It is raining investments for Tamil Nadu at the third edition of its two-day Global Investors Meet (GIM) in Chennai. Tamil Nadu Chief Minister M.K. Stalin has declared a significant achievement for the state, revealing that the Global Investors Meet held in Chennai over two days successfully garnered investments amounting to a substantial 6.64 lakh crore rupees. This summit was a strategic move by the Tamil Nadu government, led by the DMK party, with a visionary goal of transforming the state into an economic powerhouse boasting a wealth management system of 1 trillion rupees by the year 2030.
The event, which served as a platform for attracting global investments, witnessed an impressive turnout, surpassing the government’s initial expectations. The administration had anticipated securing investments worth 5 lakh crore rupees during the summit, but the actual outcome exceeded this projection, reaching an impressive 6.64 lakh crore rupees.
The government had anticipated that it would be possible to raise 5 lakh crore rupees through the issuance of bonds during the Global Investors Meet. The success of the investment summit exceeded expectations, and as a result, it is expected that 26,90,657 job opportunities will be created, with direct employment for 14,54,712 individuals.
In light of the successful outcome of the investment summit, Chief Minister M.K. Stalin and Industries Minister T.R. Baalu have indicated that further measures will be taken to implement policies that will ensure the realization of the investment commitments made during the event. They emphasized the importance of supporting companies in setting up factories and facilitating production through a streamlined process.
The government aims to provide conveniences for companies establishing factories through a single-window system. The ministers also highlighted the significance of creating a conducive environment for industries to thrive, emphasizing that the government will take steps to ease regulations and ensure a smooth process for establishing and operating factories. The focus is on encouraging industrial growth and generating employment opportunities through these initiatives.
Some of the most important investments the state witnessed are:
- Tata Power
Tata Power announced an investment of around INR 70,000 crore to come up with a 10 gigawatt (GW) solar and wind units in Tamil Nadu over a period of five to seven years.
- Adani Group
The Adani Group signed memorandums of understanding (MoU) for investment of over INR 42,700 crore with Tamil Nadu. The biggest investment of INR 24,500 will be made by Adani Green Energy Ltd in three pump storage projects (PSP) in the next 5-7 years. Considering all the verticals, Adani Connex will invest INR 13,200 crore in a hyperscale data centre over the coming seven years, while Ambuja Cements will invest INR 3500 crore in three cement grinding units in the next five years. Adani Total Gas Ltd will invest INR 1568 crore in eight years.
- Hyundai India
In a strategic move to bolster its presence in the Indian automotive market and contribute to the growing demand for eco-friendly vehicles, Hyundai India has revealed plans to augment its existing INR 20,000 crore investment in Tamil Nadu with an additional infusion of INR 6000 crore. Through this investment, the company envisions achieving a total production capacity of 1 million units by 2025.
- Brigade Enterprise
Realty firm Brigade Enterprises Ltd on Monday (January 8) said it has inked memorandums of understanding (MoUs) with the Tamil Nadu government, pledging an investment of over INR 3,400 crore. The Brigade Group signed two MoUs, outlining expansive projects that are poised to transform the urban and commercial fabric of the region. The first MoU, in collaboration with the Chennai Metropolitan Development Authority (CMDA), focuses on Brigade’s expansion in Chennai.
- Caplin Point Laboratories
Drug firm Caplin Point Laboratories Ltd on Monday (January 8) said it has signed a Memorandum of Understanding (MoU) with the state government. Under the MoU, the Caplin group of companies, which includes Caplin Point Laboratories along with its subsidiaries Caplin Steriles Ltd and Caplin One Labs Ltd, has pledged an investment of INR 700 crore over the next 5 years.
Some other big investments proposals are made by Sembcorp (INR 36,238 crore), Leap Green Energy Pvt. Ltd. (INR 17,400 crore) and Chennai Petroleum Corporation Limited (INR 17,000 crore).
Contending these investments bear testimony to the investors’ faith in his government and its policies, Mr. Stalin assured to live up to their expectations and handhold and support their ventures throughout. Assuring single window clearances for the projects, the Chief Minister said the government would constitute a Special Committee under Industries Minister T.R.B. Rajaa, to monitor the progress of these investments.
