technology. It has proposed to establish a solar module manufacturing facility in Tamil Nadu. The proposed investment in the manufacturing facility is Rs 4,185 crore and the facility has an employment potential for about 1,076 persons.

Society for Smart Electric Mobility (SSEM) has proposed to set up an EV and future mobility park with a skill development centre. It will also facilitate the setting up on manufacturing industries within the park in Thathanur in Tiruppur district with a proposed investment of Rs 2,500 crores and an employment potential of 1000 people.

Voltas is a market leader in the room air conditioner business and commercial refrigeration products. It has proposed to set up a manufacturing facility of AC and commercial refrigeration products in Vedal village, Kanchipuram district. The proposed investment in this project, with an rmployment potential of 2000 persons, is about Rs 1,001 crore.

Mylan Laboratories is a US-based speciality pharmaceuticals manufacturer. It plans to establish an injection manufacturing project in Kurubarapalli, Krishnagiri district, with an investment of Rs 350 crores and employment potential of 250 persons.

Mahindra CIE is a leading manufacturer of automotive components and has proposed to establish a project for the manufacture of auto components in Hosur, Krishnagiri. The investment proposed is about Rs 100 crores with an employment potential of about 500 persons.

Anjan Drugs is planning to set up a downstream project in SIPCOT Gangaikondan, Tirunelveli district, to manufacture key raw materials and intermediates for APIs. The investment proposed in this project is about Rs 60 crores, while the employment potential is of about 500 people.

MAIVA Pharma manufactures sterile liquid injections for the domestic and global market and is expanding operations in SIPCOT Hosur, Krishnagiri district, by installing two high-speed vial filling lines. The investment proposed in this project is Rs 500 crores. The progect is expected to create about 220 jobs.

SIPCOT has proposed to build a housing complex for employees of Foxconn in its industrial park at Vallam Vadagal, Sriperumpudur taluk, Kanchipuram iistrict. An MoU was signed between SIPCOT and Foxconn for this project.

The Adani group plans to establish a data centre in Siruseri, Chengalpattu district. The investment proposed in this project is Rs 2,300 crore. The project has an employment potential 0f about 1,000 persons.

Torrent Gas from France has proposed to establish a city gas distribution network in Thirumarugal village, Nagapattinam district with an investment of Rs 600 crore and an employment potential of about 100 persons. This project’s MoU was signed during the Global Investors Meet in 2019.

The cumulative investment in the above 24 projects is about Rs 24,458 crore and the employment potential will be about 54,218 persons.